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Salesforce reports that 55% of members would use their loyalty programs more if the rewards were personalized to reflect their unique needs. McKinsey agrees, saying that “earn and burn” transactional rewardsprograms aren’t enough to retain loyal members.
This is true as true in sales as is it in sports – probably more so. No one becomes a diehard fan overnight – or, in the sales world, after just one touchpoint. Once high-value customers are identified, developing rewardsprograms that are tailored to their needs – in a way that makes sense for your company – will help clinch the game.
As a result, vendors such as Oracle, Comarch, Kobie, Epsilon, Unisys, and perhaps another dozen have been able to maintain their installed base among the largest loyalty programs, while another hundred vendors provide stand-alone solutions to medium and smaller companies. But break up those monolithic platforms, we must.
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. Cloud-based tech can solve this problem.
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.
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