Here's another roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. Today we're talking about successful loyalty programs, retention marketing done right, how to win loyalty with customer engagement, and building long-lasting customer relationships.
"Loyalty programs can have an astounding impact on a business, increasing visits, spend and overall revenue both immediately and for years to come. But to reap the rewards of a loyalty program, the program must be set up and run with both strategy and foresight."
"Research out of Marketing Metrics finds that your existing customers are primed to buy again: brands have a 60-70% chance of selling to existing customers, compared with only a 5-20% chance among potential new customers. And that advantage grows as the brand relationship matures. Customers who make an initial purchase from a physical store have a 27% chance of returning, while a customer who makes a second visit and purchase has a 54% chance of returning again. That’s a 2x jump – and existing customers will spend 67% more on purchases (per Bain research) than new customers."
"The best way you achieve customer loyalty is to aim for something a little different: customer engagement. By engaging the customer, you have the opportunity to delight them, and, through that delight, you can achieve the goal of loyalty."
"Rather than “pushing” customers towards products or brands, the best marketing “pulls” them in by telling stories and addressing their needs and interests. The motto for engagement marketing is, Ask not how you can sell, but how you can help."
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