According to a report by Accenture, There are currently 2.2 billion loyalty memberships in the US alone. The report also confirmed that 90% of the companies have a some kind of variation of loyalty program.
The reason why brands still utilize loyalty programs to this day is because they know that a retained customer is a more valuable customer. They are easier to sell to than new potential customers because they have already experienced your products and services. Loyalty programs are proven methods for growing and sustaining market share.
The infographic is broken down into the following:
- Rewards points
- VIP privilege
- Tiered programs
- Omnichannel programs
Source – Social Media Today