How Loyalty has Evolved Beyond Transactional-only Based Rewards | Annex Cloud Blog

loyalty has evolved beyond transactional-only based rewards

What springs to mind when you think of customer loyalty? Loyalty programs in the form of cards, points, rewards and other incentives. But while loyalty programs can bring customers through the door, they must go beyond transactional-based rewards to create a long lasting relationship with the customer. A points-based reward system leads to transactions but doesn’t necessarily strengthen loyalty. One has to go beyond points and cards for your customers to keep coming back for more. Relational experiences drive greater loyalty and increase CLV. Erin Raese, Head of loyalty strategy, Annex Cloud says, “In today’s time, you are seeing companies using loyalty strategies that go beyond transactional point-based strategies, to create emotional bonds with customers. They’re doing this by creating relevant and engaging experiences for their customers.

Smart companies are taking steps to enhance the customer experience by moving beyond transactional-based programs and focusing on delivering relevant experiences. A recommended strategy is to make the most of each contact with your customer and establish multichannel communication (post, website, email, social networks, telephone, mobile app, in-store) and send relevant and meaningful messages. Today’s customers prefer personalized treatment, a feeling of exclusivity and enjoy being surprised by unexpected gestures of recognition. 

So, the question is how do brands establish trust, drive engagement and create value for their most valued customers in today’s fast-paced, digital-driven world?

  • Leverage data analytics to assess buying behavior and customer preferences and, based on these details, personalize your campaigns and rewards. The more targeted the message with respect to customer preferences, the better. 
  • Always be on the lookout for feedback and reviews. Social interactions are extremely critical. Proactively respond to the feedback and build strategies to implement what you’ve learned. As you do, be sure to alert customers of the changes that have occurred as a result of their input.  
  • Customers connect with your brand in many ways, your loyalty program and loyalty messages need to connect at each of those touchpoints, too. Customers want a seamless omnichannel experience, where they can earn, view and redeem their points across multiple channels. 
  • Segment your customers based on the data you’re collecting and the way customers purchase. Message based on this information and be sure to test and learn to determine what works best for each segment. Create meaningful content that resonates with the interests of the segment.
  • Newsletters, thank you emails, surprise emails, educational messages, redemption reminders, and exclusive deals are examples of emails that can be used to engage a customer continually. Including occasional point awards in your email campaigns can increase email engagement rates.
  • Identify your most valuable customers through social listening tools; those who already spread good words about you. Recruit them through interactions on various channels. You can also include points for referrals as one of the key incentives in your loyalty program.
  • Companies are finding success in creativity by curating exclusive rewards with unique value-adds such as trips, event tickets, exclusive access, and more.

Annex Cloud’s advanced customer retention and loyalty solutions are designed to engage and reward your most valuable and profitable customers. Our ability to segment customers and personalize customer engagement has led to significant increases in average order values (AOV), frequency of purchase (FOP), and most importantly, the ability to retain valuable customers who are driving the majority of your revenue. To further illustrate this point, Sugarfina, a premium boutique candy company, saw their revenue increase by 15% and repeat transaction frequency increase by 57%. Request a demo today!

 
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