This year, the Chief Marketing Officer Council conducted a study that demonstrates how the majority of marketers feel about creating and continuing customer loyalty programs. The results were overwhelming: a vast number of marketers believe this strategy is a beneficial and profitable tool.
The study surveyed 600 marketers and 700 customers to harness their insights into reward programs. Conclusions drawn show that both loyal customers and business partners appreciate, and even expect offers of value. Notably, over $2 billion is currently spent by businesses utilizing reward programs, and loyalty programs. This figure is expected to quickly rise.
A majority of 62% of the marketers surveyed feel that customers taking part in a loyalty program are their most profitable clients. Sixty-five percent of the marketers believe the incentive programs are key to their marketing strategies. In addition to this, almost 80% of respondents intend to continue and/or advance such programs. Their goal is to promote business relationships this year and coming years.
Along with the marketers’ viewpoints, consumers report benefit in implemented loyalty program memberships. A whooping 79% of the consumers found a loyalty reward program a helpful and useful experience.
During today’s economic times, company leaders are looking more and more toward reward programs. These programs are a means to encourage business growth and help gain a competitive edge.
There are a number of online sites that offer full-service rewards-based program tools.These are great places to learn the ins and outs of loyalty programs, channel incentive programs, and employee incentive programs. They also demonstrate methods for initiating these programs.