Exploding Topics reposted this
Marketing and Community Consultant | Helping fashion and beauty brands become more customer-centric
Do you know one of the most powerful ways to build brand loyalty? Offering your customers a rewards program. The data doesn’t lie. In fact, several studies show that customers appreciate when brands reward their support. Customers value recognition, and tiered programs take this further by rewarding top members with exclusive perks, like early access to products or special events. This approach not only motivates greater engagement but also drives customer satisfaction, making your loyalty program a powerful tool for retention and community building. Here are 6 more stats showing why a loyalty program is good for business: ▶ 68% of customers in loyalty programs feel those brands better understand their buying preferences (source: Queue-it). ▶ 60% of consumers claim they have a higher emotional connection with brands whose rewards program they are a part of (source: LoyaltyLion). ▶ 63% of consumers will adjust their spending habits to maximise the benefits of a loyalty program (source: Paylode). ▶ The top-performing loyalty programs boost revenue from customers by 15-25% annually (source: LoyaltyLion). ▶ Customers who join loyalty programs contribute 12-18% more in annual revenue growth compared to those who aren't part of the program (source: Exploding Topics). ▶ 3 in 4 customers will switch brands for a better loyalty program (source: LoyaltyLion). The good news? You don’t need to be a large brand to start building a rewards program. Smaller brands can create their own, even on a more informal scale. The key is identifying your best customers, engaging with them to understand what drives their loyalty and buying habits, and offering something in return that makes them feel genuinely appreciated. #CommunityBuilding #LoyaltyProgram #CustomerEngagement #BrandLoyalty