The customer is king Retailers of all kinds are experimenting with a variety of new and different ways to make their most faithful patrons feel special and rewarded.
Brands are offering more than just freebies and cash rewards to get customers to stay put these days. “Probably the biggest trend has been to go from a strict buy this, get that' to a more experiential, lifestyle kind of focus, says Howard Schneider, who has worked in the brand loyalty space for over 20 years and helped pioneer programs at companies like Hilton Hotels and Neiman Marcus.
Over 90 percent of companies now have some type of customer loyalty program, according to a recent Accenture report. The average U.S. household is enrolled in 18 different loyalty programs. Some of those programs are hugely important to company bottom lines. Starbucks Rewards members, for instance, are now responsible for 53 percent of the dollars spent at the coffee chain.
With so many offerings, the question becomes how to stand out and how to engage customers long-term. Jess Huang, a Partner at McKinsey & Company says, “Loyalty has been up for grabs during the pandemic—75 percent of consumers have tried new digital behaviors, channels and brands, and 40 percent switched brands entirely.
Huang and Schneider agree two things are now key for loyalty programs: offering one-of-a-kind experiences and personalization.
この記事は Newsweek の April 15, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Newsweek の April 15, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
The States Keeping Their Children Hungry
The Summer Electronic Benefit Transfer could help feed millions of children in households experiencing food insecurity, yet 13 states have declined to participate in the program
The Secret to Being an ADHD Whisperer
Loosening up and ceding control are some of the most important strategies for making life easier for a neurodiverse loved one
Fertility Clinics 2024
FOR THOSE LOOKING TO EXPAN D THEIR FAMILIES, FERTILITY CLINICS CAN BE A VITAL OPTION
'I AM ALWAYS IN THE MOMENT'
India's prime minister on his goals, his critics and his 'god-gifted' ability to listen
MODI'S MOMENT
INDIA'S LEADER is SHAPING the COUNTRY in his OWN ASSERTIVE IMAGE
Resurgence of Global Mayhem
While the world watches Gaza, ISIS is gaining strength and momentum, building networks and preparing for strikes worldwide
Is It Time to Leave Syria?
The U.S. is reportedly considering withdrawing from the country, with pressure from Damascus amid deepening unrest in the region. Is this the right move? Two experts weigh in
Chris Perfetti
IF YOU'RE ONE OF THE MILLIONS OF AMERICANS SINGING THE PRAISES of ABC's Abbott Elementary, fear not, they've heard you. \"We love to hear it,\" says Chris Perfetti, who plays Jacob Hill on the Emmy-winning sitcom about teachers at a Philadelphia public school.
Divine Intervention
POPE FRANCIS' PROGRESSIVE REPOSITIONING OF THE CATHOLIC CHURCH HAS CREATED BATTLE LINES BETWEEN ITS 1.3 BILLION FOLLOWERS, NO MORE SO THAN IN THE UNITED STATES
Who Rules Gaza When the Fighting Stops?
With no clear leader coming to the fore, questions remain about how the devastated territory will be managed