COVID-19 has augmented the need for engagement, unique customer experience and personalization. Marketers have embedded retention strategies to overcome the challenges faced during the pandemic and invested strategically in customer loyalty programs. According to Bain & Company, a 5% increase in customer retention increases profits by 25% to 95%. This reiterates the importance of loyalty reward programs and how it helps build long-lasting relationships, increases revenues, repeat purchases, and delivers higher customer lifetime value.
Marketers have carefully crafted their rewards program to drive meaningful revenues & ROI and offer customers with 360-degree engagement and an enhanced experience. Building a successful customer loyalty program should include all the ingredients essential for its growth and continuous engagement. In this infographic, we will cover the top ingredients essential for a successful loyalty program.