All you need to know about Loyalty Programs

All you need to know about Loyalty Programs

  1. What is the loyalty program?

A customer loyalty program can be defined as all benefits and reward programs  companies might offer their customers to retain customers in a long time.

  • However, you might tackle with lots of questions such as:
  • What should I do?
  • Where can I start?
  • What is the most popular module of a loyalty program?
  • What are the differences between the Coalition network and partner network?
  • How do I can assess and gauge a loyalty program?
  • What are the customer lock-in and switching cost? And how can they affect customer programs?
  1. When will you need to build a loyalty program?

Unless your products have such following attributes, it’s time for you to build a loyalty program.

  • Your products are not daily commodity such as water, electricity and Internet.
  • You don’t care what customers think about your products; you don’t need them to do word of mouth marketing.

So how you create an appealing and successful loyalty program and which KPIs used to measure the effectiveness will be revealed in the next post.

Sources: Medium.