ProProfs Chat

MAY 31, 2019

Increasing customer retention by just 5% boosts your profits by 25-95%. 20% of customers are typically responsible for 80% of a company’s revenue. # How to Cultivate Customer Loyalty. The question arises as to what approach should a business take to cultivate brand loyalty among its customers.

Loyalty Programs 66

Loyalty Programs Loyalty Net Promoter Score How To 66

Currency Alliance

FEBRUARY 26, 2021

So, with competition across nearly every category, all companies now need a loyalty strategy. Not every company needs a loyalty program with points, gift cards, or other incentives, but very few businesses can survive without a base of loyal customers that makes up 30-50% of recurring total sales.

Loyalty 59

Loyalty Customer Engagement Engagement Airlines 59

Currency Alliance

JUNE 11, 2019

The smart ones kept a loyalty strategy even if they eliminated the points, but some foolishly acted as though their rewards program was their loyalty strategy – and threw the baby out with the bath water. Economic cycles aside, though, the real problem is that it attracts entirely the wrong sort of customer.

Banking 40

Banking Loyalty Consumers Loyalty Programs 40

Currency Alliance

MAY 20, 2024

Back in 2017, when interchange fees were slashed by the European Union, most banks’ response was to simply to give up on their loyalty program; this was lazy and a huge strategic mistake. Every bank needs a loyalty strategy – even if they don’t have a points-based loyalty program.

Banking 52

Banking Loyalty Loyalty Programs Ecommerce 52

Currency Alliance

DECEMBER 4, 2023

Loyalty trends, as we’ve said in our previous years’ trends articles, are interesting to think about – but they are not necessarily reflective of what your own brand should be focusing on in the next year. The article covers the various brands which have joined the Scene+ loyalty coalition.

Loyalty 59

Loyalty Trends Data Marketing 59

Currency Alliance

MARCH 30, 2022

Such a simple program quickly revealed invaluable insight into the customer and opened a whole new channel of communication across email, SMS and good old post! but within a few years it had become South Africa’s leading loyalty program. This can produce conflicting and confusing customer experiences.

Loyalty 52

Loyalty Loyalty Programs Airlines Resources 52

Currency Alliance

FEBRUARY 26, 2019

Having benchmarked and talked to hundreds of loyalty programs in the past few months, what we think program leaders ought to be doing during the next 3-6 months is preparing a plan to realign their loyalty program design with the broader business strategy and core value propositions. Customer data: maximize ROI.

Loyalty 45

Loyalty Strategy Loyalty Programs Hotels 45

Currency Alliance

AUGUST 22, 2022

The Points Bank in a loyalty program is the module of software that keeps track of all transactions related to issuing, redeeming, or exchanging points among loyalty program members, partners and other stakeholders. It’s also worth mentioning that points banks can be used in non-points based loyalty programs.

Banking 52

Banking Loyalty Loyalty Programs Airlines 52

SurveySensum

FEBRUARY 20, 2024

Measure and Analyze Performance : Monitor metrics such as conversion rates, customer satisfaction scores, retention rates, and lifetime value to identify areas for improvement and measure the impact of your strategies. Surprise Rewards : Surprise and delight customers with unexpected rewards or perks.

Customer Satisfaction 52

Customer Satisfaction Self Service Strategy Customer Journeys 52

SurveySensum

FEBRUARY 20, 2024

Measure and Analyze Performance : Monitor metrics such as conversion rates, customer satisfaction scores, retention rates, and lifetime value to identify areas for improvement and measure the impact of your strategies. Surprise Rewards : Surprise and delight customers with unexpected rewards or perks.

