20 Feb How Loyalty Reward Apps Maximize Revenue
Loyalty card apps provide a wealth of information about your customers. Utilizing this information is essential to maximizing profitability. Below is an outline of how loyalty card apps can enhance your business.
Loyalty card apps help maximize revenue by supplying information on seasonal trends and popular products. This in turn allows businesses to identify patterns and align strategies to best take advantage of customer behavior.
For instance, a loyalty card app can inform you of peak and non-peak sales times. You can then adapt offerings based on this data. Properly tailoring loyalty card app offerings can increase sales by targeting specific demographics and promoting a time-specific offer to that group of customers. This can increase revenue from non-peak hours and allow businesses to more efficiently allocate resources. As more data comes in, or as trends change, loyalty card apps provide your business with the insight to evolve your customer relationships in order to stay competitive on a shifting landscape.
Making better-informed decisions concerning resource allocation is money saved.
Brand advocacy is the result of happy customers having positive experiences with your brand and believing in what it stands for. Customers feel special when you provide them with offers they believe are tailored just for those in “the know.”
Instances of customers sharing their brand loyalty on social networks are incredibly valuable, and incredibly hard to come by. Cultivating brand loyalty is imperative to penetrating younger demographics wary of more traditional advertising. Loyalty card apps like Pirq can help facilitate the strengthening of the customer/business relationship, as well as allow that customer to share their positive experience with the business right from the app itself.
Peer to peer recommendations have a potent effect on purchasing decisions.
According to Dan Hanley, co-founder of the Banyan Branch, a prominent social media-advertising agency, “brands’ most loyal customers can become their most active advocates. This path of integrating social media with loyalty programs and rewards will ultimately allow brands to grow their online conversation and provide deep and interesting content created by those who know them best.”
Increasing visibility on social networks as they become more integral in daily life is imperative to maintaining your competitive edge. Gone are the days in which getting a customer to “like” your business on Facebook was the Holy Grail. As Facebook continues to reduce the organic reach of a businesses’ posts (meaning less and less “fans” are actually seeing posts), the need to leverage this platform in an new and creative way become even more important. Loyalty programs like Pirq allow customers to share to their Facebook page at the moment they’ve received a special offer or unlocked an exclusive reward. This moment is the pinnacle of the customer’s emotional connection with the business, and it’s the absolute best time to have them share to social media.
An Evolving Marketplace
Loyalty card apps will become increasingly important in retaining customers and staying competitive as they become more common in the marketplace. Customer retention is essential to creating a profitable business.
Customers are becoming more and more comfortable utilizing technology throughout their entire purchase cycle. As this trend continues, business owners need to also leverage technology to not only understand their customers better through data, but also be able to translate that data into actionable steps to increase profits. Loyalty programs like Pirq help simply this process by providing businesses with a loyalty program that is state-0f-the-art, and also easy to use. Pirq provides businesses with the information they need to make more profitable decisions and convert one-time customers into die-hard loyal customers.