New research shows a 222% increase in customer acquisition costs, this puts renewed focus on e-commerce profitability and repeat sales. A loyalty program enables brands to retain their loyal customers during tough times. Get ready to embrace 2023 with a loyalty program!
In this webinar, Dibyo Ghosh, Director of Sales at Zinrelo highlights why a loyalty program is a must-have for brands in 2023. Watch the recording and presentation for the webinar below:
Watch the webinar recording here:
See the webinar presentation:
Key highlights from the webinar:
Benefits of Customer Retention
Forrester’s data shows that when customers feel appreciated by a brand, 76% of customers state they will keep returning.
- Loyalty leaders grow revenues roughly 2.5x as fast as other companies in their industries. (HBR)
- A 5% increase in customer retention correlates with at least a 25% increase in profit. (Bain & Company)
Customer Acquisition VS Customer Retention
- In 2013, merchants lost on average $9 for every new customer acquired, but today merchants lose $29, a 222% rise in the last eight years.
- In 2013, a repeat sale generated $28 for merchants on average; today, this has increased to $39 – an increase of 36%.
Loyalty Programs help Engage & Retain Customers
- Loyalty points and rewards
3 Key Ingredients to Create a World-class Loyalty Program
- The first step to launch a loyalty program is structuring it for a specific set of objectives.
- A data-driven program design is essential to create the financial modeling, set metrics & benchmark KPIs.
- A technology platform is the core of any loyalty platform. It must have all the features & functionality to cater to specific use cases.
- The platform should be able to create an omnichannel experience for the end user.
- It must be robust to offer unlimited customizability & scalability.
- Finally, technology must be secure to protect customer data.
- The performance of any loyalty program must be analyzed continuously to get actionable insights. This helps in the optimization of the program.
- Implementing the current best practices and proven strategies maximizes ROI of the loyalty program.
Success Stories of Leading Brands
The webinar covers case studies and the success these brands have seen with Zinrelo’s loyalty platform.
Excerpts from the Q & A Section of the Webinar
Q1. How soon can a loyalty program be launched?
- Launching a loyalty program is a function of your tech stack, resources, brand priorities etc. Generally 4-8 weeks is what we observe
Q2. What information would Zinrelo need for data analytics? And what can be done if it is not available?
- Through a questionnaire created for different verticals we will need to understand company objectives, pain points, and historical sales data. All this data will be under a signed NDA. If this data is not available, we will launch the program using industry averages and optimize the program based on the progress and data available at the end of the first three months.
Q3. How can gamification be added to a loyalty program during the holiday season?
- Gamification should be done with activities that keep customers engaged. These can further be customized and personalized to specific user groups. Another webinar done specifically for personalization will address this in detail.
Q4. Is the data analytics and strategy component charged separately or included within the platform?
- The data analytics is not charged separately as it is an intrinsic part of any loyalty program.
Q5. What is the best time to launch?
- Anytime is a good time to launch but ideally, it should be clubbed with broader brand activities.