As many as 52% of retailers offer a loyalty program today, with another 12% planning to implement one, according to the 2019 Retail TouchPoints Customer Acquisition and Retention Benchmark Report. Loyalty members can drive a large part of company sales: 44% of retailers say at least 40% of their total revenue comes from loyalty program members. As many as 60% report that members spend 2X to 3X more than non-members, a LoyaltyOne report said. But with shoppers on average participating in 14.8 memberships (and active in less than half), according to Bond Brand Loyalty, retailers must build their loyalty strategies around emotional elements that go beyond discounts.This how-to guide from Retail TouchPoints details best practices for retailers seeking to get the most out of their loyalty strategies, including:
- Focusing more on building human connections and bridging them with typical loyalty drivers;
- Turning top customers into brand advocates via “irrational loyalty”;
- Delivering convenience across all channels;
- Staying visible to the consumer, whether through the web site or the mobile app; and
- Establishing transparency about loyalty benefits and encouraging open communication.
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