Kyrios Systems discusses the benefits of customer loyalty programs in its newly updated guide.
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The newly updated guide offers insights into the value of customer loyalty programs, and particularly the goals a business should have when establishing one. The team highlights the reduced costs of marketing to existing customers and the ease of establishing a loyalty program through the Kyrios platform as major incentives for businesses looking into these programs as a retention strategy.
To find out more, visit https://kyriossystems.com/post/implementing-customer-loyalty-program-guide-smbs
Kyrios has updated this guide to showcase some of the most successful loyalty programs that top companies are currently using to reward their customers, providing a blueprint for new businesses seeking that same success. For example, they cite the Starbucks rewards program as a sterling example of an initiative that offers significant benefits to customers and the company alike.
In a Harvard Business Review piece on the subject, a researcher offers several insights that are echoed by Kyrios regarding why loyalty programs are so important. In that article, the author distinguishes customers by their lifetime value, clarifying that such customers will often spend even more at a given business if they feel they are being rewarded for doing so.
Kyrios adds to this idea in their guide, suggesting that maximizing a customer’s lifetime value should be the goal of any incentive program, and that failure to do so is the primary reason why these programs tend to fail. They suggest that the best way to accomplish this is through the diligent collection of data through a comprehensive CRM solution.
Kyrios Systems closes their new guide as follows: “To truly harness the power of customer loyalty, it's crucial to implement a well-thought-out program tailored to your audience's needs and preferences. Whether you choose a points-based system, a tiered approach, or a value-driven initiative, the key is to remain consistent and responsive to your customers' evolving expectations.”
For more information, visit https://kyriossystems.com/post/implementing-customer-loyalty-program-guide-smbs
Contact Info:
Name: David Hall
Email: Send Email
Organization: Kyrios Systems
Address: 1236 Blue Ridge Blvd, Hoover, AL 35226, United States
Phone: +1-205-736-8422
Website: https://kyriossystems.com
Source: PressCable
Release ID: 89143762
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