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Effective loyalty programs consistently deliver results across the metrics that matter to brands: foot traffic, basket size, frequency of visits and revenue.
But as successful as they’ve been, loyalty programs are under increasing pressure to drive even more incremental growth. Therefore, understanding program performance is critically important to program operators. And nothing indicates a well-performing program better than its ability to positively influence consumer behaviors.
Consumers expect a rewarding experience for their patronage – and meeting that expectation with a well-executed loyalty program can be more effective at driving repeat traffic than flash sales and a convenient location. According to the Excentus Road to Rewards 2017 report, 43% of shoppers say they shop at a specific store because it offers a rewards program. These brand-loyal shoppers typically determine their spending behavior based on a formula of: convenience + LOYALTY + price = value. If the variables of the formula don’t equate to value, shoppers will seek the benefits they desire from competitors.
Pinpointing Problem Areas
Based on the data, it’s clear that loyalty programs are generally very beneficial for brands. However, if a program isn’t delivering positive results, it can most likely be attributed to one or more of the following factors: