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Loyalty and Incentives
Do loyalty programs really work? Studies show that yes they do. Looking at the
consumer market today, on average each Canadian has approximately five loyalty
cards in their wallet. Should businesses also provide incentives to their
clients and employees? The answer is yes!
All those consumers who collect points, miles and dollars from loyalty programs
work in your company and may be your client. JW Consulting Group can help your company evaluate which
program or solution is best for your business to help you meet your business
objectives.
The four main business drivers for incentive/loyalty programs are:
- Attract new clients
- Retain existing clients
- Lift existing customer spend
- Learn about your clients' buying behaviours
We need to keep in mind that loyalty
programs will not compensate for
poor customer service or low product quality. However, they will provide your
client with an additional incentive to do business with you, rather than your
competitors. Here are some of the benefits:
- Information about your clients' buying behaviour
- Increased sales
- Excitement around the launch of new products
- Increased buying frequency
- Making your clients feel valued
Incentive programs have been successfully implemented in nearly every major
industry imaginable. They can be used in any environment where a customer’s
purchasing behaviour is measured. The best incentive/loyalty marketing fosters a
sense of excitement and generates awareness of your company and product. A good
incentive/loyalty program should also have a clear, consistent message and
concrete, measurable objectives.
JW Consulting Group can provide an assessment of your
loyalty and incentive strategy. We can also help with:
- Defining your loyalty/incentive objectives
- Evaluation of which program is best for your company
- Sourcing of branded or white label programs
- Decision process of running the program in-house or outsourcing to a third party
- Cost evaluation and financial analysis
- Program design
- Communication plan
- Administration
- Measurement of results
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