Everyone talks about turning loyalty into new customers. But traditional loyalty programs don’t seem to do that. Why not? There’s a piece missing: that little arrow you see in some funnel diagrams going from the bottom of the funnel back up to the top. Refer-a-friend gives you that piece. It lets you market through your loyalty program members to fill the top of your funnel. (Read more about this in my conversation with Loyalty360.) Why referrals work with loyalty programs The....

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