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.
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.
A winning membership engagement strategy starts with careful planning. While all engagement strategies aim for a long-term goal of higher retention rate, starting off with short-term goals is the key to build it. Members are the backbone of any loyalty club, particularly the membership-based travel club. The partnership marketing team is responsible for building, nurturing and managing relationships with the members to ensure their needs are met. When done right, it can be incredibly rewarding and add tremendous value to the members. That being said, what exactly is the need for engagement, you might wonder? Michael J. Brennan offers a simple equation to understand engagement Engagement = Relationship + Action By leveraging the engagement touchpoints, the partnership marketing team can invent new ways to bring value to the members/ merchant partners.
What are Travel APIs, and more importantly, how can they help your business grow and increase revenue? This blog will take a deeper dive into Travel APIs and how Custom Travel Solutions uses them to build and grow branded travel clubs for non-travel brands and organizations. Using Travel APIs to Grow Revenue and Loyalty The topic of Travel APIs may seem remote for those outside the B2B travel sector who are not familiar with the evolution of travel technology.
In case you missed it, we just did a webinar with Travel Massive, the world’s biggest tourism industry community on the topic of Packaged Trips for the Millennial Traveler. For any travel brand that wants to better understand their Millennial customers’ travel preferences and how to convert more travel sales and drive loyalty among this demographic, a recording of the webinar can be found here – Packaged Trips for the Millennial Traveler. A huge thanks to Travel Massive for arranging the webinar and the Travel Massive community members who attended the discussion.
Nurturing a loyal customer base will help your retail business to grow by boosting both revenue and profitability, given the fact that repeat consumers are likely to spend 60% more per transaction than the new ones. Obviously, this is easier said than done.
Custom Travel Solutions is partnering with Travel Massive, the world’s biggest tourism industry community, for a webinar on the topic of “Packaged Trips for the Millennial Traveler.” Are you interested in increasing revenue and loyalty for your travel brand? Click the link below and register to attend the webinar – if travel is your business, you won’t be disappointed.