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Here's why you should consider a sustainable loyalty rewards scheme

Studies have shown that it costs five times as much to bring in new customers as it does to keep old ones, and that repeat customers spend 67% more than new ones by the third year. You need your clients to support you, but how can you get them to do that? The evidence is currently in favour of a sustainable solution.

Posted: 24th August 2022 by Finance Monthly
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In the past, you could rely solely on the quality of your product or service to keep customers coming back. Today, the pressures of commoditisation, globalisation, and a crowded market make it important to include sustainable values. In this article, we'll look at how being environmentally friendly can help build long-term, profitable relationships with customers, specifically when related to a loyalty rewards scheme. 

 

You’ll Build Your Brand 

Numerous studies have shown that consumers would rather support retailers, service providers, and manufacturers who share their beliefs. You can increase sales and customer loyalty by capitalising on people's concerns for the environment. Use the power of the Internet and social media to get the word out that your company is taking environmentally responsible steps by offering a green loyalty rewards programme. Your company's reputation will soar, and your bottom line will expand if consumers perceive that you're a leader in the sustainable space.

 

It Can Be Your USP

Every business needs a USP – a unique selling proposition – to help it stand out in a very large crowd. With a sustainable loyalty rewards programme, you can take this idea and run with it, ensuring that you deliver on the eco-friendly promises and message you put out there. 

 

Having a USP means easier marketing and better branding, and you can stand out above your competitors who may not yet have understood quite how important this way of working can be. By offering a rewards programme that acknowledges this, you can prove you’re doing all you can – and more – to be environmentally conscious. 

 

Align With Your Customers’ Values 

People like to buy from people. They also like to buy from people like them. If you can show that you are an environmentally friendly business through a variety of means, including your customer rewards programme, you will find you can more easily align yourself with your target market’s principles, giving you a much better chance of not only finding new customers but keeping them. 

 

With a sustainable rewards programme that offers rewards such as one that offers incentives for customers who recycle and reuse or who opt for in-store shopping rather than having their goods delivered, for example, you can show what you believe in and gain customers because of that. 

 

To win and keep clients, a green position is going to be more and more essential. It will become crucial to incorporate this into your loyalty marketing system. In reality, it will rapidly become essential, especially for sectors that are thought to have a major influence on the environment. If you are on the fence about starting up a loyalty scheme and you want to be sure you’re doing the right thing, this should help you see why it’s so crucial. 

 

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Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
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