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Customer loyaltyprograms are more than just a way to reward repeat customers—they’re a strategic investment in building long-term relationships and driving consistent revenue. But how do you measure the success of such programs?
This was my second year on the judging panel at the LoyaltyMagazine Awards. Independent of individual program achievements, the most important development across the industry has not been in individual technological triumphs, but a hastening structural shift in how brands understand and approach the purpose of their loyaltyprograms.
For most of the last decade, loyalty marketing seemed to be on autopilot for many brands – but the tide is turning. Many of the entrants to this years’ LoyaltyMagazine Awards were as adept with data and technology as marketers in many other disciplines. Hybrid points programs. A disloyal generation?
There is hardly any online or land-based casino that doesn’t offer some kind of a loyaltyprogram, like the iRush Rewardsprogram or any other like this. But do those programs really work, and how? Usually non-members of the loyaltyprogram, fairly satisfied with the casino services.
By understanding your customers’ preferences and behavior, you can build stronger relationships and increase their loyalty to your brand. Create a LoyaltyProgram A loyaltyprogram is an excellent way to increase customer engagement and drive repeat business.
The best advice to create long-term brand loyalists is to craft a strategy that incorporates a multi-pronged approach that focuses on customer service, create a brand story, add a loyalty “rewards” program, and engage fans on social media. 3. Add A Loyalty “Rewards” Program.
Having benchmarked and talked to hundreds of loyaltyprograms 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 loyaltyprogram design with the broader business strategy and core value propositions. Customer data: maximize ROI.
User-Friendly LoyaltyPrograms Nobody needs another loyalty card that sits gathering dust at the bottom of a wallet. A great rewardsprogram is intuitive, easy to join, and worth the effort. Well-integrated security systems don’t just catch shoplifters – they build confidence.
To begin with, when do you offer customers the opportunity to join your rewardsprogram? Inviting customers to join a loyaltyprogram at an awkward point in the purchasing process can derail them from buying. There are several considerations here. How easy is it for them to join?
Banks have been in and out of rewardsprograms for decades – but their focus ebbs and flows depending on the economic cycle as well as the regulatory framework. Compounded in Europe by the slashing of interchange fees, banks have been left with reduced margins from which to carve out rewards value[v].
Nobody in loyalty could have missed The Times’ headline in October, about the Committee for Climate Change (CCC) proposal to start taxing frequent flyer programs (FFPs), or even to shut them down, under the assumption that they increase flying. Brands reward more touchpoints to grow emotional loyalty. The tide is turning.
And yet, many loyaltyprograms are run like barnacles on the side of a business: battling for budget, rather than being nurtured as the core way to engage customers via every channel and touchpoint. Rewardsprograms have not, historically, earned consistent loyalty across all customer segments.
Some other benefits are also added such as one-click delivery, wish lists, gift-wrapping, and a loyaltyprogram called Amazon Prime. It should also include expected factors like easy return policies, fast shipping, and rewardprograms. Another example is how Amazon solves issues of poor product choice and slower shipping.
Improve Your LoyaltyProgram. Maybe it’s time you reinvent your loyaltyprogram so you can reward your customers more. Come up with exciting and rewarding offers that your customers can’t easily resist. Point-based rewardsprograms. Early access to sales and promotions.
Even though Plenti failed[i], Amex’s effort showed belief in the coalition model by one of the biggest names in rewardprograms. The “Marriott More” program allows its members to earn and redeem points on everyday retail purchases[iii]. Sparse claims that the model is dead are severely misinformed. You could ask them.
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