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Do you know 90% of all the companies have some sort of reward program? It means there are still businesses that believe loyalty programs aren’t useful. However, the reality is different. As per research, more than 60% of Millennial and Gen Z do not commit to a brand that doesn’t have a reward scheme.   There are countless studies from the past that suggest reward programs in Australia are a great way to retain customers and get new ones. Also, business-centric loyalty programs help strengthen relationships with partners, investors, and potential clients.    Still, many businesses are afraid of the cost, launch, and the outcome of a loyalty program. They tend to believe that reward schemes are expensive and do not provide satisfactory results. However, the reality is that these programs play an integral role in growing a business.   If your business is also hesitating to try reward programs in Australia, it may be due to a number of myths associated with these scheme...

Rewards and loyalty programs are promoted as cost-effective techniques to get continuous support from clients and partners. Are reward programs in Australia effective, or are they short-term fads? For years, businesses have been using loyalty programs to retain customers and strengthen links with their partners. From cashback to travel incentives and visa prepaid cards, different types of reward schemes are popular among businesses in 2021. Do They Work? In practice, rewards programs are misunderstood. Many businesses consider loyalty programs as short-term schemes or practices for special occasions. Such programs provide a small fraction of favourable results. According to experts, reward programs in Australia can be a great way to win customers or get loyal partners when they are educated about a business continuously. In addition, there should be a well-crafted and well-executed approach to get the results. How to Create Loyalty Schemes or Reward Programs The best example of long-t...

Loyalty or reward programs are an effective way to accelerate business growth and increase profit. However, a costly mistake while creating or managing reward programs in Australia can lead to expensive, unuseful results. In this post, you will learn some mistakes that must be avoided during a reward program. Some businesses fail to understand that there is a huge difference between a loyal customer and a repeat customer. Just because a client has purchased from you or taken your services twice, doesn’t mean the customer is loyal. Some customers are loyal to the price you offer them. When you increase the price of your products/services, they tend to look for an alternative. However, a loyal customer believes in your business and comes back, despite the change in price. However, turning buyers into loyal customers is a challenging, hectic task. And, many Australian businesses try to lure people with attractive incentives in Australia . But, they forget that not all kinds of programs ar...

Whether you’ve a brick-and-mortar company or an Australia-based E-commerce business, B2B customer loyalty programs in Australia are needed to ensure a much greater pool of partners, who may offer access to more potential clients. However, designing these programs requires a different approach than a B2C loyalty program. Research by Forrester Research reveals that most of the modern B2B businesses focus more on finding new customers than retaining the existing ones. Experts believe it is essential to launch customer loyalty programs to build long-term relationships with B2B businesses for more business engagements. Although your product quality and services are key elements in customer satisfaction, B2B customer loyalty programs in Australia can help form new business interactions. How are B2B Customer Loyalty Programs Different from B2C   In simple words, a B2B loyalty program is more personalised and unique than a B2C program. It is designed to meet the needs of each individual c...

As per a report by Reichheld of Bain & Company, a 5% increase in customer retention can result in at least 25% profit. It happens because retained customers invest in more products/services offered by a company. However, more than 60% of businesses see retention as a big obstacle to overcome. Loyalty programs in Australia can help businesses in keeping their right customers. How? Experts believe that acquiring new customers is at least five times more expensive than convincing the existing ones to make a purchase again. It makes sense: you don’t want to spend your resources on finding new leads and converting them into sales. One, it is an expensive process. Two, it takes a lot of time to reach potential clients and turn them into buyers. Three, you need to follow the same steps again and again, which results in slow business growth. The bottom line is: Focus on retaining the existing customers. Importance of Loyalty Programs Turning buyers into loyalists is a complex process, whi...