Six in 10 also invested in developing a loyalty program strategy during the pandemic, and 72% of businesses with loyalty programs said they were actively planning additional investments over the next three years. 56% said they were very satisfi or satisfi with their customer loyalty program.
The biggest reasons for running a loyalty program. Were customer engagement, overall sales increase, improvement in how members .Use data and insights. Collect data, and improve customer experience. Conversely, companies planning to introduce loyalty programs. Within two years were increased customer engagement, improved customer. Experience, improved customer satisfaction. Improved personalization, and increased overall revenue.
Businesses Had Maintained Customer Engagement Through Loyalty Programs During The Pandemic
Seventy-three percent of companies Guinea Email List that offer loyalty programs but don’t reward customer behavior outside of the buying cycle plan to change that within the next three years, the survey found. The hierarchical loyalty program had a 1.8x higher roi than the non-tiered program. The report also found that 30 top-tier customers in hierarchical loyalty programs buy 29.6% more frequently than lower-tier customers, and top-tier customers spend 2.1 times more on average.
Only One Third Said They Were Measuring The Roi Of Their Loyalty Program
The biggest challenge from 2022 to 2023, cited by all responding companies, was a seamless omnichannel loyalty experience. Integrating loyalty CH Leads marketing into key corporate strategies and collecting and using customer data followed. In terms of marketing strategy priorities, loyalty marketing ranks third behind digital transformation and e-commerce. 22.8% of all respondents pointed to customer loyalty program management and crm.
Antabo’s report is based on a survey of 325 companies worldwide and tracking data on the activity of 25 million members of the company’s loyalty management program. It also contains insights from pwc and industry experts, how to effectively manage and utilize loyalty programs, and approaches to rewards and omnichannel experiences. The customer loyalty management market is expected to grow to $15.5 billion.