The Arrow Every Quiver Needs
What is loyalty marketing?
Loyalty Marketing has been a part of marketing strategies for decades. More recently, it has emerged as a primary focus area as marketers turn their attention towards retention and optimizing the customer experience.
How can you be successful at email marketing?
Know your goals and objectives before you create or change a loyalty program structure. For example, is the goal to enhance the joy of experiencing your brand? The right loyalty program can help ensure that when your customer buys again, they buy from you. It can also help increase frequency of purchases.
Next, consider the type of program. Here are some primary loyalty program models to consider:
- First, a frequency- based loyalty program uses a form of currency (points, miles, punches) to accumulate equity in your brand. That equity serves as friction, making it costly and/ or inconvenient for your customer to buy from competitors.
- Another tried and true loyalty construct is a membership-based program. In this model, your customer signs up or sometimes actually pays you money for special care and treatment. Benefits could include greater access to your brand, influencers, information, special offers and preferential treatment.
- And thirdly, the owners- club concept. Belonging is the key benefit here. When you become part of a group of like- minded people with shared interests it can help enhance the overall ownership experience and further endear your brand to your customers.
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