It is a widely known fact that acquiring new customers costs 5-10 times more than retaining existing customers.
Therefore, retailers realize it is essential to delight and retain their customers. To do this, retailers need to establish an intimate relationship with their customers so they can deliver a personalized and meaningful experience to each customer.
Loyalty programs are one of retailer’s best tools to “know the customer, reach the customer, and deliver this experience.”
However, many retailers are launching loyalty programs simply for the sake of telling customers they have one. This is not enough to have a significant impact on purchasing patterns and building and sustaining loyalty. Effective loyalty programs require… READ THE FULL BRB REPORT
source - Boston Retail Partners