Thursday, July 24, 2014

The Key to Successful Loyalty Programs

Traditional loyalty programs, like discount cards and reward points, may no longer appeal to consumers the way they did a few years back. In fact, less than 45% of consumers are actively engaged with their current loyalty program. Learn how retailers are changing their focus to engage consumers more effectively - adding personalization and value to the overall experience.

A recent article by Retail TouchPoints states that "The consumers' desire for seamless, compelling and personalized brand experiences is driving the next generation of loyalty." 

Here's what they suggest when creating a successful loyalty program: 

  • Identify your goals - What exactly are you trying to accomplish? 
  • Evaluate existing programs and strategies - Are your current tactics successful? What do customers want to see more of? 
  • Understand customer expectations - What do customers value when it comes to your business? 
  • Break down internal silos - Present a single face to the customer. 
  • Find the right technology partners - Find the right partner to enhance or rebuild your strategy. 
  • Execute and listen - Once a new program is available, seek feedback from customers. 
  • Revise and personalize - Take customer feedback into consideration and make updates accordingly. 

Take a look at these best practices in detail in the Retail TouchPoints article, "Relationships, Not Rewards, Are Key To Successful Loyalty Programs."

by Samantha Warner
Marketing Extraordinaire