While you will find “rewards” and “recognition” being used interchangeably with each other, it is anything but the same. In order to use both of them efficiently, we must know how both differ from each other.
Rewards
V/S
Recognition
Customer loyalty analytics allows for far more than targeted marketing. It’s a window into how customers think and, perhaps most importantly, can help predict a member’s behaviour in the future.
Let’s look at how a loyalty program software draw insights from your customer behaviour and improve return on your loyalty program investment.
It costs five times more to acquire new customers than it does to retain current customers and existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers. Hence, it is no surprise that customer retention is a crucial factor deciding the success of any business.
We are building loyalty ecosystem
A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.
Accentiv’ India delivers end-to-end solutions from loyalty program development & implementation to loyalty rewards management & last-mile rewards fulfilment.