This past week our VP of Growth and Marketing Chris Bechtel sat down with Greg Zakowicz on The Commerce Marketer Podcast, an Award Winning Program where ecommerce and retail experts discuss marketing trends, topics, and best practices. Greg is a Podcaster and Senior Marketing Analyst for Oracle + Bronto. He has consulted over 130 brands in the ecommerce space. This week Greg and Chris discuss the importance of loyalty programs for brand success.
They answered a lot of the questions the retail industry has been wondering about how loyalty has helped. How do we incentivize customers to get them to take action? Do experiential rewards work? How do we measure the success of a loyalty program?
They also dive into loyalty program structure, the types of reward offerings, and how incentives change over time. Chris emphasizes the importance of incentivizing for actions other than purchasing. Actions like social media posting and writing reviews, which creates brand awareness and turns customers into advocates.
“It can cost up to 500% to acquire a new customer compared to retaining a customer,“ said Chris Bechtel. “And since existing customers spend 33% more than new customers, it’s important to create that sense of loyalty and to incentivize the right set of actions.”
Thank you Oracle + Bronto for hosting Chris, we are honored to be featured on The Commerce Marketer Podcast! Annex Cloud is a proud thought leader in topics surrounding customer loyalty. Have any questions about your current strategy? Contact us today or set up a consultation!