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We won’t beat around the bush. The ongoing economic crisis and inflation indicate that the dreaded ‘r’-word may well be upon us. Customers are increasingly thinking twice before pulling out cash from their pockets. Worse yet, they’re actively looking to purchase from brands that won’t hurt their wallet.
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The last time we observed this customer behaviors' was during the pandemic. Even so, stats suggest 62.1% of brands successfully engaged their customers through this period with loyalty initiatives.
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Taking a cue from these trends, we believe incentive schemes will continue to remain important during this economic downturn. Here are three more reasons why:
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Stimulate spending 💰
Customers are all for making smart buying decisions during economic downturns. So, a timely, and beneficial reward program can help stimulate consumer spending, bringing you more business. Amazon’s loyalty initiative, the Prime membership brings about $1,400 per household per year to the company, a 2.5X greater spend compared to non-members.
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Repeat transactions 🔁
Customers will choose your company over your competitors if you offer incentives that beat theirs. A survey even showed that for 83% of shoppers, loyalty programs influenced whether or not they purchased from a brand repeatedly.
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Word-of-mouth marketing 📢
One of the biggest benefits of implementing a thoughtful loyalty program is that satisfied customers will spread the word. Put another way, you benefit from free word-of- mouth marketing.
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Now, developing effective loyalty programs is no piece of cake, especially during a recession. But with a reliable company like Capillary, you can create an insanely effective customer incentive program even in these trying times. Here are three things Capillary can help with:
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Personalized Loyalty Programs 💖
Create personalized incentives no matter your industry or business vertical. Set reward allocation as you see fit, and create custom reward systems based on customer attributes, products, transaction behaviors', and payment mode.
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Consistent engagement 🤝
Reduce the number of dormant customers through engaging reward structures. Further, nudge your customers to claim rewards or make purchases to unlock incentives through contextual, tier-based messaging and offer rollouts.
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Higher ROI from loyalty initiatives 📈
If two companies with different business goals were to implement the same type of loyalty program, both would earn different ROIs. At Capillary, we understand this and offer you 7 powerful loyalty programs to choose from based on your audience and business goals. PS: We don’t mean to brag, but brands that have implemented these loyalty programs have improved top-line growth by up to 20%. 👀
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“Loyalty is a lifeline during the inflation crisis,” noted Mary Pilecki, Principal Analyst at Forrester, given they offer financial respite, engage buyers and tug them emotionally. At Capillary, we help you create crisis-proof loyalty programs easily. So, you can maintain revenue and grow in difficult times as well.
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Helping you earn customer loyalty through fire and water,
Team Capillary!
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