Open Loyalty’s Post

💯 Elevating your loyalty program? Let's talk about the "pay with points" mechanism! Use our guide to dive into the "pay with points" approach, where every point counts towards unlocking business value and deepening customer relationships. 📦 Here’s what we're unpacking: ➡️ Key elements uncovered. We cover all bases, from building a robust accrual system to crafting irresistible value propositions. ➡️ Implementation blueprint. We define the roadmap in seven clear steps, from the initial setup to monitoring and refining post-launch. It's all about getting it right and keeping it tight. ➡️ Fraud prevention. Yes, we're also tackling the significant concerns. Ensuring your program is secure and trustworthy is top of our list. ➡️ Engagement strategies. Discover how to use this mechanism to attract and retain a diverse audience with strategic communication and rewards that resonate. 🔍 Intrigued? Read the full guide: https://lnkd.in/dP_AbVfi

Tracking loyalty through payments.. Every company should be doing it, but why aren't they? By using payment data to track loyalty, companies can build better strategies for lasting relationships with their customers. Which leads to better life time value and sustained success Some of the reasons this is important being: Customer retention, rewards programs, personalization, fraud prevention, and the biggest...data driven decision making Retaining loyal customers is always cheaper than acquiring new ones. Creating a loyalty reward program that accurately reflects all spending habits encourages consumers to make continued purchases. Personalized product marketing and discounts also aid in consumer satisfaction. While also building customer trust and safety with fraud prevention measures. All of this comes back to making data driven decisions. Tracking payment data for customers enables companies to make informed decisions about product offerings, pricing strategies, and customer engagement initiatives But not every company can do this in an efficient manner... One of the most common issues I have seen in the travel industries is managing multiple ingestion points and payment processors Tracking payment data across an entire platform with different types of data from processors can be loyalty nightmare Digesting and making data based decisions with disparate data across all channels is a clunky and ineffective process A universal or third party payment token that is consistent and always has the same output has unlocked the potential for so many loyalty programs There are plenty of other ways to track and reward customers, but tracking and associating payment data in a safe and compliant manner will always be the best way to determine when and how to act based off of customer behavior

Lots of takeaways from this article. Though the examples given are related to retail,Banking and airlines it is equally applicable to any industry with daily interactions with Customers.

Trust is the foundation of all relationships, especially with your customers! Trust = loyalty Trustworthy brands are transparent and authentic in their actions, which leads to customer retention. It creates a positive brand reputation, keeping customers coming back for more. This loyalty also attracts newcomers who want a piece of that pie. They see other customers feeling valued by this brand and they want in on it! Trust is something that benefits all players in the business and should be viewed as a non-negotiable. #CustomerLoyalty #Trust #Marketing

Your #brandpromise tells your customers what they should expect from your #subscription business and how you want your #customers to feel when they do business with you. Keeping that promise gives your business credibility and builds #trust with your customers — it’s the lynchpin of the #customerexperience. But a failed #payment puts your carefully crafted customer experience at risk and the techniques you use to recover failed payments can jeopardize your entire #customerrelationship. Read our latest #blog post to find out how using the right failed payment recovery techniques can help you improve your customer experience and increase #customerretention. https://lnkd.in/g5M-a4PS

🚀 Accelerate Your Client Incentives Strategy with Tru's Virtual Prepaid Cards! 💳💼 In the fast-paced world of business, fostering client loyalty is paramount. In our latest blog post, we delve into the game-changing features of Tru's virtual prepaid cards, showcasing how they streamline processes, enhance security, and maximize the impact of your reward programs. With Tru, you can say goodbye to the hassle of physical gift cards and checks, and hello to instant delivery, seamless redemption, and unparalleled customization options. 💻✉️ In our latest blog post, we delve into the game-changing features of Tru's virtual prepaid cards, showcasing how they streamline processes, enhance security, and maximize the impact of your reward programs. With Tru, you can say goodbye to the hassle of physical gift cards and checks, and hello to instant delivery, seamless redemption, and unparalleled customization options.💡💰 Unlock the power of virtual cards to enhance customer satisfaction, drive engagement, and strengthen relationships with Tru. 💪🌟 #tru #truuniverse #customcards #truincentive #customincentives #loyalty #innovation #customerexperience #clientincentives #virtualprepaidcards #innovation #rewardprograms #digitaltransformation

How to keep outdated cards from affecting revenue 💰 A solution proven to quickly have an ROI value is a service known as 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘶𝘱𝘥𝘢𝘵𝘦𝘳 💳 This service helps merchants who deal with recurring payments (subscriptions, memberships, etc.) maintain accurate customer payment information and reduce declined transactions due to expired or outdated card details. Several ways this service can indirectly help generate revenue are: - Reduce churn and increase retention rate with customers - Improve customer experience and loyalty - Increase sales and conversion rates as a result of less declined transactions - Use of data insight and analytics to identify revenue growth opportunities - Mitigate fraud and chargebacks fees In summary, account updater is a service that can assist in generating revenue as it facilitates a smoother payment processes, enhances customer satisfaction, and minimizes operational disruptions. #accountupdater #paymentsolutions #revenuegrowth

How can financial institutions stay relevant and boost customer loyalty in today's uncertain economic environment? Customer engagement and rewards programs have proven to be crucial investments for banks as methods of staying pertinent in the lives of their customers and incentivizing them to stay committed to their bank. Studies reveal that loyal customers are 50% more likely to explore new products and spend an average of 31% more in comparison to new customers. Therefore, increasing customer loyalty isn't just a goal—it's the next step banks must take in order to thrive in the evolving financial landscape. https://lnkd.in/ekhFFA2h

Check out my blog on the opportunity for loyalty programs to remove friction, boost logins, and build brand engagment/affinity by re-imagining how users can sign-up and sign-in. #ownid #passkeys #loyalty #UX #biometrics

Retail businesses! It’s quite important for you to gain #customerloyalty and offer advanced security to your customers. However, finding a perfect way or solution to achieve these two is challenging! And being a solution-oriented #business, you would have surely done your research and may have come across various solutions. But, it becomes challenging to choose from them, as you don’t know what would work best for your business! We feel you! By the way, did you know that you can boost customer loyalty and security easily with a #prepaid card solution? Read this blog to know how! https://lnkd.in/dXWAbpXW Oh, one more thing, you can also schedule a free live demo of this solution with our expert: https://lnkd.in/dX_J8RRE #loyalcustomers #loyaltyprograms #customerlove #retentionstrategy #security #fintechsolutions #fintechtrends #fintech #finance #digipayguru