According to Bain & Company, in conjunction with Harvard Business School, a ‘5% increase in customer retention can increase a business’ profits by as much as 95%.’ By leveraging multiple channels and customer data within a scalable loyalty program framework, brands can build a personalized relationship with their most loyal customers which will increase retention. With customer engagement top of mind for marketers today, brands should create a customer-centric vision for their loyalty program.
Focus on these four key elements when developing your loyalty program:
A thoughtful customer-centric vision, combined with actionable data, can provide insight into the opportunities and communications for launching or optimizing a brand’s loyalty program. This framework can be the cornerstone for implementation and planning efforts, to ensure your business builds a truly robust customer driven loyalty program.
Want more information on how to improve your customer's experience? Download this whitepaper here.