Trends That Define The Future Of Loyalty
Innovative approaches are the key to entice customer participation. Businesses are adopting unique ways to keep their audience attracted to their brands, and loyalty programs are no exception. Companies are expanding loyalty programs in a customized way to acquire and retain more customers. But, what will be the future of loyalty? Will it have a positive impact on business growth?
Let’s explore the futuristic trends of a loyalty program, and what will make loyalty programs a grand success.
#1. Tech-driven loyalty programs
Do you know more than 5.13 Billion people have mobile devices across the globe?
Well, the electronic devices are changing the way businesses approach their customers, and increasing loyalty with technology will be in demand. In fact, businesses are developing a mobile application, exclusively for loyalty programs. They are offering easy access to rewards points via technology. From Amazon to Starbucks, most of the giant businesses have adopted some kind of technology to maintain and build brand loyal customers.
Moreover, mobile wallets are the next legitimate extension for loyalty apps. It’s a cost-effective way to allow customers to spend money easily with your brand. Technology driven loyalty programs are the futuristic solutions to lower the operational cost and retaining high ROI.
#2. Loyalty towards a positive experience
As per a survey, more than 90% of consumers said that they will make a repeat business with the companies that offer them excellent services. It means that the more gratification you offer to your customers, the more they will be connected with you. In today’s time, customers are always looking for something more than a product or service. This trend will be more prominent in the future. You need to offer value added experience with great consumer services to maintain a loyal user base for your business.
Brand loyalty actually comes from trust. If the customers had a good experience with a brand, they are likely to go back to the same place rather than trying another unknown brand. And, any perks from a loyalty scheme come second to the valuable experience. Hence, it is an indication that focuses on delivering a positive customer experience will be a great player to entice loyalty for a business.
#3. Rewards for actions other than a purchase
In general, rewards are offered when a customer makes a purchase. This practice has been following for decades, however, now it’s time to reward users for more than making a purchase. As there is high competition in the market, customers will find many ways to get the same benefits of your products or services from your competitors.
If you want to retain more brand loyal customers, you need to focus on other ways to reward them as well. For instance, identify unique and innovative ways to reward your potential customers for more actions such as watching videos on social media, sharing or liking a post on Facebook, Tweeting, reading an article or any other actions that suit your business.
These types of actionable rewards not only attract more loyal customers but also improves customer engagement. And, with solid interactions, you can build positive relationships with your audience effectively.
#4. Omnichannel loyalty programs
Traditionally, loyalty programs presented tangible benefits to customers including a free item with purchase or a reward for recurring visits. Nevertheless, these loyalty offerings were limited in access that only targeting customers who came through the door. Now, the time has been changed. In today’s fierce competition, you are the one who should approach your customers.
An omnichannel loyalty program does not focus on only one specific channel to reward customers, it aims to offer delighted shopping experience across all channels. It means that delivering meaningful engagement through each touchpoint, from the in-store sales to social media.
These types of loyalty programs aid businesses to meet customers wherever they are and reward them using their preferences. Also, you never know which platform your audience will use to engage with your brand, hence, allow them to interact with you and embrace the loyalty program through a variety of platforms, devices, and channels. Especially, in the future customers will look for more omnichannel loyalty programs that will be easy to find and adopt.
#5. Premium loyalty programs
According to a hubspot study, the top 10% of your customers are likely to spend 3x more than your other consumers. Thus, follow a certain strategy to increase the frequent purchase from the brand loyal customers, and increase sales. In fact, premium loyalty programs allow you to put your most loyal customers at the centre.
Unlike the conventional loyalty program, with premium programs. you will be able to offer the exact benefits your customers are looking for. It also elevated the bar on personalized and privileged experiences. The success of various premium loyalty programs emphasizes that this loyalty program will be one of the leading ways to reward customers with premium tiers in the future. The prime objective of the premium loyalty programs is to meet and exceed customers’ expectations with instant benefits that are accessible 24/7/365. So, you need to create a loyalty program that offers premium benefits to your most loyal customers.
These days companies are acknowledging the necessity of retention strategies to increase profitability. They are experimenting with various trends and strategies such as advanced mobile apps, exceptional customer support, omnichannel and premium loyalty program, and value-added rewards, the possibilities of the innovative loyalty program will remain to become more progressive.
Hence, if you are thinking about adopting a loyalty program, it’s time to act immediately. Define the main purpose of creating the loyalty program and develop a customer loyalty program by keeping the trends at the focal point. Definitely, loyalty will play a huge role in the success of any business in the future. Connect with us to design a customized loyalty program that drives in more loyal customers for your business.