But don’t think of “loyalty” in the traditional sense. Well, you can think of it that way if you are a fan of points as a gamification motivator. But you don’t have to.
Loyalty strategies can be as simple as a promise from you to your customers for a more personalized experience and for benefits based on your relationship.
By instituting a formal loyalty initiative, you are able to get a commitment from your customers to:
– allow you to collect their data – and use it! – respectfully within data privacy regulations
– raise their hand and tell you how and when they are connecting with your brand
– tell you about themselves, who they are and what they really want
By instituting a formal loyalty initiative you are able to:
– communicate on a truly 1:1 basis with each customer
– create and understand customer behavior and segments
– create unique and accurate customer journeys
– track customer behavior real-time and shift as soon as new behaviors begin
Okay, you say, but it’s really expensive and a hassle. That’s the catch. It isn’t. Loyalty platforms and supporting services are less than 10% of what most organizations are spending on new acquisition in an effort to stem that churn issue. And it’s an investment that yields 7x+ ROI and can be implemented within a matter of weeks.
So as you’re preparing for your 2019 goals, consider how an affordable solution such as a robust loyalty platform can empower your personalization for pennies on the dollar, stem churn rates and give you an omni-channel, comprehensive view of your customer.