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Link to Part 1: https://loyalty360.org/Content-Gallery/Daily-News/Best-Practices-for-Revamping-a-Loyalty-Program-%E2%80%93-P
It would be easy for brands that have a successful loyalty program in place to simply leave it be and let it do the work for them. However, in today’s climate, it takes more to retain customers who could easily become bored with a program and lose interest in a rewards program that remains stagnant. But how can a brand determine if its loyalty program has become stagnant and needs a refresh?
Loyalty360 spoke with supplier members for their insights and perspectives on ways brands should best incorporate updates to their loyalty programs, including how often to make updates and ways brands can best update on a budget.
Refreshing On a Budget
Not all brands have the financial backing or resources for elaborate restructuring. It is at that point when they need to be creative and come up with more cost-effective ways to refresh their loyalty offerings.
Brendan Boerbaitz, Deloitte Senior Manager, always recommends that brands start with their consumers’ needs at the forefront. “And despite the marketplace being saturated with talk on emerging tech like Metaverse & NFTs, these are not the program experiences that most consumers currently expect or value most in the world of loyalty,” he points out. “It's still mastering the basics that move the needle.”
“Content is a great way to refresh a loyalty program,” suggests Joe Pino, Senior Vice President, Strategy & Solution, at Clutch. “Images can be changed for the season, or simply changed for a new look. Copy can ALWAYS be changed, and works well to remind customers that there are real people at your company who are talking to them and thinking about them as individuals! Pay special attention to emails, subject lines, the content and placement of calls to action or other avenues that are being ignored or are underperforming. Address those first.”
“Offer unique rewards, not just ‘free stuff,’” suggests Steve Palladino, Chief Growth Officer at Group FiO. “Offer rewards with intrinsic value, gift cards and cash. It’s also important to socialize your rewards program to move your brand from ‘legacy loyalty’ to ‘cult loyalty.’”
Deloitte recently ran its annual survey of US consumers, and discovered five drivers that largely hold true for programs across all industries:
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