Future of any company directly depends on its ability to attract new customers or retain already existing. One of the most effective and efficient tools in achieving that goal is loyalty programs. According to Access Development, reward programs can increase a brand’s market share by as much as 20%. Nevertheless, loyalty campaigns are still far from being perfect.
Acquiring new clients costs five times more than retaining already existing, according to a study conducted by Forbes magazine. At the same time loyalty campaign can increase a company’s sales. For example, after Starbucks has implemented a reward program, it saw a record setting quarter. The program helped increase revenue to $2.65 billion, with brand executives pointing out their reward program as the main driver of such an astonishing result.