Brand loyalty and customer retention are some of the most pivotal aspects of running a successful and sustainable business.
Today, thanks to the advent of wholesale management software, you can easily roll out a loyalty programme to improve client loyalty and build your brand.
For wholesale businesses, this means connecting with the right audience, building trust among your clients, and ensuring a steady source of income, even amidst the toughest of market challenges—like a global pandemic.
In this post, we discuss how a customer loyalty programme can improve brand loyalty and boost your revenue.
It increases your customer retention rates
Acquiring new customers takes more marketing effort than retaining them.
While expanding your base with new clients is definitely a plus, having a high retention rate means a loyal customer base and enhanced sales.
With a customer loyalty programme, you’ll have the resources to achieve this easily.
A whopping 84% of buyers state that they’re more inclined to stay with a brand that offers a loyalty programme, and 66% of buyers say earning rewards changes their spending behaviour.
What’s more, upselling and cross-selling work more effectively with clients you already have a positive relationship with.
This means that a customer loyalty programme can have a positive impact on your client retention rate, increase your revenue, and grow your audience base.
It gives a 360° view of your buyers
Data is now considered the most valuable commodity in the world.
With the help of a loyalty programme, you have access to buyer profiles and can ethically source first-party data while simultaneously adhering to data privacy rules.
These insights enable you to assess your market position and buyer behaviour and help design better business and marketing strategies that align with your buyer personas.
For instance, you get a birds-eye view into what your customers buy and the types of discounts they find valuable, enabling you to make offers you know they will respond to.
It enhances the experience of your buyers
50% of consumers say their main reason to join a loyalty programme is to earn rewards. In the age of consumer empowerment, these numbers prove the importance of putting the needs and interests of your buyers first.
With a customer loyalty programme in place, you’ll have the power to make purchasing a wholesome experience for your buyers.
Collecting loyalty points and earning rewards can create a sense of anticipation and excitement in your customers, creating a positive experience for your customer and encouraging them to keep doing business with you.
In addition, a sophisticated loyalty programme that can provide value and convenience to buyers in innovative ways will make purchasing an enjoyable experience for them.
Loyalty programmes improve brand affinity
Improved client engagement is one of the best ways to grow brand affinity and achieve sustainability.
By implementing a loyalty programme, you can establish efficient communication with your clients, incentivise them to continue to do business with you and reward them for their loyalty.
Also, clients are more likely to respond to content sent by brands that they feel more connected to—brands whose loyalty programme they are a part of.
As a result of this consistent brand engagement, you can successfully establish a strong brand image and improve brand loyalty.
Enhance brand loyalty and customer retention rates with a customer loyalty programme
Today, the wholesale industry is a very competitive space; with evolving customer expectations and rising market standards, the situation is only becoming tougher.
In a climate like this, a loyalty programme can be your golden ticket to connect with your audience and build a lasting client-brand relationship.