No matter how far you are in your loyalty journey, there’s always room for improvement. Here are a few hints – based on the latest LOYALTY MARKETING & REWARDS PROGRAMS – GLOBAL MARKET REPORT 2022 – that can help you turn your existing loyalty program into a huge commercial success.
1. Think beyond monetary rewards
These days, loyalty is becoming more and more experiential – it’s no longer simply about points or money-offs, but also about including new and exciting customer experiencer and one-of-a-kind initiatives. Your customers want to feel special, and they are becoming increasingly driven by their values over and above discounts and perks.
Currently, only 2% of brands are offering enhanced customer service to their loyalty program members. This area is, therefore, a blank canvas that you should fill with colorful loyalty schemes and services that meet the needs of your clients (especially when you run a B2B program in the case of which the uptake is usually slow). Similarly, subscription services are an exciting growth area. It’s not just about rewarding customers for their loyalty, but also making their customer journey more enjoyable – an obvious example is the pre-ordering feature offered by many coffee shop chains, which allows customers to skip queues and save time.
2. Developing and/or refining your data strategy
Loyalty programs can be thought of as an explicit value exchange. They encourage customers to share information with your brand. However, as Forrester’s research shows, most brands don’t have the right tools to analyze and use the data they collect. And so, it makes it incredibly hard to deliver personalized customer experiences. Personalization – a thing every loyalty marketer dreams of – can only be achieved through the lining-up of your technology stack and by understanding your customers. If you don’t know what they are buying or browsing across your channels, personalization becomes impossible.
3. Reach out to Loyalty Experts for help
Many loyalty vendors provide support, guidance, and consultancy across the entire customer lifecycle. They can help you design, configure, implement, manage, and improve your loyalty program.
“When things get tough, don’t just go out looking for a technology provider, but for a partner that understands the loyalty data analytics aspect and can create actionable insights, you can work on. Onboarding loyalty technology isn’t like onboarding a marketing automation platform. This loyalty program is about to be the face of your brand. This is going to be the impression of your company for each customer. In these circumstances, support from an experienced technological partner who won’t leave you to handle a complicated ecosystem of loyalty tools on your own becomes crucial” – says Christopher Sandstrom, Director of Marketing at Comarch North America.
If you want to learn more about how to build a loyalty program your customers will love, visit the Comarch Loyalty Marketing blog, where you will find practical guides, insightful webinars, eye-opening statistics, and much more.
Also, click HERE to download your free copy of the LOYALTY MARKETING & REWARDS PROGRAMS – GLOBAL MARKET REPORT 2022.
In the meantime, good luck with your loyalty endeavors!