Consumer acquisition and loyalty have become critical drivers of revenue growth for the brands consumers love. Building loyalty and retention into your business model is no longer a “nice-to-have” incremental driver of growth. Why’s that? Because as consumer expectations shift, the stakes get higher and higher, and brands need to be ready, willing, and able to meet the demands of their consumers to be well positioned for the shifting market.
Here’s why consumer acquisition and loyalty—and the rewards and incentives that drive it—matter more today than ever before:
Here’s why consumer acquisition and loyalty—and the rewards and incentives that drive it—matter more today than ever before:
- Loyalty delivers: A 5% increase in retention produces a 25% increase in profit
- Fickle followers: 59% of consumers would typically switch products if a cheaper option were available
- Fleeting attention spans: 56% of consumers said they’re more likely to buy from a brand with a rewards/loyalty program
- Lines are blurring: 56% of U.S. respondents said they would consider getting financial services from a non-financial provider
So if consumer loyalty is now this important, how do you find a competitive edge to foster it? One that empowers you to create stickier experiences that’ll keep your existing customers inside your own ecosystems and native apps—all while attracting new ones?
Let’s drill down into the three ways you can increase customer loyalty, gain more customers, and drive exponential growth for your business.
1. Unlock the power of personalized rewards
The goal seems simple: Attract new consumers—and retain existing ones—by offering the types of incentives that speak to their needs and motivations. Yet, to do that, you need to be able to use your own consumer insights to drive more frequent and meaningful interactions. By engaging with the right embedded finance partner, you can create an infrastructure that allows you to tap into dynamic, in-depth consumer insights that are tailored to their needs based on interest, spend levels, and location.
And with the help of branded debit cards and digital accounts and banking solutions, you can bring innovative, personalized rewards to market with functionality that includes end-to-end rewards management, rewards accrual, rewards ledger, and rewards redemption—all based upon their consumer data. You can even create new or enhanced offerings within hours.
And what’s the benefit of offering these personalized rewards? Greater revenue by way of:
- Greater consumer loyalty and retention
- Larger ticket sizes
- More frequent interactions
2. Put your brand front and center with every card interaction
To grow your brand, you need to reinforce your financial incentives at every touchpoint you have with your consumers. This means embedding your brand’s card—and its benefits—directly into your website and mobile app.
With a branded consumer credit card, you can
create a modern digital experience that provides access to over 100 APIs (or prebuilt UI/UX templates) that can be embedded directly into your branded app and website.
create a modern digital experience that provides access to over 100 APIs (or prebuilt UI/UX templates) that can be embedded directly into your branded app and website.
And what’s the benefit of embedding financial solutions into your existing platform? Greater revenue for your business by way of:
- More brand interactions
- Greater cross-selling opportunities
- Brand growth
Ready to help your customers do more with a brand they know and trust, as well as give them a personalized experience from someone that truly knows them?
3. Deepen relationships with your consumers beyond just your core business
Beyond delivering the “here and now” offerings to your consumers, your business can drive new consumer acquisition and loyalty by expanding your brand’s value outside of your core offerings. You can be more to your consumers by leveraging your key strengths to deliver new value through tailored payment solutions that are embedded right into your brand’s offerings and experiences. Here’s how.
Deliver a truly differentiated experience
Stand out from the competition with a brand experience that goes beyond the expected by offering curated recommendations, personalized partnerships, and predictive insights—all by leveraging the consumer data gathered through embedded financial products.
Go beyond your core business
Provide more value to your customers using customizable features, fine-tuned tools controls, and the ability to instantly adjust your card program—all of which help deepen your customer relationships.
And what’s the benefit of deepening those consumer relationships by embedding financial solutions into your existing platform? Greater revenue by way of:
- Happier and more-engaged customers
- Additional capabilities within one app/website to do banking tasks
- Expanded offerings beyond your core business model
- Differentiating yourself from your competitors
Ready to build upon your core offering with seamlessly embedded financial solutions that allow you to provide more value to your consumers and expand your relationship with them?
By unlocking the power of personalized rewards, putting your brand front and center with every card interaction, and deepening relationships with your consumers beyond just your core business, you’ll be able to see what life looks like next for your business—all from the power of embedded finance solutions bolstering your consumer acquisition and loyalty strategy.
