Here's your weekly roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. This week we're highlighting some of the best loyalty programs in retail, drilling into some innovative approaches to customer loyalty including subscription trends, reevaluating how customer engagement strategies can actually annoy customers, and lastly we examine new research from MIT's Sloan School of Management that talks about predicting loyalty of first-time purchasers.
"In today's retail landscape, the fight for customers is fiercer than ever. Loyalty programs may be the oldest marketing trick in the book, but they remain one of the most effective for getting consumers to stick with a company. Companies in industries from books to beauty products offer alluring perks and rewards for loyal customers."
"...the launch of the Apple Card, the upward trajectory tied to Major League Baseball’s innovative approach to customer loyalty, Burger King’s entry into the subscription market, and Starbucks’ positive changes to its successful loyalty program."
"Brands can take comfort in knowing that an efficient, simplified customer engagement approach is possible. By shifting the focus to quality over quantity to deliver an exceptional customer experience, customers will keep coming back. Here are a few ways your engagement strategy might be repelling your customers, and how you can turn it around."
"When prospecting for new customers, retail managers obviously want people who will keep coming back. It’s a gamble, but retailers can increase their odds by looking more at what first-time customers buy than at how many items they buy or how much they spend, according to research by Duncan Simester, a professor at MIT’s Sloan School of Management."
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