You're here for another roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. We publish our Customer Loyalty Roundup every Friday and hope to see you back next week. Today we share customer retention strategies, give insight on the best way to revise loyalty programs, dig into accessible redemption opportunities and highlight some restaurants that have reimagined their reward programs. Enjoy!
"As important as reaching out to prospective customers are, retaining old ones are far more important. This is because the successful retention rates of old customers will always be higher than acquiring new ones. As easy as it may sound, you still have to be smart and strategic about it. There’s still that chance that you may lose customers if smart strategies are not employed."
"While repeat purchases remain the obvious end goal for all brands, in this age of on-demand and uber-availability, brands can no longer settle for the typical loyalty program because Amazon Prime has upped the ante. Today, over 100 million shoppers are subscribed to Prime, and that number is expected to double within the decade, according to Citigroup."
"Members of loyalty programs say they want more accessible redemption opportunities and prefer to redeem their points at least once a year, and want to redeem their points well before hitting $100 in reward earnings, according to research commissioned by Blackhawk Network, a global financial technology company."
"Rewarding loyal customers is nothing new, of course, but it has undeniably come a long way since the days when customers had wallets bursting with frequent-customer punch cards. Now, in part due to advances in mobile technology, brands can provide targeted rewards, tiered programs and other novel benefits to drive repeat traffic, all the while gathering valuable consumer data."
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