Customers love loyalty programs. This is a long-standing tradition and has only evolved with new technologies. Many times loyalty programs are tailored to each store’s primary audience to both increase engagement and for customer retention. They bridge the relationship between the retailer and the consumer shopping/buying process. Now it’s time for organizations to leverage loyalty programs. A recent infographic by Selfstartr showed how loyalty programs are on the rise. The average number of loyalty programs per household was up 13.3% in 2015, increasing from 10.9% in 2014, and they are even popular with affluent shoppers.
Building a loyal customer base these days is not an easy task. A good place to start is offering a habit-forming product or service that customers can't pry themselves away from. Throughout the years, many companies have been looking for ways to changecustomer behaviors, though they weren't fully engaged with the products or services. But before we start thinking about change, we first need to better understand customer behavior. Ask yourself:
Millennials play a major role in the way retailers and merchants now look at the loyalty game. With technology constantly evolving and Millennial consumers, aged 18-34, on the brink of every change, those same retailers and merchants have to be right there with them. A recent study from Excentus, The Road to Rewards: What Drives Millennial Loyalty?states,
Throughout 2015, many companies were faced with similar issues around engagement, recognition, acquisition or retention, wellness, and more. As you take the time to evaluate efforts, here are a few trends that speak to the integral part incentives and rewards play in the success of your program in 2016.
Employee loyalty and customer engagement: two seemingly independent business issues that are actually inextricably linked. While it seems that employee loyalty is an internal HR issue that should only be tied to employee recognition and length of service rewards like additional PTO or a special recognition ceremony, that isn’t the case. Employee loyalty is an external real business issue because employee longevity, employee satisfaction, and employee loyalty are all inextricably linked to customer engagement and ultimately customer spending. Melanie Frok describes three critical components of employee engagement and loyalty that are most critical to your business:
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