Did you know it costs a business about 5-10X more to acquire a new customer than it does to sell to an existing one? Not only that, but on average, current customers spend 67% more than new customers.
In light of statistics like these, businesses must think about what they are doing to keep their customers coming back to their business. And if you are like 65% of marketers, your company has implemented a loyalty program. Loyalty programs are structured marketing strategies. They are designed to encourage customers to continue to shop at or use the services of businesses associated with each program. It is time to look beyond convoluted rewards systems and offer actual value to customers using loyalty program.
Rewarding thy customers has always been the best way of retaining them. However, most reward programs do not work due to the pain in collecting and redeeming of rewards, lack of flexibility and relevance of rewards. In order to ease this consumer difficulty, apps like bounty came into picture in 2015. bounty has come up with this innovative reward app. It automatically rewards your everyday lifestyle activities. You just live your life in terms of eating out, shopping, visiting places etc and bounty automatically alerts you to collect reward points.
VCCircle is conducting an event called VCCircle India Loyalty Conclave 2016, presented by Loyalty Rewardz. The motive of this conclave is to shed light on Innovating Loyalty and how Startups show the way. . Satish Medapati, Founder & CEO bounty is one of the panel members in this conclave. He will discuss how the concept of loyalty has undergone a change. Also will highlight on how bounty is utilizing technology and disruptive ideas to explore and acquire new customers to know their tastes and demands.
VCCircle for this one of a kind conclave which will bring together 150+ India’s top CEOs,CMOs, CXOs, innovators, and customer retention & engagement specialists from leading brands and businesses. Come join VCCircle conclave and get a chance to discuss with expert panellists.