Customer loyalty is a behavioral characteristic related to the brand preference of a shopper. When a customer repeatedly purchases from your brand despite having an option to opt for products from your competitors, they are said to exhibit customer loyalty. You build this loyalty over a period on the foundation of positive, memorable experiences that the customer shares with your brand. The more delightful the customer’s experience with your brand, the more they are likely to continue purchasing from your brand.

The Changing Loyalty Marketing Landscape
• Engagement-based and Emotional Loyalty
• Brings a Higher Return on Marketing Spends
• Omnichannel Loyalty Programs
• Use of Artificial Intelligence (AI) and Big Data in Loyalty Programs
• B2B Loyalty & Influencer Loyalty
• Unified and Coalition Loyalty Programs

How Loyalty Program Impacts Customer Behaviour and Benefits Brands
• Increases Purchase Value
• Customers Trust You with Their Data More Easily
• Turns Your Customers into Brand Advocates
• Elicits Honest Feedback for Improvement
• Multiplies Participation in Omnichannel Campaigns
• Engages Customers as Brand Custodians
• Brings a Higher Return on Marketing Spends
• Cushions you During the Rough Times

How to Create a Loyalty Program?
• Defining the goals and objectives
• Designing the route to loyalty
• Analyzing your technological readiness
• Planning the program launch and promotions
• Continuous program improvement

5 Ways to Increase Brand Loyalty
• Build affinity
• Create convenience
• Act compassionately
• Nostalgia
• Subscription Loyalty

How to Measure the Success of your Rewards Program
• Repeat Purchase Rate (RPR)
• Customer Retention Rate (CRR)
• Loyalty Redemption Rate (LRR)
• Customer Lifetime Value (CLV)

Conclusion
Loyalty marketing is quickly evolving beyond the confines of being just a retention program and into a critical entity within the Customer Experience flywheel. As a result, loyalty programs have become complex engines with many moving parts that – when managed well – can significantly accelerate the company’s growth and revenues. A well-run loyalty program can dramatically increase the economic value of an organization by means of continuous investment in the right customer acquisition channels and marketing strategies to improve profitability. And most importantly, they are a key factor in crafting those micro-moments of delight throughout the purchase journey; and transforming casual shoppers into staunch brand advocates.

For more details visit: https://www.capillarytech.com/blog/loyalty/loyalty-programs-strategies-success/