Powerful loyalty marketing strategies to outrank your competitors
Attracting and retaining customers is a continuous process but can be made easier thanks to the ever-growing technology and multi-faceted nature of loyalty programs. Last year, the travel industry accounted for direct spending of $2.7 billion a day which is roughly $31,400 a second, according to a report published by the US Travel Association. (Source) Take a look at this infographic generated by the U.S Travel Association to see the full economic impact of the travel industry.
With this tremendous amount of momentum comes the fierce competition urging loyalty programs to up their marketing game. An innovative loyalty marketing campaign can result in new customer acquisition, encourage purchase frequency and new cross/up-sell opportunities. A report by Nielsen suggests that 84% of customers are attracted to brands offering a loyalty program and 64% make purchases influenced by the ability to gain rewards. (Source)
Before approaching customers, update your loyalty program with these successful marketing strategies to achieve meaningful growth and outrank your competitors –
- Personalize to add a sense of worth – According to a survey led by Colloquy on 2,000 US customers, personalization was a functional appeal for joining a loyalty program. (Source) An innovative loyalty program creates meaningful relationships with customers by offering recommendations that customers actually resonate with instead of simply pushing them to spend more.
- Appeal to multiple buyer personas – Follow a strategic approach to target multiple buyer personas which in the long run will boost revenue and establish greater brand value. For instance, Millennials prefer weekend trips as opposed to Gen Z which prefers long week vacations. You can implement flash sales or time-limited discounts curated for the specific audience.
- Referral engagement – In order to break through the highly competitive landscape, there must be an implementation of marketing campaigns to retain and attract customers. Referral programs are a great way of boosting engagement especially using social media referrals and mobile referrals. As per a study by HospitalityNet, 76% of travelers trust their friend’s recommendation to decide on travel destination and services. (Source)
- Reward the high-spenders– Offer your most loyal customers exclusive perks, gifts, and more reward points to encourage more sales, and foster loyalty. Adding value to the high-spenders will strengthen the bond between customers and your brand. This will increase customer engagement opportunities and offer greater ROI.
- Co-marketing campaigns – Running co-marketing campaigns can be a great customer acquisition tactic. For instance, travel brands can offer rewards or discounts on lifestyle products, luxury shopping, and car rentals to have a broader reach. This will help you build a strong distribution network and establish your brand as a one-stop-shop for the diverse needs of customers.
- Immediate transaction-based discounts – This approach echoes a B2C approach but perfectly fits with the B2B environment. Offer exclusive discounts or rewards to customers while they are making the transaction. This tactic will help encourage new acquisitions for loyalty memberships.
Implementing these powerful marketing strategies will help ignite customer engagement right from the start and build long-term relationships for greater ROI and steady growth.