Decoding What it Takes to Build Successful Loyalty Programs
SINGAPORE, May 11, 2023 /PRNewswire/ -- In an environment where, according to a US based survey, (Statistia, 2022), consumers are enrolled in an average of 16.6 loyalty programs, how do brands build affinity and, well, loyalty? Consumers are savvy - often seeking ways to earn points and burn points through value-add loyalty schemes, and companies need to provide a solution that attracts and retains their customers – in a way that makes good business sense for them. Easily said, but not so easily done.
- Loyalty programs are steeped in traditional marketing practices, but the rules of engagement have significantly evolved over time.
- Aviation, hotels, coffee shops, telcos and financial services providers – credit cards and banks - now all offer loyalty programs, and they get more sophisticated every day.
- Loyalty programs can often fail when they don't offer customization of the program and the personalization offered to the brand's consumers.
- Such solutions help brands expedite their go-to-market strategy, build consumer relevance, and stand out in a crowd of loyalty initiatives.