Loyalty Marketing - US - September 2010
Whether despite the recession or because of it, loyalty marketing programs are alive and thriving. There are more than 1.8 billion program memberships in this country today—more than ever before—and considering the commitment to increased expenditures marketers have expressed, that number is certain to grow. With a troubled economy that is not yet quite stable, loyalty programs are proving to be a staple that many consumers rely on in order to help them get through. The trick for marketers is to define their customers, segment them based on their needs and create a loyalty program that differentiates them from all the others and makes loyal customers feel like the special customers they are.
The explosion in technology is creating so many changes in loyalty marketing that it’s hard to keep up with it all. Online campaigns, mobile capabilities, sophisticated CRM data that can track every bit of a consumer’s shopping or online behavior and translate that into targeted promotions—the industry has come a long way from giving out toasters to customers who open a passbook account. Customized programs, individualized marketing campaigns, online campaigns that press customers into service by asking them to promote products to their “friends,” are all being utilized to one degree or another by virtually every marketer out there.
But there are steps marketers need to take to differentiate their programs from all the others out there and increase the profitability of their programs. A customer who redeems rewards is a customer that is likely to remain with the program, so developing an effective and profitable loyalty program is a business strategy that will pay dividends far into the future.
The themes reflected in this report include, but are not limited to:
- How the economy has affected the growth of loyalty programs
- What consumers are looking for in their loyalty programs
- How technology is changing the face of the loyalty program industry
- How to redesign a loyalty program to make it more relevant and therefore successful
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