State of Play of Loyalty Programs
Amid an anxious and uncertain global economy, retailers will hone in on customer retention techniques this year. There is no doubt that brands will have loyalty programs — which are tried-and-true utensils in the marketing drawer — top of mind. The reason is simple: mountains of evidence prove that such programs work. However, successful execution won’t be simple as seemingly every brand offers some sort of loyalty program. Brands will need to differentiate their offerings and pay keen attention to the loyalty program trends likely to flow through marketing channels and best position their tools to maximize their effectiveness.
Here’s a look at the current state of play of loyalty programs and growing trends that are likely in store for 2023.