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Expert: How to use loyalty programs to drive sales
While most think of loyalty programs as a way to deepen the engagement with consumers - and they are - there is another reason to get involved with a loyalty or rewards program: to drive sales. Here are three tips that will help brands better use their loyalty program to drive sales.
First, tie your loyalty program objectives to measurable goals.
"Ultimately, a valuable loyalty program should be tied to driving incremental revenue and achieving profitability targets. Consider building your loyalty program on a revenue-based model, where consumers are rewarded on how much they spend rather than number of visits. And look to examples like Starbucks and major airline brands such as Southwest, American and United, for insight on this strategy," said Danielle Brown, VP of Marketing, Points.
Second, se CRM data to your advantage.
"As you gather more information about your customers and their behavior across channels, use the data collected to personalize your efforts," said Brown. "By delivering relevant and targeted offers to your members, you'll be able to drive engagement and value within your program that will have a lasting effect on members and sales."
Third, create a mobile-optimized loyalty program experience.
"Delivering a seamless experience that is consistent across platforms is crucial to driving sales. Whether it be on mobile, web or social, allow members to check balances, earn and redeem their loyalty rewards no matter how they are interacting with your program. Programs need to meet their members where they are and this seamless accessibility is vital in creating long-lasting and engaging relationships," said Brown.
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