For most organizations, the stated goals of their loyalty programs are to drive customer engagement, increase purchase frequency and spend, and forge emotional bonds between the customers and the brand. Accomplishing these goals leads to improved customer retention and results in higher customer lifetime value. But, how do brands create the conditions to best accomplish these crucial objectives?
Strong customer relationships are critical to the success of your company, helping to build brand advocates that drive more revenue and, if needed, help weather a crisis. There’s no single-source solution for building relationships that last – and as customers’ expectations for personalized solutions increase, organizations will need to become increasingly creative and resourceful. Beyond implementing technologies like CRM and considering the customer experience for your sales or support process, here are some tips to take your customer relationships to the next level.
If you manage a loyalty program – large, small or somewhere in – you’re accustomed to looking at metrics like activation rate and breakage. You also likely read about industry best practices and review third-party research. And while it’s important to understand the performance of your loyalty program and the impact of its performance on your organization’s overall business goals, there’s another key source of insights loyalty program managers may be overlooking.
When it comes to booking travel, the vast number of options can make even the most seasoned traveler’s head spin. In an effort to compete within the crowded skies of the marketplace, many airlines have started to offer new categories of fares to their customers, allowing consumers more choice within the array of travel bookings. For example, what once was just “Economy” may now have multiple options, like Economy Basic, Economy Standard and Economy Plus, each with different amenities and restrictions.
We all make mistakes, and while most people believe that everyone deserves a second chance, financial institutions often find that a single foul-up can result in a lost customer. So how can your organization fight that response? We set out to answer that question, and, in particular, the role compensation plays in customer recovery.
You may not know this, but Connexions Loyalty produces premium video content for those of us who prefer to watch and listen when gathering new ancillary travel and loyalty program information.
What if a specific type of reward could create the ultimate travel experience, one that’s exciting, memorable, something your customers have never experienced before? Would you consider it a nice-to-have or need-to-have?
Today’s traveler is faced with a wealth of options when it comes to planning a trip. Never before have there been so many choices for everything from booking travel to where to eat, stay, go—and even how to get there. As a consequence, travel brands also have never faced more competition.
In our final episode of the Art of Loyalty series, we show you how it all comes together. If you’re new to the series you can catch up on episodes one through four here. In this video we reveal the final painting and hear Breann and our Connexions team reflect on their experience with the project.