Currency Alliance

FEBRUARY 26, 2021

So, with competition across nearly every category, all companies now need a loyalty strategy. Not every company needs a loyalty program with points, gift cards, or other incentives, but very few businesses can survive without a base of loyal customers that makes up 30-50% of recurring total sales.

Loyalty 59

Loyalty Customer Engagement Engagement Airlines 59

Currency Alliance

NOVEMBER 4, 2022

This fee is commonly how financial services brands have funded their loyalty rewards for at least the past decade. Within one year, over 100 bank-sponsored loyalty programs in Europe disappeared. Shutting down the loyalty programs was a huge strategic mistake by the banks.

Loyalty 52

Loyalty Marketing Loyalty Programs Banking 52

SmartMessage Blog

JULY 13, 2023

Keeping customers loyal is critical for financial success and a reliable brand image. What Is Customer Loyalty and Why Is It Important? Customer loyalty means a consistent and positive emotional bond between a consumer and a particular brand, company, or product. What Are The Main Types Of Customer Loyalty?

Loyalty 40

Loyalty Management Loyalty Programs Competitive Advantage 40

Currency Alliance

OCTOBER 12, 2020

This presentation is about driving customer engagement, and how the loyalty industry is transforming in order to engage with the mid-tail and long-tail customer. Loyalty programs must evolve to keep customers engaged. The way brands engage with customers will change dramatically in the next 2-3 years.

Loyalty 98

Loyalty Marketing Loyalty Programs Banking 98

West Monroe

MAY 31, 2019

We’ve seen interest from our financial services clients in these types of use cases, where progressive firms are making investments in automation technologies like Machine Learning and RPA. I’ll highlight several use cases in the financial services industry that can improve the customer experience, drive productivity, or reduce costs.

Banking 40

Banking Financial Self Service Chatbots 40

Thematic

MARCH 27, 2024

For example, you might focus on: Proactive support for customers frustrated by a particular product feature Targeted offers to customers showing signs of declining engagement Personalized onboarding to address common pain points for new customers 3. A churn risk model, informed by your specific data, allows you to personalize interventions.

Effort Score 62

Effort Score Analysis Feedback Net Promoter Score 62

Currency Alliance

DECEMBER 19, 2022

It has the potential to address a lot of business challenges, and enable many forms of elusive innovation in loyalty marketing. The biggest opportunities for loyalty programs relate to operating more efficiently to reduce cost, and improving personalization. Improving customer insight and loyalty personalization.

Loyalty 52

Loyalty Marketing Airlines Loyalty Programs 52

Currency Alliance

DECEMBER 20, 2022

So, while the major loyalty trends for 2023 will be oriented around cost control, this will be accompanied by refocusing investment where it’s most profitable. This article shares the lowest hanging fruit for keeping customers engaged and delivering more profit to the bottom line. embedding loyalty mechanics across the business.

Loyalty 52

Loyalty Trends Innovation Loyalty Programs 52

Currency Alliance

OCTOBER 27, 2017

Unfortunately, the customer loyalty sector has not kept pace. Most loyalty programs still retain largely the same design as 20 years ago. This is leading to increased apathy, rather than getting customers more engaged. It may create a degree of ´lock-in´ but the points themselves don´t create loyalty.

Loyalty 45

Loyalty Customer Engagement Engagement Loyalty Programs 45

Currency Alliance

DECEMBER 17, 2019

This is the blog version of our Loyalty Strategy Guide 2020. For a more engaging read, click here to Currency Alliance Loyalty Strategy Guide 2020. There was a mix of good and bad, for loyalty in 2019. More customers will want to earn more loyalty currencies – which is potentially fantastic for all brands.

Loyalty 64

Loyalty Strategy Loyalty Programs Travel 64

BirdEye

APRIL 25, 2023

Do you want to reach out and engage with potential customers in your area? Make it relevant and user-friendly with convenient ways for browsing so customers engage with it. Share engaging, localized content, and interact with followers to build relationships. And be sure to collect and analyze the metrics to measure ROI.