Customer Satisfaction 52

Customer Satisfaction Self Service Strategy Customer Journeys 52

Currency Alliance

DECEMBER 13, 2018

Old-school loyalty technology firms shrinking, or dying out. The evolution of loyalty marketplaces. The outcome for the brands which succeed will be in getting 25-50% more customers engaged with their loyalty strategies. Loyalty program management’ was reported as CMO’s lowest priority, with 4.8%

Loyalty 45

Loyalty Trends Loyalty Programs Rewards Programs 45

Currency Alliance

DECEMBER 17, 2019

But there remain some fundamental things that loyalty programs need to achieve to weather the looming storm that open banking, mobile payments, aggregation models, and other marketplace dynamics will bring. More customers will want to earn more loyalty currencies – which is potentially fantastic for all brands.

Loyalty 64

Loyalty Strategy Loyalty Programs Travel 64

Currency Alliance

JUNE 19, 2019

This was my second year on the judging panel at the Loyalty Magazine Awards. Really, for those relatively few brands achieving impressive levels of customer engagement, it’s breath-taking how fast the industry has progressed in such a short time. Brands leaning on partners to create more value for customers, and for themselves.

Loyalty 49

Loyalty Loyalty Programs Gamification Airlines 49

Currency Alliance

NOVEMBER 17, 2020

It allows us to keep customers engaged when business plans fly out the window, due to marketplace calamities, such as the Covid-19 pandemic. Under the microservices model, customer data is in one enterprise CRM that coordinates with one enterprise Campaign Management System to coordinate touchpoints.

Loyalty 52

Loyalty Trends Loyalty Programs Travel 52

Currency Alliance

OCTOBER 29, 2019

The following quote baffles my mind: According to IRI Worldwide, 74% of consumers globally choose a store based on its effective loyalty programme.[i]. If 74% of consumers choose a store based on their loyalty program, then why do few loyalty programs have more than 25% of their customers participating?

Loyalty 40

Loyalty Loyalty Programs How To Hotels 40

Pointillist

JUNE 15, 2018

This is why customer retention matters to growth and profitability and why it’s critical to focus on strategies to improve customer retention. Your Customer Retention. It would be easy to define and measure if we relied on the customer to indicate they are no longer a customer. The Timescale Conundrum.

Customer Retention 110

Customer Retention Analytics Loyalty Programs Customer Journeys 110

ProProfs Chat

DECEMBER 21, 2020

If you calculate the customer churn rate on a regular basis, you’ll get to understand: Why is your customer acquisition cost increasing? Where have your sales and marketing strategies failed to keep customers engaged with the brand? Which loopholes have led to change in customer behavior? Let’s dive in!

Strategy 98

Strategy Loyalty Programs Customers Loyalty 98

Currency Alliance

FEBRUARY 10, 2021

If a new CEO replaced you tomorrow, and had no previous connection to the current loyalty program, what changes do you think she would make? We hear loyalty leaders state all the time that they have embraced ‘best practices’. That’s right, loyalty programs should be a profit center.

Loyalty Programs 52

Loyalty Programs Loyalty How To Touchpoint 52

Currency Alliance

MARCH 21, 2019

The sea-change in marketing technology is evident in the Gartner CMO survey, which tracked spending across all marketing disciplines: …most of which are rooted in martech solutions, younger than loyalty program management technologies, but all united by the common need to share customer data and use it to drive results.

Loyalty 58

Loyalty Banking Loyalty Programs CRM 58

Pointillist

MAY 23, 2018

Let’s start by breaking down the three primary capabilities of customer journey analytics platforms by the different business needs that they address. Your Needs: Understand and communicate your customers’ actual journeys. Measure the impact of customer behavior on KPIs (e.g. Journey Discovery. Journey Orchestration.

Customer Journeys 90

Customer Journeys Analytics How To Touchpoint 90

Currency Alliance

APRIL 10, 2021

If a new CEO replaced you tomorrow, and had no previous connection to the current loyalty program, what changes do you think she would make? As CEO, the time you can dedicate to your loyalty program is probably close to zero. Most loyalty programs report how many members they have. referring friends.

Loyalty 52

Loyalty Marketing Loyalty Programs Touchpoint 52