Event Details
Date & Time : 28 Jun, 2021, 01:00 PM
COVID-19 has had a negative impact on many businesses. When the business cash inflow becomes acute, marketing budgets are the first to take a hit. According to Forbes, acquiring new customers can be 5x more expensive than retaining existing customers. A limited marketing budget and pressure to keep a steady revenue stream highlights the importance of loyal customers. With an objective to improve customer retention and repeat purchase revenues, German-Bliss Equipment launched their rewards program: Parts Advantage Rewards System.
The Rewards System awards customers loyalty points for completing certain activities. These points are then redeemed for rewards. Balancing the accrual rate of loyalty points and pay-out rate for rewards was a delicate act because too much of either could disrupt profit margins. Additionally, if the points and rewards were not optimal, the program would not be attractive to the customers! Zinrelo’s data sciences team addressed both these issues by analyzing German-Bliss Equipment’s past purchase data to help set up an optimized program.
Zinrelo identified activities that were best suited to increase customer engagement. These activities included purchases made on website, referrals, birthday bonus, welcome bonus, win-back bonus and sharing on Facebook. All these activities were simple to execute for the customers and created a great top of the mind recall. A tier-based program accelerated the points earning capability and created exclusivity for the top customers. This was a big a hit with repeat purchasers. Customers could exchange the accumulated points for attractive coupons to save more with every additional purchase. The engagement activities, benefits of tiers and the available rewards were responsible for the customer retention to increase by 87.32% at the end of Q1-2021.
“We love Zinrelo’s structured approach to create an optimized loyalty program.” commented Alex German, Marketing manager – German-Bliss Equipment. “We were able to increase the number of repeat purchasers significantly which has helped us increase repeat purchase revenues by 85.10%.”
“Zinrelo’s loyalty program ensures customers are engaged and deeply connected with your brand. Such loyal customers have a massive positive impact on revenues.” said Samir Palnitkar, VP of Customer Success at Zinrelo, “We are empowering businesses to create personalized & data driven rewards programs with ease.”
About German-Bliss Equipment:
Since 1940, German-Bliss Equipment has grown from Central Illinois choice for tractors, excavators, skid steers, lawn mowers, and other utility vehicles to a premier online dealer of replacement parts and components for a wide range of equipment. Spanning from Befco and Bush Hog parts for mowers to Bradco and Sweepster parts for attachments and sweepers, German-Bliss Equipment is the trusted online parts dealer for timely delivery at an affordable price. They have the largest selections of land pride parts for mowers, rotary cutters, tillers, and other land pride machines.
May 10, 2024
