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2023 is the year of competitiveness, innovations, and the race toward winning and retaining your customers! With consumers becoming proactive about their preferences, brands are continuously dealing with finding strategic ways of designing unique, rewarding, and consumer-centric retailer loyalty programs. Companies with loyalty programs are using personalization as a tactic to boost CLTV- Customer Lifetime Value!
What is your brand up to? Are you still looking for effective ways to upgrade your retailer loyalty program?
In today’s blog, we will walk you through different insights and strategies to use your retailer loyalty program to uplift your customer lifetime value, build long-lasting relationships with your customers and boost your revenue.
Customer Lifetime Value is defined as the amount of money that a customer(retailer/influencer) is willing to spend on your products or brand over a period of time. The higher the value purchase he makes and with the higher frequency, the higher the LTV.
Understanding the LTV includes looking at the potential revenue from future purchases of each customer that goes far beyond the initial purchase that they make from your brand.
Customer Lifetime Value (LTV) is important as it helps businesses estimate the profitability of customer acquisition and retention and whether they would still be profitable after the sales and marketing expenses.
Loyalty Program is the answer!
Companies with digital loyalty programs have a higher success rate as compared to companies that are still sticking to traditional ways of rewarding.
Customers must be offered great customer service, personalized offers, loyalty programs, and product upsells in order to increase LTV.
Now, you may wonder how your company’s retailer or customer loyalty program can directly help increase customer lifetime value:
Companies with loyalty programs should focus on these key approaches:
Offer valuable rewards for brand engagement: Your customers are likely to be part of your company's loyalty program if they perceive that the rewards are genuine and valuable and will give them instant gratification. To enhance your customer lifetime value, it is a must that you upgrade or redesign your loyalty program as per the current preferences and market demands. This will further enhance customer brand engagement and a positive brand influence.
Personalization is the key: A retailer loyalty program that includes the personal touch, in terms of offers, digital rewards, and discount offers, is sure to give an uplift to LTV. Data analytics is an advanced way to get insights into your brand’s customer behaviors and their changing preferences. You can tailor your retailer loyalty program accordingly.
Communication: It is important for companies with loyalty programs to communicate their loyalty program to their customers. You could use mailers, WhatsApp messages, or even app push notifications. In the digital age, the key to successful results is communication.
Easy Redemption Process: A retailer, influencer, or consumer wouldn’t appreciate your loyalty program unless he gets to use it his own way. Make the loyalty reward redemption process an easy task, and there you are, already on the first step to increasing customer lifetime value.
Continuously evaluate and refine: With the speed that current times are evolving with rapid innovation, your brand needs to refine and upgrade your loyalty program from time to time, Companies should regularly evaluate the performance of their loyalty program and refine it based on customer feedback and data analysis.
By implementing these strategies, companies can create loyalty programs that drive customer engagement, boost sales, and increase customer lifetime value.
QR code-based loyalty program to increase your customer lifetime value!
Genefied brings the most innovative retailer/consumer loyalty program to help you achieve the following:
Instant Reward Redemption
Automation of Schemes
Unswitched Loyalty (minimization of churn rate up to 40%)
Up to 60% repeat purchase influence.
Looking for effective and quick ways to increase your customer lifetime value? Contact us today for the revolutionary loyalty programs (retailer loyalty program-Rewardify, Customer Loyalty Program- Scan&Win) that can give you guaranteed results!