Nic Taylor Strategic Consulting’s Post

Can loyalty programs be too popular? 🤔 This illuminating article in Fortune highlights how Nordstrom’s popular loyalty program was so successful that it was one of the factors that contributed to a dip in profits, as its credit card holders accumulated more reward points than anticipated.  The good news is that the loyalty program supercharged customer love ❤️ for Nordstrom, and the retailer is confident that this will balance out in coming quarters, as purchases by loyal customers make up 70% of sales. 🥰 Loyalty programs remain a valuable tool in customer engagement and retention. Brands can use SAP Emarsys to effectively launch AI-powered personalized campaigns across all their channels to create relevant yet memorable loyalty programs that go beyond transactions and build deeper emotional bonds, which ultimately lead to true customer loyalty. 💖 📍 Read more about Nordstrom and retailers’ loyalty programs here:  https://lnkd.in/e53RHX7x #Loyalty #LoyaltyPrograms #Personalization #Omnichannel

Can loyalty programs be too popular? 🤔 This illuminating article in Fortune highlights how Nordstrom’s popular loyalty program was so successful that it was one of the factors that contributed to a dip in profits, as its credit card holders accumulated more reward points than anticipated.  The good news is that the retailer is confident that this will balance out in coming quarters, as purchases by loyal customers make up 70% of sales. 🥰 Loyalty programs remain a valuable tool in customer engagement and retention. Brands can use SAP Emarsys to effectively launch personalized campaigns across all their channels to create relevant yet memorable loyalty programs that go beyond transactions and build deeper emotional bonds, which ultimately lead to true customer loyalty. 💖 📍 Read more about Nordstrom and retailers’ loyalty programs here:  https://lnkd.in/e53RHX7x #Loyalty #LoyaltyPrograms #Personalization #Omnichannel 

I came across this fascinating article discussing how retailers like JCPenney and Target are ramping up their rewards programs to boost customer loyalty. It's clear that offering points and perks can make a real difference in customer engagement and repeat business. It's exciting to see how these programs can create a more rewarding shopping experience for customers. At NextBee, we're all about helping businesses create these kinds of engaging loyalty programs. Our solutions are designed to make it easy for businesses to reward their customers and keep them coming back for more. It's inspiring to see how companies are embracing these strategies to build stronger connections with their customers. Can't wait to see how this trend continues to evolve! #CustomerEngagement #RepeatBusiness #RewardsPrograms #CustomerLoyalty #ShoppingExperience #NextBeeSolutions #StrongerConnections #BusinessStrategies #EvolutionOfTrends

Consumer loyalty has shifted over the years. Brands who have strong loyalty and engagement strategies will win. We all know it's much more costly to acquire a new customer (Brand Keys estimates the cost to recruit a new customer is 16x the cost to retain) - which means loyalty programs pay off. Who's doing it well: 💄 Sephora - easy to understand Beauty Insider Tiers with meaningful value for loyal customers - including a birthday gift! 🏥 CVS - Extracare rewards with coupons and Extracare bucks in categories like beauty and wellness - with an element of surprise! 🛍️ Kohl's - Kohl's cash that helps consumers earn cash for their purchases! #loyalty #retail

🔍 Insights from Holiday Shopping & Loyalty Programs Michelle Crossan-Matos shared this insightful article sharing her thoughts with The New York Times discussing the surge in #loyaltyprograms during the holiday shopping season. This trend isn't just about retaining customers; it's a goldmine for generating valuable insights. At Brooks Bell, we believe that #loyaltyprograms are more than just a tool for customer retention. They are powerful platforms for gathering data and understanding consumer behavior. In this bustling holiday season, leveraging these programs can lead to a treasure trove of #consumerinsights , aiding in the enhancement of campaign results. 🔄 Creating a Self-Feeding Insights Ecosystem The beauty lies in the creation of a continuous, self-feeding insights ecosystem. By experimenting and analyzing customer interactions within these programs, businesses can drive continuous improvements in Customer Experience (CX). 🔗 Seamless Integration for Maximized Impact The key is the seamless integration of customer interactions with sales and marketing efforts. By understanding and responding to consumer behaviors and preferences, organizations can craft more personalized and effective strategies. As we dive deeper into the holiday season, let's not overlook the potential of loyalty programs as a strategic tool for gathering insights and enhancing customer experiences. 💡 Your Thoughts? How are you utilizing loyalty programs in your business strategy? Share your insights and let's discuss how we can harness this powerful tool for better customer engagement and business growth.

Traditionally, #retail #loyaltyprograms have allowed a lot of customers to earn worthwhile points value, since they were likely to concentrate a lot of spending with a single brand. Nonetheless, this recent research from Retail Week and Dan Edelman's team at American Express clarifies something that's still missing from the design of many loyalty programs. The more useful your #loyaltypoints, the more valuable they are to customers - and the more powerful for driving loyalty. This sounds obvious, but consider how many obstacles there are to earning and burning loyalty points. In travel and credit card programs, most customers simply can't spend enough with a single brand to earn worthwhile value - and even when they earn a lot of value, the concentration of luxury redemptions may be beyond reach. Even in retail, the effort of engaging with the program at checkout means some customers forget, or feel they don't have time (the research also shows that 42% customers have become disloyal due to a slow checkout process). The only 'difficulty' a customer should face, in a loyalty program, is the decision to use one brand over another. Beyond that, every brand should always be thinking about ways to make their points easier to earn, and easier to burn. https://lnkd.in/dsAsG4NH

Would you look at that, points for business.   Interesting findings in this research presented by Charles Ehredt based on research done by Retail Week about what customers value in a loyalty program. #loyaltypoints usefulness relates to their percieved value Do you agree?

Complex reward programs have long been a customer frustration, but innovation makes for fresh pain points in 2024. Reward program operators, are you prepared for self-help? Reward Program Complaints And How Nike, Petco And 7-Eleven Resolve Them via Forbes. https://lnkd.in/giukfN5a #loyalty #retail #retailmarketing #loyaltymarketing #loyaltyprogram #painpoint #CX #rewardprogram #loyaltyexpert

It is always tech * strategy * execution. One of them is close to zero => experience suffers.