webinar: how retailers are using loyalty programs to increase per-customer revenue by 2.4x
TRANSCRIPT
How Retailers are using Loyalty Programs to increase per-customer revenue by 2.4X
PresenterSamir Palnitkar
VP of Customer Success
WEBINAR TOPICS
§ Why loyalty programs?§ What constitutes a good loyalty program?§ Case Study #1§ More Case Study Briefs§ Q&A
WHY LOYALTY PROGRAMS?
of ULTA Beauty’s revenues come from itsloyalty program members.- CNBC
90%
of Macy’s revenues comes from a mere 9% loyal customers.- Wall Street Journal
46%
LOYALTY PROGRAMS ARE THE #1 REVENUE DRIVER FOR RETAILERS
NO LOYALTY PROGRAM? A LEAKY BUCKET
Lack of customer loyalty hurts EVERY business metric
§ Lower total revenue§ Higher customer acquisition cost§ Lower customer LTV (life time value)§ Lower conversion rate§ Lower customer engagement
of businesses do not have a loyalty program
86% Factoid
WHAT CONSTITUTES A GOOD LOYALTY PROGRAM?
LOYALTY PROGRAM - 360-DEGREE ENGAGEMENT
INFREQUENT CUSTOMER ENGAGEMENT CONTINUOUS CUSTOMER ENGAGEMENT = LOYAL CUSTOMERS
Create Fiercely Loyal Customers by Enabling Continuous 360-degree Engagement
MULTIPLE AWARD ACTIVITIES
360-DEGREE ENGAGEMENT
GREAT EXPLAINER PAGE
GREAT EXPLAINER PAGE
MEMBERSHIP TIERS FOR
GAMIFICATION
ATTRACTIVE BENEFITS AT MEMBERSHIP LEVELS
OMNI-CHANNEL SUPPORT
WEBSITE PHYSICAL STORES MOBILE APP
UNIFIED LOYALTY PROGRAM
Unified loyalty program across all retailer sales channels.
CASE STUDY #1PREDATOR NUTRITION
NUTRITION SUPPLEMENTS COMPANYLOCATION: UNITED KINGDOM
ABOUT PREDATOR NUTRITION
16
Exclusive distributors to leading brands e.g. Driven Sports, PES, Body Nutrition, Molecular Nutrition
A leading sportsnutrition company
360 degree engagement loyalty platform:
Ability to reward users for any desirable interaction including social media
Increase life time value of customers by 5X+
Increase in word-of-mouth referrals, reviews etc.
Increase in engagement on social media
Customer retention and boost in repeat purchases
PREDATOR NUTRITION CUSTOMER LOYALTY PROGRAM
§ Ability to set custom loyalty points for friend referrals§ Successful referrals are tracked automatically§ Members are notified both real-time and via email about
points earned
E.g. - Referrals
E.g. - Purchases§ Purchases are tracked automatically and appropriate loyalty points are
rewarded to the user§ Members can earn loyalty points to write product reviews also
33% higher Average Order Value (AOV) for loyalty members who redeemed points
Converted referrals into sales at an impressive rate of 25.2%
STRATEGIES ADOPTED TO REWARD POINTS
Daily enrollments of loyalty members shot up by 9.5%
E.g. – Become an email subscriber E.g. - Social Sharing and Engagement§ Members are awarded points for email signup § Points are awarded for actions such as sharing on Twitter,
Instagram, birthday bonus, etc.
70% more purchases by loyalty members who redeemed
STRATEGIES ADOPTED TO REWARD POINTS
CUSTOMER DASHBOARD
An attractive, brand friendly, customizable dashboard is automatically created for end users
Can be easily embedded on the website
Users can view point history, redeem points, find ways to earn points and more.
Leopard
User can redeem points from the dashboard. Redemption cards can be customized
Daily redemptions increased by 73% after a quarter
REDEMPTION OPTIONS
22
Customizable loyalty tiers
Auto upgrades/downgrades based on points earned within a given time period
Customizable tier specific benefits such as points multiplier, access to exclusive redemption options etc.
LOYALTY TIERS
Ø 1000s Of loyalty members, word-of-mouth referrals, social posts and followersØ 70.0% More Repeat purchases from loyal customers
Ø 33.0% Higher Average Order Value (AOV) for loyalty members who redeemed
Ø 25.2% Sales conversion rate for referral traffic generated through refer-a-friend
Ø 73.0% Increase in daily redemptions monitored
Ø 9.5% Jump in daily enrollments in loyalty program
RESULTS ACHIEVED
This unique partnership with ShopSocially has meant
that 1000′s of our loyal customers have benefited
from the strategic loyalty program which has helped
us to increase engagement levels & repeat sales.Phil SlaterHead of Marketing
MORE CASE STUDIES
EVAN-MOOR LOYALTY PROGRAM
RESULTS
108% increase in Per-Customer Revenue
53% increase in Average Order Value (AOV)
25
37% increase in repeat purchase frequency
FSA PERKS PROGRAM
RESULTS
74% increase in Per-Customer Revenue
64% increase in repeat purchase frequency
26
ZINRELO LOYALTY REWARDS SOLUTION
+ Built-in Referral Program
People are 7 times more likely to buy when referred by a friend
Loyal customers are worth up to 10X as much as their first purchase
Features
Benefits
WHITE-LABELED LOYALTY REWARDS PROGRAM Fully Customizable | Omni-Channel | Easy
Integration | ROI Based Reporting | Comprehensive APIs
Samir PalnitkarVP of Customer Success
[email protected]+1 650 209 0726
Subhajit GoswamiHead – Business Development