McDonald's, Taco Bell, and other major food brands have been investing heavily in their loyalty programs, and with good reason: Every profitable venture is built on the love of its loyal customers, and these kinds of programs make loyalty a priority. After all, it's much easier to serve an existing customer than it is to find a new one.
Think of a loyalty program this way: It's a wholesome club that feels exclusive enough to make membership desirable, while also collective enough to make everyone feel like they're part of something bigger. In a loyalty program, your brand is the host of the party-and its biggest star. Your customers are there because, so long as you treat them right, they have every intention of coming back. The longer a loyalty program's life cycle, the bigger the spend and better the profit.
So how can you maximize this relationship? Here are three ways.
Offer value that can be earned, not bought.
This story is from the Startups Summer 2022 edition of Entrepreneur US.
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This story is from the Startups Summer 2022 edition of Entrepreneur US.
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