Did you know that 36% of Americans participate in loyalty programs, and that loyalty program membership is growing at a rate of 26.7% according to Colloquy, a loyalty information service? As you’re reading this, chances are you have more than a couple loyalty cards in your wallet or attached to your phone number.
Here’s a few more interesting loyalty program facts:
- 69% of loyalty program participants say their retailer choice is influenced by where they can earn customer loyalty points.
- 70% of loyalty program members feel that part of their relationship with a company is based on the company’s loyalty program.
- 40% of small to medium businesses (SMBs) have a loyalty program in place.
- 20% market share increases are experienced by brands who institute loyalty programs.
The challenge for SMBs and corporations alike is designing and implementing a loyalty program that works with their business model. However, the evidence is clear that loyalty programs are an expectation of the consumer, and a staple in the retail marketplace. Loyalty programs not only add stickyness to your brand, but provide intelligence that can be utilized to profile customers and target offers.
Loyalty program systems like Athos, available from Plastek Cards, can assist with a big part of the overall equation, providing a software and hardware solution for loyalty program implementation and reporting. Plastek Cards also provides custom loyalty card manufacturing for small businesses and national brands.
Loyalty programs are no longer the exclusive domain of hotels, airlines and big box retailers. In today’s competitive marketplace, businesses that reward loyalty will not only expand market share, but increase customer retention rates, lifetime value and the bottom line.