In: BLOG

14
Jun

How does a loyalty program increase measurable revenue and profit?

Implementing an effective loyalty program is the most powerful way of retaining customers considering the ephemeral nature of customer loyalty. The ideology behind a customer loyalty program is simple – encourage repeat purchases and increase revenue. Most travel marketers abide by this basic yet powerful strategy of having an effective loyalty program in place in order to reduce the customer churn and expand their market share consistently. So the question arises – how does a company really impact revenue and profit by utilizing a loyalty program? The first step is to identify the need for a loyalty program in place. The second step is to find out how to drive revenue through that rewards program. Let us discuss how to improve customer loyalty and reap profits using a well-designed loyalty solution. Acquiring new customers is far more expensive (about 5 to 25 times) than retaining the old ones. (Source) That’s why loyalty programs focus on increasing customer retention. Whether the goal is to jumpstart the sales or continually increase profits, loyalty programs have become a staple for many travel companies. This also implies that having a cost-effective loyalty program in place will make more money than the cost required to…

03
Jun

5 Things Marketers Can Learn From Innovations in Travel

From booking tickets at the counter to booking with a click, digitization has permeated the travel sector to assist in arranging the perfect vacation from start to end. The technology and innovations in the travel industry within the last decade led to the emergence of global megatrends where apps have become indispensable. Here are 5 megatrends in the travel industry to pay attention to and apply going forward. Mobile responsive websites With the travel industry moving towards digital-first behavior, statistics show unprecedented levels of competition between travel marketers trying hard to understand their audience’s ‘digitally influenced’ consumer behavior. Mobile marketing is massive as travelers prefer information on-the-go. The mobile-first approach can be used effectively to draw in more consumers. It is, therefore, vitally important to ensure sites are mobile-responsive, and done correctly, to provide a seamless and super-fast booking experience. It will help travel brands to align with consumer interests and connect with potential consumers. Artificial Intelligence Artificial intelligence, as Google predicts, will be a major focus in the coming years. In this age of hyper-connectedness, AI and machine learning is used to improve consumer service and sales. A recent online survey shows that 57% of businesses are using AI…

24
May

Omnichannel Customer Loyalty – How to reach and support more customers

Travel Solutions

As the old lesson goes, it costs more to acquire new customers than to retain old ones. Increasing customer retention by just 5 percent can increase your business profits by 25 to 95%. (Source) So, it makes sense to engage your customers at every touchpoint of their journey for building customer loyalty in a thriving enterprise. However, loyalty needs to go beyond customer satisfaction and go full circle through 360-degree engagement. Loyalty rewards programs understand that it is imperative to give their customers a reason to stick to their brand. Whilst conventional customer retention strategies continue to fall short, new and agile approaches use the omnichannel retail model for building long-term loyalty among a fickle, digitally-influenced marketplace. Omnichannel engagement is a total game changer for e-commerce to drive loyalty and customer centricity in following ways – Support segmentation The objective of segmentation is to analyze and better serve your customers. Segmentation allows businesses to find niche opportunities and increase profitability by providing solutions to customers’ problems. We can segment customers based on different segments such as their lifetime value, frequency, monetary value, etc. across different communication channels. This information can be used to offer different treatments to customers, for example,…

14
May

From Boomers to Gen-Z – travel club trends that sell and target across generations

Help your customers to fulfill their travel dreams

For travel loyalty business to continue in 2019, travel platforms need to understand the motivations and mindsets of travelers across generations. From baby boomers to Generation X, Millennials to Generation Z, each has their own unique relationship with travel. For any travel platform to be able to sell to these demographics, it needs to understand each group’s travel aspirations before effectively serving these travel-smitten generations. Millennials, ranging from the ’80s to mid-’90s, are typically self-dependent and motivated by the uniqueness of a destination along with a bit of travel envy. They aspire to seek experiences like a local with main focus on food and culture. Generation Z, born in the mid-’90s, make up a quarter of the US population and are driven by curiosity. Research indicates that Gen-Z will account for one-third of the US population by 2030 and overtake Millennials to become the most powerful spenders. (Source) Let us take a deeper look into Gen-Z travel club trends and compare them with travel trends across generations to see what’s taking off in loyalty business around the globe – Gen-Z, along with Millennials, has a deep affinity for experiences. They do not just want to go on a vacation but…

02
May

Travel Loyalty Clubs: Understanding Earning, Value, & Redemption

Travel Loyalty Club

The ability to save up miles through a travel loyalty club is what gets millions of budget-conscious travelers enrolled in them. Many will admit that it is much easier to focus on saving for their next vacation when they receive points or earn miles every time they make a qualifying purchase. Being able to watch what their loyalty is going towards makes joining much more lucrative for a member However, there are still users tempted to join a loyalty club, only to find it fearfully complex. Blackout dates, tight restrictions or inability to understand their standing within the rewards platform may leave users wary of committing.

23
Apr

How to choose a travel loyalty program

Travel Club Loyalty Program

A travel club or company’s loyalty rewards program is designed to foster closer relationships with their members. A successful loyalty program is based on the foundation of customers’ satisfaction; thus, companies seek more personalized engagement strategies based on individual needs. Before choosing an ideal customer loyalty program, here is a comprehensive checklist you can use to best evaluate how to get the most out of your selected program – Reward Usage – Does the reward program offer flexibility in usage? Or are its rules restrictive? No matter what type of rewards are promised to offer to lure the customers in, it is best to find out if those rewards are viable for your members travel goals.

17
Apr

Ways to make the most of your travel rewards program – Shortcuts to loyalty

Ways to make the most of your travel rewards program

Most travelers count on loyalty programs to secure maximum benefits to get the most out of their travel. However, current loyalty and reward programs can be tough to rack up consistent points or miles if you are not familiar with the program. In fact, discount airline tickets or hotel stays actually begin to feel more elusive. Therefore, the first step is to become well acquainted with the ins and outs of the loyalty program and start collecting points or benefits like a pro. Here are the shortcuts to earn loyalty across travel reward programs you should know about –

15
Apr

Take Advantage Of These Top Loyalty Program Trends in 2019

Top Loyalty Program Trends in 2019

There is no better time than now to take advantage of the ever so fruitful loyalty program arena. The last five years have been huge in evolution and trendsetting for the loyalty program market. We’ve looked at what’s coming down the pipeline in 2019 and have complied a list of the key trends to keep on eye on in 2019: • Incentives With Co-Branded Credit Cards – Co-branded credit cards continue to dominate the loyalty market in 2019.

22
Mar

Travel Perks Beyond Frequent Flyer Points – Loyalty Program Member Benefits

Travel perks for members

Travel Perks Beyond Frequent Flyer Points – Loyalty Program Member Benefits The new age consumer’s attitude towards loyalty programs goes beyond points and miles. That’s largely due to the generational shift and growing clout to millennials who prioritize ‘rewarding experiences’ over frequent flyer points. This shift is backed up by research, finding that 78% of millennials prefer to spend on experiences rather than physical things. (Source)

22
Mar

Engagement Driven Solutions to Increase Customer Loyalty and Retention

customer loyalty and retention

Getting a customer to develop lifetime loyalty is like hitting the jackpot in a loyalty program. Today more than ever, brands are focusing on repeat business as loyal customers keep the revenue flowing. A survey claims that loyal customers spend 67% more than new customers. In this fast-growing digital era, it is necessary to retrofit the traditional strategies of customer retention and employ engagement-driven solutions to keep the loyal customer base intact. Here are some of the best ways to increase customer loyalty and retention –