article thumbnail

Building a Better Loyalty Program (and the Reward for Getting It Right)

BlueOcean

loyalty programs on average. If, for example, you’re a member of Nordstrom’s loyalty program, Nordy Club, you’re among a group of customers who are likely to spend three to five times more than non-members, and are consequently driving two-thirds of Nordstrom’s sales. The Downlow on Loyalty: Reciprocity is Key.

article thumbnail

Loyalty programs: should you issue your own points or miles?

Currency Alliance

Many people assume that operating a loyalty program necessarily implies issuing your own loyalty points or miles. Points and miles are a dominant and popular form of loyalty value. The golden benchmark is about $25 USD per year in loyalty value. This actually is not true.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Guest Post: Is Your Customer Journey Aligned with Brand Expectations? If Not, It Could Be Costing You Sales

ShepHyken

And more importantly, how can you ensure that it’s not costing you sales? One way to align these two things is by providing omnichannel engagement or employing a contact center CRM. . What is a contact center CRM? . Some of the benefits of using a contact center CRM include:  . What is omnichannel engagement? .

article thumbnail

Master the Market: A Deep Dive into Competitive Analysis

InMoment XI

Sales and Marketing Strategy Analysis: Break down competitors’ sales funnels and marketing campaigns. The Importance of CRM Databases in Competitive Analysis Customer Relationship Management (CRM) databases are essential tools for storing and tracking customer information, interactions, and sales history.

Analysis 260
article thumbnail

How Loyalty Programs Drive Customer Relationships: Experience TV Episode 9 Featuring Clay Walton-House from PK

Oracle

The Markie Awards program recognizes excellence in marketing, sales, service, and commerce. Loyalty programs are more popular than ever. As brands in every industry face more competition, customer loyalty is becoming harder to earn. Sephora Beauty Insider, with 17M members making up 80% of annual sales.

article thumbnail

4 ways to maximise the value of your loyalty program

Currency Alliance

There are really only four ways to create value for all stakeholders in a loyalty program: maintain low operating costs, and funnel the savings into rewards. add complementary partners in every spending category so the program and the currency are more useful and interesting. Not every loyalty program seems to appreciate this.

article thumbnail

Guest Post: Your Guide To Building Customer Loyalty in 2023 (With Tools)

ShepHyken

By going above and beyond to exceed expectations, businesses can foster a more profound sense of loyalty. #2. Implementing a Loyalty Program A loyalty program is one of the best tricks in the hat to improve customer experience and encourage repeat purchases. This is where CRM software comes in as your savior.

Loyalty 62