Why is customer retention and engagement important?
It is six to seven times more expensive to attract a new customer than it is to retain an existing one.
Current customers spend 67% more than new customers. Increasing customer retention by just 5% boosts profits by 25 to 95 percent.
Problems with current solutions:
Most loyalty programs are not used by customers. 54% of memberships for loyalty programs remain inactive.
Current loyalty programs are not cost effective for small businesses due to the costs associated with setting them up.
The process of using or receiving points is full of friction in most cases.
Companies are spending money on general loyalty programs, but they may not incentivise the best customers to spend more or engage more with the business.
Customers don't want to deal with multiple loyalty programs.
How Can We Help?
Our mobile application makes it very easy for you to set up a loyalty and reward system for your business.
All you need to do is to create your reward "token" (similar to a reward point but with more features) and then start creating some reward rules!
What do you want to reward your customers for?
- Spending more money
- Visiting more often
- Referring friends
- Creating great content for you that you can share on social media
- Leaving a review
- Having a birthday
Our platform is flexible enough that you can reward your customers for anything that you want to incentivise them to do!
Review rewards - case study:
Kasy and friends eat at Vamos and have a great night and spend lots of money
The waitress wants to thank them for being great customers by giving them something special. She offers them $50 in VAMOS tokens when they pay their bill to incentivise them to come back again
They download the Loop app and redeem the VAMOS tokens they received by scanning a QR code. The app automatically asks them to leave a review for Vamos, which they gladly do.
Kasy now has $50 in VAMOS tokens. On her next visit, she users her VAMOS tokens to help pay for her meal. The waitress also thanks her for leaving such a great review last time!
Competition rewards - case study:
Vamos restaurant wants to run a competition to encourage their customers to post more photos on Instagram of their venue.
They run a competition asking everyone to post photos, tag @vamosmelbourne, and to include their Loop username in their post.
Everyone can see and vote on the images, and at the end of the month the one with the most likes wins $200 in VAMOS tokens, which get sent through the Loop app!
Vamos then shares the winning post on their own Instagram and Facebook account - getting great content, exposure, and engagement from their followers for a very low price!
According to Forbes “62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer. They expect brands to not only be on social networks, but to engage them.”
Realize the hidden value in your business
Loop helps you to form a solid bond between you and your customers that encourages long-term loyalty based on reciprocal benefits. With our mobile application, you can take your customer engagement to a whole new level.
Each business has tangible and intangible assets that can be used to connect the business with its customers. Through a tokenised system, you can capitalise on what makes you special and unique and this added value can be integrated and become a new tool to engage with your customers.
Any possible reward you think can be valuable for your clientele can be created, such as:
-Meet the chef
-One night in the kitchen
-How to make your favourite cocktail
-Help us create the weekly special dish
-First person tasting of our new dishes