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Dr. Yuping Liu-Thompkins, who founded and now is the Director of the Loyalty Science Lab (a well-known marketing research facility at Old Dominion University), has recently shared some exciting insights that her and her team have garnered in the last few years.
What do bank loyalty programs look like in South Africa? How important is understanding the laws of loyalty psychology and behavioral economics for the success of such programs?
Listen to the latest episode of the "Let's Talk Loyalty" podcast featuring Comarch's Consulting Director for the Middle East & Asia markets, Bartłomiej Demczuk
Building customer loyalty towards your brand is the responsibility of the entire company, not only the marketing department. Excellent customer service, high-quality products and services, and a well-designed loyalty program are just a start. That’s why it’s crucial to get the right person to manage loyalty in your company, somebody who can disseminate a customer-centric approach to all areas and deliver deep insights and recommendations.
During the maturity phase of a loyalty program, customers start to become less sensitive to the program's value proposition so interest begins to flatten. When growth begins to stagnate, it's time to evaluate and optimize the program and look for new trends and technologies to replicate its success and bring even more value to your members.
Using contactless payment options can reduce anxiety associated with shopping in-store during the COVID-19 outbreak. Unlike before, customers now wish to go about their daily lives with minimal contact with another surface. One of the main goals is to avoid cash transactions at all costs. Some people are paying via their smartwatches or tap-to-pay, and others want to use an app-based digital account whenever possible.