Location intelligence and targeted offers
Loyalty program engagement depends on whether customer needs are met, how quickly rewards are earned, the quality and variety of the rewards offered, the effort required to redeem points or claim a reward, and how ‘fun’ the experience is… there's a lot to consider.Customers who earn rewards straight away spend up to 25% more compared to traditional redemption models, and 55% more compared to no loyalty scheme at all.
Using mobile intelligence through your integrated POS can provide the opportunity to personalize your loyalty offer to each customer. Surprisingly, few loyalty programs actually take advantage of this value proposition.
Figure out what individual customers really respond to, and then use that information to deliver rewards and experiences to build customer loyalty.
Sure, many loyalty programs require investment, but there’s a definite ROI. Loyal customers value their relationship with a company, spending 60% more in each transaction, purchasing 90% more often and contributing 3 to 35 times as much as less-engaged customers!
You don’t get that kind of value from stamping coffee cards. To increase share of wallet from loyalty programs, Foursquare recommends using location intelligence, consumer preferences and targeted messaging that focuses less on making sales.
This approach results in significantly increased visit frequency, customer retention, and average check value.