According to the latest “Maritz Loyalty Report: U.S. Edition,” consumers are looking to make the most of their relationship with their favorite brands. And they want to be rewarded even more for their business through loyalty programs.
Of the consumers surveyed, 67 percent said they would modify where and when they buy depending on a loyalty program’s benefits. And, more than half of the respondents said they would completely change brands based on better loyalty program offerings.
That’s huge.
What that says is that businesses that do not implement some sort of loyalty program are missing out on a big opportunity to keep, attract and retain customers. From small-scale customer-referral programs to larger multi-tier programs that reward spending, any customer-loyalty recognition is a step in the right direction.
They key to making programs like these work is communication. Whether it’s through email, direct mail, social media, mobile, or any other channel, your loyal customers need to hear from you. Send them bonus rewards opportunities, email them to let them know they’re close to earning a reward, upgrade them for referring a friend, etc.
Our work with JPMorgan Chase and other companies over the years has given us a unique perspective about loyalty marketing. We’ve been behind the scenes helping formulate strategies and campaigns that reach customers, make them loyal, and keep them around for a long time.
Apparently it’s working.
In the Martiz report, Chase Ultimate Rewards was ranked first in customer satisfaction among financial services loyalty programs (84 percent).
So if your business does not have a loyalty program or has a poorly performing one, give us a call … and get with the program!