How Loyalty Programs Drive Retention and Upselling Strategies? |
Posted: March 2, 2023 |
You know that B2C and B2B loyalty programs can help you retain your customers. Data-driven upselling and retention strategies prove to be highly effectiveBusinesses that use sophisticated loyalty programs to enhance their upselling and retention strategies have massive advantages over their counterparts that use traditional or no loyalty programs. That’s because the former gets all valuable data and insights in one place. And, by using the data they can make data-driven decisions. The data, which businesses can efficiently use, include demographic characteristics such as age, gender, location, education, and occupation as well as behavioral traits and purchase. By leveraging that, businesses can predict which customers will favorably respond to their upsell campaigns. Product recommendations via digital loyalty programsWe have already discussed how sophisticated loyalty platforms can access valuable data to make data-driven decisions. The same insights can be used to make product recommendations. By analyzing user behavior, product recommendation engines can show relevant products and services to users. The more advanced a loyalty platform is, the more relevant the product recommendations are. That’s why it’s not surprising that businesses that use highly sophisticated loyalty software, register more upsells and higher retention. All things considered,Upselling plays a crucial role in creating better relationships with customers and is far easier than selling to new customers. As per recent data, the probability of selling products and services to existing customers is between 60 and 70 percent, while it’s just 5 to 20 percent when it comes to new prospects. At LoyaltyXpert, we craft sophisticated digital loyalty programs for all types and sizes of businesses across industries. We have helped many of our clients to retain and upsell by leveraging loyalty programs. We can do the same for you. To know how we can help, contact us or book a free demo today. This blog is already posted here.
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