Social Media 98

Social Media How To Advertising Sports 98

Currency Alliance

JUNE 1, 2020

The Financial Times reports that people have: “… turned their focus online and looked to takeaways, digital subscriptions?.?.?.?to Loyalty marketing is a mix of science and art, but in its most basic form, loyalty programs are a value exchange. It’s a repeating pattern in other locations where Covid-19 has hit hard.

Loyalty 72

Loyalty Consumers Marketing Loyalty Programs 72

Currency Alliance

MARCH 30, 2022

In recent years, brands have invested more in loyalty. At many businesses, however, loyalty teams still attract relatively few resources compared to the ROI that loyalty can deliver when best-practices are observed. but within a few years it had become South Africa’s leading loyalty program.

Loyalty 52

Loyalty Loyalty Programs Resources Airlines 52

Confirmit

OCTOBER 18, 2018

Preventing customer churn is also in essence the main objective of most customer experience programs, and often the most tangible one as linking customer loyalty to revenue from repeat business and positive word of mouth is a well-established way to fund CX improvement efforts, like the development of a new customer loyalty program.

Customer Retention 45

Customer Retention Multi-Channel Net Promoter Score Return on Investment 45

Currency Alliance

NOVEMBER 14, 2018

Second, if you’re already familiar with the economics, it provides a narrative framework for upskilling your own teams, to help everyone you work with understand what will drive success and failure in loyalty marketing. Unfortunately, many loyalty programs still resemble different guys in disparate fields with different cows.

Loyalty 45

Loyalty Loyalty Programs Hotels Travel 45

ReviewTrackers

MAY 8, 2017

20:20 Customer Experience Summit by Marketforce gathers 250+ senior CX professionals from across a huge variety of industries, including retail, transport, financial services, media, telecoms, utilities, and more. Where: London, UK. When: July 17 to 19, 2017. Where: Boston, MA.

Conference 50

Conference Omni-Channel Customer Journeys Customer Experience 50

BirdEye

APRIL 7, 2023

Knowing exactly how much it costs to generate each lead is vital for a business’s financial planning and goal-setting exercise. Return on Marketing Investment ROI is a pretty standard marketing KPI that every business tracks. Start small but do not miss measuring this marketing KPI if you’re just starting out.

Marketing 52

Marketing Social Media Return on Investment Touchpoint 52

Currency Alliance

NOVEMBER 17, 2020

It allows us to keep customers engaged when business plans fly out the window, due to marketplace calamities, such as the Covid-19 pandemic. Each trend supports aspects of the broader business imperative: to be present when and where customers choose to engage. Rebalancing loyalty program economics.

Loyalty 52

Loyalty Trends Loyalty Programs Travel 52

Currency Alliance

FEBRUARY 26, 2019

Having benchmarked and talked to hundreds of loyalty programs in the past few months, what we think program leaders ought to be doing during the next 3-6 months is preparing a plan to realign their loyalty program design with the broader business strategy and core value propositions. Customer data: maximize ROI.

Loyalty 45

Loyalty Strategy Loyalty Programs Hotels 45

SurveySparrow

JANUARY 5, 2021

We are quite familiar with the term, ROI or returns on investment. When it comes to measuring the benefits of a particular cost-related investment, there’s no effective metric available then return on investment (ROI). That means you have to be more focused on implementing an employee engagement plan in your company.

Employee Experience 52

Employee Experience Measurement Net Promoter Score Effort Score 52

Currency Alliance

OCTOBER 29, 2019

If 74% of consumers choose a store based on their loyalty program, then why do few loyalty programs have more than 25% of their customers participating? Of course, dishing out ‘value’ sounds scary to a chief financial officer. Rewards are transactional; loyalty is emotional. The answer is simple.

