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There are some things in life that are unequivocally judged in the eye of the beholder-- beauty, modern art, cilantro. The same is true for loyalty strategies. That being said, it’s safe to say that there are also some things that are crowd-pleasers--pizza, puppies, Beyonce. Again, the same is true for loyalty strategies.
Loyalty programs have long been characterized by points, punch cards, generic discounts, and rewards based on spend. And although loyalty program membership is up, “Consumers’ overall engagement in traditional loyalty programs has declined consistently over the past four years,” according to Retail TouchPoints. Similarly, eMarketer recently reported, “Memberships in loyalty programs are expanding rapidly while active participation in programs is falling.”
This is largely due to the fact that these traditional loyalty tactics--which also happen to be the tactics that most companies are still relying on--don’t do much to foster genuine, lasting relationships. These methods merely encourage transactional behaviors, which generally doesn’t help brands move the bottom line in the right direction.
In contrast, the best loyalty programs are designed to deeply connect with customers and drive long-term, repeat business. But how do they do this? It boils down to the experience they provide. In this guide, we’ll outline five of the best loyalty strategies (a.k.a pizza, puppies, and Beyonce) for brands to employ to build long-lasting emotional connections with customers and increase revenue and lifetime value. Let’s dive right in.