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Developing customer loyalty

Developing customer loyalty

From the course: OMCA™ Certification for Digital Marketers Test Prep

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Developing customer loyalty

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- How many times have you made a decision based on points, miles, or rewards? Probably more than you realize. Loyalty and rewards programs build loyalists from a customer base. Here's how. The benefits of building a more loyal customer or loyalist are clear. First, it increases the brand identification of that customer. If I'm a member of a specific brand's loyalty program, then I'm more likely to stay in that hotel or fly that airline. In addition, the more loyal I am to a brand, the more it increases my customer lifetime value. As a brand, if I create more loyalists out of my existing customers, I automatically increase their value and their spend. When developing a rewards or loyalty program, businesses usually start with the RFM model: recency, the date of the last purchase; frequency, how often the customer shops; and monetary, how much the customer spends. These three measurements can provide an insight into…

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