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This was my second year on the judging panel at the Loyalty Magazine Awards. What is great about The Loyalty Magazine Awards is the willingness to share why each brand won their award or received special recognition – which allows us, as practitioners, to learn, and not just enjoy the gin fizz. Mastering customer data (finally).
Many of the entrants to this years’ Loyalty Magazine Awards were as adept with data and technology as marketers in many other disciplines. Loyalty had evolved into a fairly segregated marketing function, but many of this years’ entries were more comprehensive, loyalty-enabled marketing programs. A disloyal generation?
Understand Your Employee Journey —When it comes to marketing a product, the customer journey is an integral factor in deciding which touchpoints and messages make sense for a specific customer in a specific moment. Then use these to build out the right set of touchpoints to make their experience engaging and productive from the beginning.
These personas can serve as guidelines when designing new experiences and touchpoints along the customer journey. Identify Touchpoints : Carefully consider every single interaction point between the customer and your brand – including website visits, emails, social media posts, phone calls etc.
Build a Branded Mobile App A branded mobile app gives you another touchpoint to engage with customers. Use your app to offer exclusive deals, send push notifications with relevant information, and create a rewardsprogram.
Brands reward more touchpoints to grow emotional loyalty. Rewardprograms are changing, but they are not going away. To incentivize customers to progress through purchase funnels, brands are recognizing that additional touchpoints should be rewarded. ii] Loyalty Magazine, June 2019 edition.
And yet, many loyalty programs 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.
Emotional loyalty: add incentives along many touchpoints in customer journeys. The reality is that there are a lot of people slapping each other’s backs about incremental gains, while most brands still have less than 1/3 rd of customers active in their loyalty programs. Define the strategy.
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]. More money, fewer monies.
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