Customer loyalty is transforming due to changing consumer preferences, technological advances and the e-commerce boom. Reinvigorating loyalty programmes in this new digital and experience-led economy requires brands to be equipped with the right strategies and tools to secure growth, maximise customer retention, build meaningful relationships and increase user satisfaction. Weaving in tactics which encourage new sales, nurture engagement and inspire loyalty will bring more added value.
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It is crucial for loyalty programmes to innovate, and try out new formats. When adjusting the current loyalty programme or developing a new one from scratch, businesses should be aware and open-minded regarding future changes. The relevance of each innovative solution should be explored first, then tested and adapted to fit the needs of the business. Building brand loyalty requires a balanced approach to change. Transformation and agility is a must, but businesses should consider their capacity and have a clear vision of where they want to be.
Next-generation consumer loyalty is about consumers seeking experiences in products and services. The two most active loyalty consumer segments – Loyalty Enthusiasts and Loyalty Explorers – expect experiences, rewards and personalised offers in return for sharing their data. It is important for brands to become consumer advocates and use a human-like approach when targeting both new and enthusiastic loyalists. To offer products and services that provide tailored experiences and relate to consumers’ values, businesses should listen attentively and aim to understand consumer motivations and behaviour.
Adding an emotional approach to a loyalty programmes is a driving force to evoke a strong and long-lasting bond with the brand. A sense of purpose and community, and being valued and recognised as a customer is paramount for the evolution of loyalty programmes. Embracing fun and excitement, offering convenience and better understanding customer sentiments will cultivate brand affinity and increase emotional loyalty.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.See All of Our Definitions
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