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Building customer loyalty through rewards programs, exclusive offers and promotions has been one of the main tactics for increasing revenue and growing customer lifetime value (LTV). Faced with continuing economic uncertainty resulting from COVID-19, brands must now, more than ever, be relevant and show real value as shoppers evaluate purchasing decisions through a new lens: one that values personal safety, may be constrained by tighter household budgets and where recovery is personal.
Loyalty will be a major deciding factor as consumers weigh when, how and where to shop given the new economic reality. In our recent "Brand Loyalty 2020" survey, 58% percent of consumers said they are more loyal to brands than they were five years ago.1 But they're more selective too, with 63% indicating they belong to only one to three programs.
Plus, more than three-quarters of consumers believe brands could be doing more to earn their loyalty.
During these challenging times, organizations are placing greater pressure on budgets, agility and experimentation. So, it's more important than ever to have a bulletproof approach to measuring the effectiveness of offers. By 2022, it’s estimated that digital coupon redemption will surpass $90 billion. Do you know what incremental revenue you're getting from your offers? Read on to learn about the five steps that will start your brand moving in the right direction.
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