Welcome to another roundup of articles, news, and insights about customer loyalty, retention, and rewards programs. After one of the busiest shopping weekends of the year we thought you'd want to hear about the death of customer loyalty, revamping rewards programs, intelligent customer experience (CX), making retention easier, and almost effortless banking retention strategies. Enjoy!
"Traditional [loyalty] programs that rely on deal tactics, discounts, promotions. All they are trying to do is push a product. This is about creating behavior from customers that is about instant gratification.” Such a focus diminishes real customer loyalty."
"A key reason for the breakdown is a reward program’s value proposition fails to hit the relevancy button after the signup offer is used. Either the rewards aren’t appealing, they take too long to earn or they’re just too complex."
"If brands want to keep customers, they must be mindful of friction they create as those customers move between the find, buy and use stages."
"Customer retention doesn’t improve overnight. However, with a few simple strategies up your sleeve, you can coax your existing customers back for more. Loyalty reward programs can help you to form lasting relationships with consumers who will become loyal to your brand."
"Using these tactics, you can provide new clients with an effortless onboarding experience and successfully retain the existing users. Make sure to test each strategy and adapt it so as to fit the needs of your own organization – it will make the clients happier and the bank more profitable in the long-term perspective."
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