What are the current trends in customer loyalty programs? How can you increase loyalty and retention? these are very important questions that lots of companies are now asking.
Read this 7 step presentation on how one needs to go about building a customer loyalty program (primarily in the organized retail industry)
Here are my Ten Key Principles for Building Customer Loyalty Programs
- Foster consumer engagement
- Establish a two-way value proposition
- Capitalize on customer data
- Properly segment your loyalty program tiers
- Develop strategic partnerships
- Develop dynamic tiers
- Cater to customers' desires for choice and fairness
- Avoid commoditization through differentiation
- Avoid the price sensitivity trap
- Embrace new technologies
No matter what the economy is doing, the quest for loyalty offers bottom-line rewards for those who prevail. As unique as your customers are, so will be your challenges and successes as you build and refine your program along the way. The pursuit for customer insight shouldn’t be taken lightly or without long-term dedication.
If you find this content interesting you might also be interested in hearing from the region's largest gathering of marketing, loyalty and data professionals strategizing how to improve the effectiveness of their customer engagement strategy and attend En-Gage: The Marketing Show 2012 Middle East