article thumbnail

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

BlueOcean

Salesforce reports that 55% of members would use their loyalty programs more if the rewards were personalized to reflect their unique needs. McKinsey agrees, saying that “earn and burn” transactional rewards programs aren’t enough to retain loyal members. Finally, there’s a growing trend in loyalty program ecosystems.

article thumbnail

Customer lifetime value formula: Easy ways to calculate it

delighted

The customer lifetime value calculation will tell you what the average customer is worth to your business throughout the course of the relationship. Start a rewards program. It’s also a good idea to collect feedback from different touchpoints in the customer journey, from transactions to customer service interactions.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Leader’s vision: #1 loyalty driver for the modern brand

Currency Alliance

And yet, many loyalty programs are run like barnacles on the side of a business: battling for budget, rather than being nurtured as the core way to engage customers via every channel and touchpoint. Rewards programs have not, historically, earned consistent loyalty across all customer segments.

Loyalty 40
article thumbnail

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

Currency Alliance

Of course, the mid-to-long-tail of customers include people who simply don’t need to spend a lot in your category. Many loyalty program members will now be accustomed to similar liquidity enhancements, such as exchanging your American Express Membership Rewards Points into Avios or Bonvoy.

article thumbnail

Loyalty partners: co-creating customer value

Currency Alliance

Several airlines and hotel groups did win my preference because of their loyalty program. The Norwegian Rewards program, for example is so transparent that I can redeem my value whenever I want by applying the accumulated points to my next purchase. We also make it easier for any customer touchpoint to become loyalty-enabled.

Loyalty 59
article thumbnail

Consumer banking: money can’t buy loyalty

Currency Alliance

Banks have been in and out of rewards programs for decades – but their focus ebbs and flows depending on the economic cycle as well as the regulatory framework. Compounded in Europe by the slashing of interchange fees, banks have been left with reduced margins from which to carve out rewards value[v]. More money, fewer monies.

Banking 40
article thumbnail

Innovators break the mould, at the 2020 Loyalty Magazine Awards

Currency Alliance

Of course, the Awards entrants are only a tiny sample from industries that have hundreds or even thousands or loyalty programs. Loyalty had evolved into a fairly segregated marketing function, but many of this years’ entries were more comprehensive, loyalty-enabled marketing programs. A disloyal generation?

Loyalty 52