Customer loyalty is one of the main goals of any business, achieving it will ensure long-term success for your company. Square has used the data from the 14 million customers who have enrolled in its Square Loyalty solution to come up with some interesting findings, including which states have the most loyal customers.
By crunching the numbers Square was able to determine not only the most loyal customers in each state, but the average amount loyalty customers spend compared to others and which day of the week customers are more likely to redeem their rewards. In the case of Square Loyalty customers, members spend 37% more after they join a program than before joining and Treat Yoself Tuesday was the best day of the week for customers to redeem their rewards.
Launching a loyalty program is a great way for small businesses to get customers walking through their door. With the average US household already enrolled in 29 loyalty programs, consumers certainly seem willing to participate if the program delivers value.
According to the Bond loyalty report, loyalty programs make customers more likely to continue doing business with a brand. More than four in five or 81% agreed with this statement in the company’s survey.
For Square’s loyalty program ranking, states were chosen for the average number of loyalty-related transactions per day over a 90 day period.
States with the Most Loyal Customers
- Washington D.C.
- New Mexico
States with the Least Loyal Customers
- New Hampshire
- West Virginia
Tips When Choosing a Loyalty Program for Small Business
When a loyalty program is deployed correctly, it can increase purchases by up to 20%, this according to a study by the University of Chicago.
Once you have researched your market and your customers, check out these five tips for choosing the most out of your loyalty program.
You have to make it easy to use, it must be customizable to your business, have a marketing feedback loop, use best practices, and be implemented at an affordable price.
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