How Important Is Having a Loyalty Program?

Your business has existed all of these years without a loyalty program, so how important can it be?  When we started to research this subject, it became apparent that this might be the “secret sauce” that can optimize all of the work that you have put into quality and service and selection, etc.   Forrester Research has done a survey that puts things in perspective…

But some other statistics that jump out when looking into “loyalty” are these…

• 6% of cola drinkers account for 60% of sales
• 10% of retail bank customers drive 90% of profit
• 0.2% of car renters account for 25% of cars rented
• typically, 30% of your customers are responsible for 70%+ of your sales
• companies can boost profit by almost 50% by retaining just 5% more of their customers

So who are these REVENUE CRITICAL customers for your business ?   How can they be identified, managed, rewarded and maintained ?

A loyalty program will identify the customers that are critical to your bottom line !