Now, More Than Ever, Loyalty Platforms Support Retail Success
Updated: Jul 29, 2020
Since the outbreak of COVID-19 Canadians have been attempting to navigate these tough times, both for their families and their careers.
Many businesses are being severely hit by revenue loss. Global News states that, “According to the Canadian Federation of Independent Business, 60 per cent of small businesses have seen a significant drop in sales, with more than a third reporting a reduction greater than 75 per cent.”.
However, this worldwide pandemic creates an opportunity for businesses by leveraging the digital age we are living in and the ability to connect with consumers frequently and in real time. Following the COVID-19 outbreak, recovering businesses will need to find new revenue streams and support systems while connecting with potential customers. Partnering with a Member Rewards Program could be the perfect solution.
Here are 4 reasons why partnering with a Member Loyalty and Rewards Program could be extremely beneficial to your company:
1. Partnerships offer support
Following COVID-19, it will be important to have support from other businesses. Many businesses will be able to navigate recovery more successfully. Partnerships offer new insights, ways of doing business and ongoing accountability while opening new paths to consumers.
2. Offers a greater online presence
Many consumers are going to become very used to the virtual way of life and interacting with their favourite brands online. Maintaining an online existence, moving forward, will keep your business on the competitive map and maintain an updated look in the consumer's eyes.
3. Opens channels to a new market of customers
Your business name and feature with a successful rewards program allows for a whole new group of consumers to be exposed to your company. Individuals who may have never been a customer are now given the chance to experience your business with the possibility of becoming repeat customers.
4. Provides new revenue streams
Broadening your companies reach means access to new customers which leads to new revenue. Working through a digital marketing platform is oftentimes more cost effective than traditional advertising, and more reactive, providing flexibility to respond to the market and impact your bottom line.
With the onset of COVID-19, more potential customers have been introduced to online activity and are becoming more familiar and comfortable with this mode of communication and purchasing.
Becoming a Brand Partner of an online Loyalty and Rewards Platform offers more online accessibility, brand awareness, and coverage for businesses. Partnering will help recovering businesses stay competitive and fresh to the online savvy consumer base.