Leading home and business energy comparison website, Love Energy Savings, has discovered exactly what kind of customer loyalty programme drives customers to return.
The company conducted two surveys, one aimed at businesses and one aimed at consumers across the UK, to find out what persuades people to join a store’s loyalty programme.
Born from the idea of ‘why don’t businesses just ask their customers what they want?’ the business-based survey spoke to almost 200 people, and the customer-based survey questioned more than 600 people, and the results did vary.
When asked the question ‘If you were to join a customer loyalty scheme, which would be appealing’, 58.51% of those who were asked on behalf of their company stated they would prefer a Spend Programme, a scheme where awards are given based on the amount of money spent. On the other hand, 52% customers who were asked the same stated they would prefer a Points Scheme, where they are rewarded based on points accumulated.
While there was a difference of opinion on the favoured type of scheme, both groups of people were in agreement on how their loyalty should be rewarded. 60.64% of those in the business-based survey and 59.5% in the customer-based survey both stated they would prefer a discounted product or service, as opposed to a tangible gift or exclusive content.
Depending on the type of product or service on offer, businesses will be able to utilise the findings of the survey to construct a loyalty scheme that best suits them and their customers.
Love Energy Savings pride themselves on putting their customers first in order to improve loyalty, and on the service they provide by going that step further. Not only do they have an 84% renewal rate and a five-star Trustpilot rating, each business customer is assigned their own dedicated account manager when they compare their energy tariff. This extra attention ensures customers are kept up to date throughout, and their renewal reminder service means they never miss out on the best deals.
Phil Foster, MD of Love Energy Savings, said he hoped the survey would encourage businesses to listen to their customers: “There are many loyalty schemes out there that the concept has become a little diluted. Using the results of this survey, businesses across the UK will be able to set up a loyalty scheme that both values and benefits their customers.”
“The best way for businesses to maintain loyalty is to make their customers feel valued,” Phil continued. “A loyalty scheme is a fantastic way to get ahead in the marketplace by offering customers an incentive to keep returning while rewarding their repeat custom.”