Vet2Pet Releases Largest Veterinary Loyalty Program Performance Study to Date
201 Practices Generated $100,011 Additional Annual Revenue on Average
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Durango, CO, November 19, 2019—Vet2Pet has just released the findings of its 2019 Loyalty Program performance study, the most significant analysis ever conducted on the effects of a loyalty program in the veterinary industry.
Vet2Pet builds branded mobile apps that help veterinary practices connect with their clients and bond them to the practice, increasing practice revenue and retention. Their customer engagement platform has a loyalty program built right in, which veterinary practices can customize, but Vet2Pet recommends a specific program based on their experience with what performs best. The loyalty study was conducted comparing the performance of the recommended program (1 stamp for every $100 spent/invoice and 16 stamps = $100 credit towards future visit) for loyalty program members 12-months-post-enrollment vs 12-months-pre-enrollment. The data from 201 practices with 548,516 users was collected between April 2015 to August 2018. The analysis was conducted by VetSuccess, a firm specializing in the delivery of data-driven practice management solutions.
Key findings were:
- Rewarded clients visit 5 more times annually.
- Rewarded clients increase their spending by 26.6% or $729 more annually.
- The average annual revenue increase was $100,011, representing a 6.4 percent increase to total practice revenue. (Average revenue per participating practice was $1.562M).
Vet2Pet founder, Dr. Stacee Santi, said “the study statistically proves that with a loyalty program, a veterinary practice’s best clients have the ability to perform better and significantly boost overall practice revenue, by more than $100,000 on average. The loyalty program also drives a substantial increase in visits for top-performing clients. What’s even more exciting is that we are seeing strong indicators that the program has exponential impact on revenue in the second and third years.”
Crescenta Cañada Pet Hospital in La Crescenta, CA was one of the early adopters of the app and the loyalty program. Practice manager Jessica Speas CVPM said “nearly 90% of our app users are engaged with our loyalty program and in three years our practice revenue has grown by 64% per year on average. We couldn’t be happier! It changed the conversation with clients at the checkout desk. Instead of the client focusing on the $500 invoice, it was easy to redirect their attention to their loyalty program and all the stamps they were receiving.”
For the full report on the study visit https://vet2pet.com/annual-loyalty-program-report/.
Vet2Pet is a client engagement platform that helps veterinary practices connect with their clients using innovative, customized smartphone applications, enhancing client compliance and patient care. As the only loyalty app designed and developed by veterinarians, for veterinarians, Vet2Pet provides easy-to-implement technology solutions for people who work in practice. The built-in loyalty program is proven to boost overall practice revenue, retention, annual client spending and frequency of visits, as published in the industry’s largest loyalty program performance report.