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These days "Loyalty Programs" are becoming talk to the town. Most of the brands have started their loyalty programs with the view to engage the customers or increase customer loyalty with the brands.
Do these programs have any substantial positive financial impact on the brand?
My answer to your question is yes based on experience. Loyalty means these are the same customers purchasing your product or services over time. The program is used to get their attention that you are aware of them to ensure that they continue to patronise your product or Brand.
The financial impact on the Brand is that it is popular and the first choice for old , new and potential customers. The likelyhood that your sales will increase based on this is high resulting in huge sales.
I hope this answers your question.
Just launching a program is not means to an end itself. Just make sure your have these mechanism is in Place:
Reward: Chgaracterised by Speed of achieving, Choice and Ease.
Recognition: Abilty to recognise and personalize at every touch point (If not for all atleast for the Top Loyal customer)
Relevance: Make it relevant
It is true that most brands have been launching their own loyalty programs. For most brands, it is common thinking that giving a few points on some spending is a loyalty program, and customers will come. such programs don't make major impact on the business.
But for a loyalty program to be really successful, it should map the target customer segment for the brand, and apart from offering some value for accrual of miles, it should also offer a lot of cross branding partners where customers can redeem their miles so the value add is huge and the customers will prefer such a loyalty program which will make it successful.
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