Loyalty 40

Loyalty Loyalty Programs How To Hotels 40

Currency Alliance

NOVEMBER 14, 2019

Since customers are losing patience with brands that don’t recognize them as people, or enable consistent, multi-channel engagement, this priority remains over-arching in 2020. PSD2, meanwhile, will force open what were once closed loyalty networks, and enable pioneering businesses to prey on any competitor too slow to adapt.

Loyalty 40

Loyalty Trends Loyalty Programs Hotels 40

Currency Alliance

JUNE 11, 2019

A 2018 Collinson study reported that 66% of financial services professionals say their bank “does not understand why customers are loyal or have a strategy to strengthen customer relationships”[i]. For starters, it isn’t financially sustainable. Actually, they do.

Banking 40

Banking Loyalty Consumers Loyalty Programs 40

Qualtrics

DECEMBER 8, 2020

How can we measure a brand’s financial value? It relates to ROI operational data that tells you if your effort (e.g. Customer responses back to communication call to actions - for example, signing up to an email list, joining a loyalty program. Financial data. Output metrics. Cost-comparison of pricing valuations.

Measurement 59

Measurement Brands Net Promoter Score Social Media 59

ClearAction

DECEMBER 31, 2017

Ask 10 companies what their customer experience strategy is and you’ll likely get 10 very different combinations of alphabet soup*: CJM, CRM, VoC, UX, FCR, NPS, AI, self-service, digital marketing, word-of-mouth, customer success, retention programs, loyalty programs, and so forth. It makes sense financially.

Strategy 79

Strategy Customer Experience Customer Journeys Net Promoter Score 79

BirdEye

MARCH 24, 2023

Offers help prospects feel engaged and inspired by their interaction with your product or service. The following are a few tips to encourage referrals: Create a customer loyalty program. Build a strong customer referral program. Engage with posts to build relationships. Share valuable content. Stay active.

Return on Investment 98

Return on Investment Social Media Sales Metrics 98

Thematic

NOVEMBER 13, 2018

In addition, with a well-implemented VOC program, you can better retain your customers – think higher customer loyalty scores, less churn, and a higher customer lifetime value, thanks to repeat purchases. Demonstrate strategic ROI for customer experience value. VOC is also a good complement to other insights.

Voice of Customer 101

Voice of Customer Net Promoter Score Effort Score ROI 101

ClearAction

DECEMBER 16, 2017

When you find something that’s a hassle, assess the ROI of fixing it in terms of consequences to your (a) customers, (b) channel partners, (c) employees, (d) financials. Let the key recipients of a process’ outcomes have the loudest voice in the audit. The costs of mis-matching requests and invitations may be higher than you think.

Omni-Channel 54

Omni-Channel Customer Experience Customer Experience Management Culture 54

Lumoa

JUNE 26, 2023

Engage buyers at every step 2. Key Metrics to Track Omnichannel Strategy Success Customer satisfaction drives omnichannel strategies and influences the sales, revenue, and ROI of marketing campaigns. Retail company Lifestyle has significantly improved its retention rate by focusing on customer engagement. Optimize for mobile 5.

Omni-Channel 208

Omni-Channel Customer Experience Net Promoter Score Effort Score 208

SurveySensum

SEPTEMBER 8, 2023

Engage with them through personalized communication, and exclusive offers to show your appreciation for their loyalty. Create Advocacy Programs: Develop structured advocacy programs that incentivize promoters to spread the word about your brand. This includes referral programs, loyalty programs, etc.

NPS 52

NPS ROI Social Media Effort Score 52

ClearAction

MAY 28, 2015

An example is Suntrust Bank , who saw the financial meltdown in 2008 as an opportunity to see how they could rebuild trust with their customers. They’ll try to do this through more surveys, customer journey maps, social media, content marketing, customer engagement events and campaigns, and loyalty programs.

Company 48

Company Customer Experience Social Media Customer Journeys 48