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One great way to garner happy returning customers is through customer loyalty programs. They're not just great for your business: customers like them, too: - 76% of consumers think that loyalty programs are a part of their relationship with brands -- and - 83% said loyalty programs make them more likely to continue doing business with certain companies. What's the true value of customer loyalty programs, and what are the right and wrong ways to do them?... 
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Rewarding customer loyalty also delivers rewards for brands. Research has found that 70% of consumers would be persuaded to choose a brand if it offered such rewards. But it goes beyond that. Consumers are savvier than ever and tend to shop around for the best deal, so it’s tricky for companies to stand out. You may offer a good product, but the chances are it’s available elsewhere, too. They want more. Nowadays it’s more about the service; the whole package that comes with the product. Rewarding loyal customers is essential to ensure that they feel appreciated, maximising the chances of retention....
Jeff Domansky's insight:
Rewarding customer loyalty can boost profits and brand reputation, writes Lisa Bailey.
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According to the research survey, 62% of U.S. consumers join retail brand loyalty programs to get discounts but only 36% have received a reward or promotion from the program that actually made them come back to the brand. One reason might be the fact that, according to the survey results, 81% of brand loyalty program members don’t understand the benefits they’re supposed to get from the program or how the program works at all. Brand loyalty programs can provide a lot of benefits to marketers but the more the program is customized for each customers needs the better chance of success.Loyalty is different for each customer. The key is to provide enough loyalty experiences that your best customers are appreciated. As we all know, the 80-20 rule holds true for most retail and restaurant businesses. Find those 20% and figure out what makes them loyal, get to know them. Acknowledge different customers by basing your loyalty program on services that you provide each time they visit. Give your customers something to work towards by offering a tiered program where the best customers receive more points per purchase in appreciation for their long-time support of your business....
Jeff Domansky's insight:
Research shows brand loyalty programs can still be effective is there well managed. Here's how.
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It’s hard to believe that loyalty programs once weren’t an industry standard. Loyalty programs, in their current form, didn’t truly emerge until the 1980s. Even still, it took another decade for the card-based loyalty programs that most consumers currently utilize to gain popularity. Today, the trend is in full force: from retailers to restaurants to hotels, there isn’t a customer-centric industry that hasn’t embraced the concept. But these programs aren’t cheap and the question of whether they pay back is a widely debated topic. What can’t be debated is that loyalty programs provide the ability to track your customers over time, understand their behavior, and establish a one-to-one communication channel with each individual customer. This targeted communication channel is where the secret to monetizing your loyalty program lies. The purpose of a loyalty program can be condensed into a simple sentence: Loyalty programs help you figure out who your best customers are and provide them with right incentives to spend more money with you. It sounds straightforward, but in practice, most companies struggle to achieve this goal. The challenges associated with this goal are clear when we focus on three key phrases in the sentence: “best customers,” “right incentives,” and “spend more money.”Let’s dive into each of these aspects:...
Jeff Domansky's insight:
Here's how to find the right balance in your loyalty program.
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Enrollment levels in customer loyalty programs may have reached an all-time high, but that doesn't mean all loyalty programs are created equal or that all customers are equally loyal. According a study recently released by Bond Brand Loyalty, as many as one-third of all loyalty program participants wouldn't remain loyal to the brand if it weren't for the program.Some executives might not care beyond the surface sales data, but expect that sentiment to change in the near future. Customers are becoming more selective about loyalty programs despite having increased their enrollment from 10 in 2014 to 13 in 2015. Mostly, they want to avoid spam-centric programs that push out content and opt in to those that truly listen and understand their customers....
Jeff Domansky's insight:
Is it loyalty or is it brand? Good read for marketers from Rich Becker.
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Learn statistics about the value of customer loyalty programs and tips for how to use them demonstrate value to your customers.