Updated: May 26, 2021
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. According to a survey conducted by the Canadian Federation of Independent Business in February 2021, 47% of small businesses have seen their revenues drop by 30% or more since the start of the COVID-19 outbreak in Canada.
However, after more than a year, the shift to online working, learning and shopping caused by the worldwide pandemic continues to create opportunities for businesses who are able to leverage this digital transformation and to connect with consumers frequently and in real time.
And, as vaccines bring hope for moving through the COVID-19 crisis, recovering businesses will still need to find new revenue streams and support systems while connecting with potential customers. Connecting with a Member Rewards Program as a business partner 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
Many businesses are teaming up to navigate recovery more successfully. Combining their efforts and expertise in a supportive and strategic business alliance can bring opportunities for business growth. For retail brands, partnering with an established Member Loyalty and Rewards Program brings proven ways to connect with targeted, engaged and high-value consumers.
2. Greater Online Presence
After more than a year of digital shopping, many consumers will continue to interact with their favourite brands online. Maintaining your brand’s online profile will be essential to staying competitive — but that takes time. A full-service Member Loyalty and Rewards Program can do the work for you, from delivering professional creative to promoting your brand across their members-only platforms, mobile apps, and direct email campaigns.
3. Opens Channels To A New Market Of Customers
Look for a Member Loyalty and Rewards Program partner who will give your business the flexibility to change your offers frequently, promote new services or products, and try different types of promotions to drive the best conversion. This exposure means people who may never have tried your products before are now given the chance to experience your business — and to become repeat customers.
4. Provides New Revenue Streams
Broadening your company’s reach means access to new customers, which can lead to new revenue. Working through a digital marketing platform is oftentimes more cost effective than traditional advertising, and it’s easier to quickly respond to changes in the marketplace. It’s the kind of relevance that can directly impact your bottom line.
As a result of COVID-19, more potential customers have been introduced to online activity than ever before. They are becoming more familiar and comfortable with this mode of communication and purchasing.
Becoming a Brand Partner with an online Loyalty and Rewards Platform offers more online accessibility, brand awareness, and coverage for businesses. By joining forces, both partners will help and support each other in staying competitive, making the most of their talents and resources, and bring enticing offers and promotions to savvy consumers in a highly competitive and ever-changing landscape.
Click here to find out how BOOM can be a partner in your retail success!