Open Loyalty’s Post

Loyalty programs enable firms to offer significantly lower prices to some of their customers. You’d think this would encourage strong competition. But that isn’t always what actually happens. New research shows that paradoxically, by changing the way companies target customers, loyalty programs can sometimes reduce price competition... https://lnkd.in/ggHR7Dps

A loyalty program is a marketing strategy designed to encourage customers to continue to do business with a company by rewarding them for their repeat business. Loyalty programs can be offered by retailers, restaurants, service providers, and other types of businesses. There are many different types of loyalty programs, but they all typically work in the same way: customers earn points or rewards for making purchases or using the company's services. These points or rewards can then be redeemed for discounts, free products or services, or other perks.

Earn Loyalty and reward Customers 💚 The reasons to roll-out a loyalty programme are probably what you already know. Customers who are engaged a loyalty programme spend more. Its a no brainer for QSR's. You can read more below https://lnkd.in/e2Ys7cMn

Ever wondered how businesses can stop giving big discounts and still keep customers? Here are some practical ideas from my experience: - Swap from a discount loyalty program to a bonus one. - Go slow on cutting discounts (that way, customers won't be surprised). - Opt out of bulk promotions and make personal offers. - Focus on content marketing instead of discounts to keep your customers engaged with your product. - Be honest: let customers know why you're not doing big discounts anymore. Honest talk builds trust. - Tell customers all the good things about your new loyalty program. It makes them want to stay. - Talk with your team about how much discount is okay. This way, you don't lose money. - Try something different: instead of discounts, try things like free shipping or combo deals. - Give discounts only to new customers. It's a way to get new people interested and maintain your margin. Any other ideas you have? #loyaltyprograms #loyaltymarketing #customerretention #customerengagement #customerloyalty

Customer loyalty is the cornerstone of any successful restaurant business. Here are seven strategies to turn your first-time diners into regulars: 1) Loyalty Programs: Reward repeat visits with points and perks. 2) Personalized Service: Remember names, preferences, and special occasions. 3) Quality Consistency: Consistent food and service quality ensures repeat visits. 4) Exclusive Offers: Create special promotions for your most loyal customers. 5) Feedback Loop: Actively seek and act upon customer feedback. 6) Community Engagement: Sponsor local events and collaborate with local businesses. 7) Digital Experience: A seamless online ordering and payment process. Implementing these strategies can significantly improve customer retention. What strategies have worked for you?

Want to level up your loyalty game? 🚀 Our latest article is packed with practical tips and proven strategies to optimise your loyalty programmes. Learn how to keep your customers engaged and coming back for more. https://lnkd.in/euXQ9bM2

📣 Unlock the Secrets to a Profitable Loyalty Program! Dive into our latest blog to discover how to turn your loyalty strategy into a revenue-generating powerhouse with the help of inventory management 💰🚀 Check out Thrive by Shopventory https://lnkd.in/eEyGm44V

Do you provide rewards to your loyal customers or valued guests? ❗ Many customers can be loyal if offered discounts or rewards for repeat purchases. 🍰 This could be an extra coffee, a free cake or discount from their next purchase. 👦 A loyalty program could be an effective way to reward your customers and encourage them to keep returning. ⭐ You may even offer exclusive promotions for members of the loyalty programs, like secret discounts and special offers that are not available elsewhere. 🙌 Rewards can also help you stay connected with your customers and improve customer service, as they will likely remember the rewards they received. ❤️Moreover, it is a great way to build relationships with customers and let them know they are valued. When do you plan to begin rewarding your customers ⁉ #MarketingTips #newbusinesses #startabusiness #smesupport #irelandbusinesses #restaurantmarketing #onlinepresense #marketingcoach #RedPandaMarketing #irelandbusiness #foodandbeverageindustry #marketinginsights #restaurantmarketingtips #RestaurantMarketing #marketing #digitalmarketingireland #marketingconsulting #restaurantmarketingagency #digitalmarketing #boostyourbusiness #digitalmarketingtips

I was recently reading an excellent report on Loyalty in Europe from Mando Connect (Understanding Loyalty in Europe 2.0 - Mando-Connect) when one stat caught my eye: 55% of those surveyed thought Loyalty was a great way to reward customers. Sounds good, yes?  But, when I see stats like that, with the Brexit debacle in mind, I can’t help thinking what about the 45% who thought differently. Sure, 55% is a majority in favour, but it's not an overwhelming one. Taking a 'cup half empty' approach, other stats in the report are equally thought-provoking: 65% would not join a loyalty program given the chance, 58% do not believe every brand needs a loyalty program, and 58% stated that loyalty programs do not increase their loyalty. Why is this? After all membership is free, it’s easy to join, and Loyalty gives members lots of free rewards and benefits. So, what’s not to like ? Why isn't there a higher approval rate, closer to 90%? Could it be that 'same old-same old.' trad loyalty is overshadowing the benefits of innovative new designs? Are loyalty CVPs lagging behind tech advances? or will there always be a sizable minority who just don’t like loyalty? Or a combination of all three and others? I'd love to hear what you think: Loyalty: cup half full or half empty?

Enough with the endless discounts, #SmallBizOwners! We know the struggle. There's a smarter way to win customers: Compete on value, not just price! Our blog unlocks the secrets to building a loyal customer base who love your brand, not just your deals. REA MORE https://buff.ly/3S0AXxN . #ValueWins #MarketingStrategy #GrowYourBusiness #RefreshIdeas