Loyalty programs have witnessed a dramatic shift in recent years. They have evolved far beyond punch cards. For a vast majority of consumers, loyalty programs are a huge part of their shopping experience. While some will join to get exclusive discounts, others are simply loyal to get deeper and fuller discounts. Regardless, businesses that implement loyalty programs have to start coming up with new strategies to motivate ‘customer engagement’ and ‘brand advocacy.’ The key is to build a creative loyalty program that excites your target consumers. Here are the Top Customer Retention Strategies to mastering customer loyalty and creating brand advocates: Research Adequately Before implementing a loyalty program, do thorough research.
In this age of endless choices, differentiation is paramount. In order to make your brand a success, you need a unique marketing plan. Retail marketing is no more a linear process. Some brands bank on a loyalty programs with heavy discounts and rewards, while others feel more comfortable building a connection with their existing customers and winning them over over time. Speaking of time, there is no better time to talk about upcoming loyalty trends than now. Let us take a look at the top upcoming customer loyalty trends: Incentivized Referrals Through ‘Word of Mouth’ Marketing Did you know that, “…only 29% of satisfied customers [will] refer your brand to others” (Source).
In this age of digitization, businesses are seeking a competitive edge to deliver a seamless experience. In a sea of game-changing tech tools, anything goes viral these days. It is crucial for marketers to keep a close eye on the new trends that could potentially change the digital landscape. Recent market research shows that by 2020, product and price will no longer be the key differentiators for brands, so much as customer experience! Customer experience directly impacts business growth and helps a brand stand out from the rest, especially since “42% of retail customers in the US won’t…shop again from a brand after two bad experiences” (Source).
What is the major difference between a company that continues to grow and a company that doesn’t? Customer Retention! While it is tempting to want to devout lots of your company’s resources to growing new business and attracting new customers, the key to success often rests on your company’s ability to champion customer satisfaction and customer retention. Investing in customer retention strategies makes customers happy, which can result in a greater ROI. Consider the following statistics: “Selling to an existing customer is 6-7 times cheaper” (Source).
To be frank, positive brand equity positively impacts customer loyalty! The perception that customers form about a brand is where the power of branding lies. Brands that put their attention and energy into how a customer perceives their brand are what will allow a brand to occupy a larger space in the market. As the story goes, the larger your brand gets, the more opinions and expectations will fall upon your brand. Is your travel brand ready to operate in a larger space?
Did you know, that a business could save more money by investing in a loyalty program than prospecting for new customers? “Existing [loyal] customers are spending 67% more than new customers” (Source), and “it costs a business 5-25x more to acquire new customers than it does to sell or [create loyalty] to existing ones” (Source). Ergo, it is imperative to think about a customer correct acquisition strategy or plain and simple: Loyalty begets loyalty. Customer loyalty programs, like a travel club, pay for itself.
Is it really enough that customers find your service appealing and price reasonable? The answer is no! What is the secret recipe for keeping your customers happy? What does a happy and satisfied customer look like? Satisfied customers are looking for an unforgettable experience and specialized services to fulfill their travel dreams. And loyalty is a whole different matter altogether. Customers today want the best deals, dynamic services and convenience while planning a journey.
Loyalty programs can work wonders for your business without breaking the bank. Customer loyalty programs are a great way of adding value to customers and create long-term benefits for your business. For ages, loyalty programs have been nurturing the customer base for many businesses and keeping value-savvy customers engaged to earn repeat business. This is just the one piece of the big picture. Customers today are used to seeing rewards in various forms; the customer loyalty program is almost a necessity to stay ahead of the competition. All you need to figure out is what kind of incentive or reward program are you going to offer your customers.
SoftCash Loyalty Travel Program Allows Companies of All Kinds to Deliver Member-Only Travel Rewards to Customers Travelers Rest, SC, USA – Dec 5, 2018– Custom Travel Solutions, the world’s leading provider of elite membership-based travel and lifestyle benefits, has launched the SoftCash Loyalty Program, a world-class loyalty platform that enables companies to deliver aspirational, exclusive travel rewards to their customers. Travel has long led the charge in the loyalty program landscape. Frequent flier programs and points-based credit card rewards are some of the most popular loyalty programs on the planet and travel-based rewards are amongst the most popular forms of loyalty currency on the market.
Custom Travel Solutions is proud to launch it’s new Virtual Currency/Rewards platform. This has been in development for a little over a year, after two previous years of planning. This platform is the culmination of over 100 years of travel experience, and understanding of what the market needs to fuel a successful travel eco-system. We built the framework very much open, where we can either utilize our own points bank or connect to our client’s reward system. The platform contains an “earn” engine, as well as a “burn” engine. In the middle we have and an FX function that allows us to reconcile to any currency, crypto or fiat. Our FX function also allows our clients to create their own ratio for earning as well as burning. With our early launch partner, we are seeing significant conversion improvement, as well as, end consumer loyalty improvements. We would love the opportunity to show you how our new platform can help you with your loyalty strategy and improve overall revenue results.