How loyal are your customers? It’s a question that every business must ask. Selling to existing customer is far easier than attracting new ones. For starters, they’re already on board, they believe in your product or service and believe it to represent significant value to call for an investment.
Accepted statistics have uncovered that the probability of selling more products or services to an existing customer is somewhere in the region of 60-70%. The probability of selling your product or service to a new customer is somewhere in the region of 5-20%.
So, how do you attract new customers, or better still, how do you welcome customers who have previously been loyal to your brand, only to stop putting their hands in their pockets, back into the fold? Customer loyalty programs. Plus, why AI receipt capture is playing a massive role.
Why You Need to Launch a Customer Loyalty Program
Customer loyalty programs incentivise potential and existing customers. They demonstrate commitment, that you value their business and are a progressive business. Apart for incentivising customers, there’s a wealth of reasons why you need to launch a customer loyalty program – and here’s why.
Enhance Customer Experience by Understanding Your Customer’s Buying Habits
According to Forbes, 79% of customers would take their business to a competitor within a week of experiencing poor customer service. It’s safe to say that customer experience is intrinsically linked to sales success.
It’s not just about customer support, it’s about showing your customers that you value them. If not a single business around the globe focused on customer experience, it’s unlikely that mobile receipt capture API would exist. Why? No one would be buying – and with no buying comes no receipts to provide you with the buying data that will prove invaluable.
How can you increase the likelihood of creating a great customer service? Make customers feel like their purchase was worth it – reward them! AI is playing a big role in successfull loyalty rewards schemes, particularly when it comes to scanning receipts which customers can do themselves when you integrate a receipt capture API with OCR into your app.
In the end, it’s all about perceived value. If customers recognise that they’re getting something extra besides their purchase, they’re far more likely to value your brand – and return to spend more.
Build Your Online Reputation with Market Research
We’ve all seen the recent headlines. High street shopping is being suffocated by online e-commerce. Today, it’s more important than ever before to have a strong brand reputation online.
This fact is further cemented by research that states, more than 80% of consumers trust online reviews. A loyalty reward program can help you to build your online reputation in two distinct ways.
Ask customers to leave a review of the service they received to redeem a reward or automatically reward them for their review once submitted. You can choose an active or passive approach – meaning rewards can be tailored to your brand identity and ethos.
Why not offer extra loyalty points or goodies as a reward for an especially favourable reward? You could also offer specific savings on products customers may be interested in. Demonstrating knowledge and zoning in on what your customers like – and are buying – demonstrates that personal service which is so attractive.
As with a valued product, like a mobile receipt capture app, value is one of the primary motivations for customer loyalty and something that every business should focus on.
Data Gathering with a Mobile Receipt Capture App
The more you know about your customers, the more you can tailor the products or services you offer to directly appeal to them. Data gathering is crucial to this process and a customer loyalty program is a great way to gather valuable data – and an app with AI receipt capture API can help you achieve this.
You’ll find that customers are more than willing to share their data with a business to receive an exemplary level of service. You can trade your enticing customer loyalty program for data about different customer demographics. You can put a face and name to your customers, including what they buy, when they buy, how much they spend and the points they have accumulated.
This can be especially helpful to you for those customers who regularly redeem your loyalty rewards. The data gathered will allow you to create campaigns and products that are specifically targeted to one customer demographic.
So, there you have it – why you need to launch a customer loyalty program. If you’d like to learn more or are interested in AI powered receipt capture API technology and how it’s set to transform payments and expenses, feel free to check out our other blogs where a mountain of useful information awaits you.
