A common ailment affecting your standard loyalty program is something we can call "transaction tunnel vision," where a marketer is so transaction focused they lose sight of what a loyalty program is all about: fostering and building relationships with the customer. This article offers three key solutions:
Diversify Rewards Throughout the Customer Journey:
Reward customers not only post-transaction but at various stages of their journey, such as clicking on emails or filling out surveys. The article suggests spreading points across the entire customer lifecycle and diversifying rewards to foster engagement.
Balance Focus on Retention and Acquisition:
Rather than solely concentrating on gaining new loyalty program members, the article advocates for prioritizing the maintenance of existing relationships. Long-term success lies in continuous activation post-sale to drive sustained engagement.
Personalize Rewards Based on Individual Needs:
Enhance loyalty programs by customizing rewards to meet personalized needs. The article provides an example of a successful collaboration where an algorithm generated personalized travel recommendations for loyalty members, showcasing the effectiveness of tailored communication.
The Short: Loyalty goes beyond mere transactions. It is a vital component of a broader relationship marketing strategy, and a successful program requires diligence and investment at every stage of the customer journey. Don't get blindsided by transaction tunnel vision! Consider Ticket Rewards to reinvigorate your loyalty program.