Posted On 28 Feb 2021
LyftPal was created due to “real-life” scenarios, and we continue to use such examples when explaining the use of our product. Let us look at how a Loyalty Reward Program can pay for itself via the scenario below.
Commonplace Scenario
In this situation (for the sake of simple mathematics), let us say Retail Store A has a total of 100 customers. The average purchase is $20 per customer. That means if every customer makes one (1) purchase per month the retail store collects $2000.
In most situations, there will be other retail stores available from where customers can choose to make their purchases. This means Retail Store A is making $2000 per month despite his customers are shopping with other retailers.
Retail Store A purchases the Basic version of LyftPal, and now has an attractive Loyalty Rewards program. Let us say the program only appeals to 10% of his customers. This means 10 of his customers (10% of 100 = 10) will buy more from Retail Store A in order to earn their rewards.
If the average purchase per customer is $10, and we have 10 more customers making at least one (1) purchase, this means Retail Store A will gain an extra $100 in that month. The Basic version of LyftPal is currently only $35, which means Retail Store A made almost triple the amount needed to cover the payment.
In “real-life” a few things will be different than what is being outlined in the scenario above. Those aspects are:
- Most businesses with a $20 purchase rate per customer have a lot more than 100 customers
- Most businesses with less than 100 customers offer products/services that greatly exceed the $20 price point
- Customers usually make more than one (1) purchase per visit
- The right rewards campaign will engage more than 10% of your customer base. Statistics site upwards of 57%
In other words, LyftPal is easily affordable and ideal for any business needing help with their “Customer Retention & Engagement Strategy”.
Try Requesting a Demo to see how this solution can add unprecedented value to your business.
