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Loyalty trends and best practices

Increase Customer Lifetime Value with Meaningful Engagement: Part 3 of 3

by Zach Woith
September 05, 2013

Part 3: Rewards and Tiers - Building the Right Incentive Structure. In Part 1 of this series, we provided a framework for developing and launching a loyalty program. In Part 2 we explained the importance of effectively communicating with your audience. Our final installment focuses on how to build an effective rewards structure to promote loyalty and increase profitability. Best Practices for Loyalty Rewards and Incentives. Meaningful Rewards: While discounts can incentivize purchases, they negatively affect your bottom line and do little to build loyalty. Offer rewards such as value–added services, exclusive access to products, and special sweepstakes to differentiate your program while preserving your margins. Communication Strategy: Many programs have a engaging rewards and beautiful design... Read more

Increase Customer Lifetime Value with Meaningful Engagement: Part 2 of 3

by Zach Woith
August 27, 2013

Part 2: Communication Strategy - Personalization and Segmentation for Better Engagement. Today’s shopper is empowered; consumers are constantly connected and better informed. As a result, consumer expectations around brand interaction have changed. 75% of consumers prefer that retailers use personal information to improve the shopping experience. (Monetate) In our first installment we briefly touched on importance of targeted communication in creating meaningful customer interactions. In this installment we’ll examine how to use personalization and segmentation to create more relevant engagement with customers... Read more

Increase Customer Lifetime Value with Meaningful Engagement: Part 1 of 3

by Zach Woith
August 15, 2013

Although ecommerce is growing rapidly and offers a vibrant opportunity to reach new customers, the gains have not been equally distributed. In fact, Amazon accounts for 30 percent of all product searches and continues to grow at twice the rate of ecommerce as a whole. At the same time, the cost of acquiring customers is increasing year-over-year. Given these realities, smart retailers have realized that juicing the topline by simply lowering prices and increasing Customer Acquisition Costs (CACs) is not sustainable. In this three part series we’ll offer a comprehensive guide for engaging and communicating with your customers in a way that drives measurable revenues while reducing discounting. In this first installment, we’ll lay the foundation for establishing customer profitability and lifetime value and offer tactical advice on how to influence key behaviors... Read more

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