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.
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 –
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.
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)
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 the regular ones. 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 –
Loyalty programs are fast becoming the backbone of the retail marketing toolkit, aimed to increase revenue and maximize retention. Studies suggest that about 84% of customers like to stick to a brand offering a loyalty or reward program while 66% of those say that an innovative reward scheme influences their purchase behavior. (Source) Having a general loyalty program is not enough. Standing out in this world of choice requires more than just offering a good loyalty program. An innovative loyalty program implemented carefully while considering customers’ decision-making process has the ability to turn even a fickle fan into a loyal follower. So how do you implement a loyalty program effectively?
According to a Loyalty Census report of 2016, there are 3.8 billion members belonging to a loyalty program. (Source) With so many memberships, it becomes difficult to reach each and every customer through E-commerce. In such a challenging landscape, marketers can only rely on data and the use of artificial intelligence to boost brand affinity and conversion. The use of AI will not only transform member experience but also ensure that loyalty program delivers positive results for the brand. AI enables brands to create engaging experiences using deep learning which is just an advanced form of machine learning.
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).