Experiment with different types of loyalty programs to grow business

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 15, 2022, 12:27 PM GMT+0

This article lists six types of customer loyalty schemes that brands can leverage to boost consumer engagement, reward loyalty and encourage repeat purchases. 

Customer acquisition is tough and costs more than customer retention. New customers also spend less money that existing customers. So brands need to reward their existing customers' loyalty and focus on enabling repeat purchases to expand their business and enjoy high earnings. 

One way brands can show their gratitude to existing customers is by offering loyalty programs. Businesses can enable customers to earn points on every purchase, or even offer them access to an exclusive club to enjoy special services or discounts. Similarly, loyalty programs can offer some of customers’ money back to them after making a purchase. 

Omnichannel programs help boost customer engagement by creating immersive experiences via interactive gamification. Marketers can even experiment with hybrid loyalty schemes that combine the best features across different programs such as special services and rewards points.

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