EP295: How To Build Your Loyalty Strategy - Practical Tips For Delivering Results

Follow us on LinkedIn:https://www.linkedin.com/company/inside-commerceSummary:In this ecommerce podcast, James & Paul drill into how to build out a loyalty strategy, with examples of brands executing this well. This episode is useful if you have a loyalty program and want to improve it, or are in the process of building out a loyalty strategy.The main focus is on positioning loyalty strategy correctly, because loyalty is about more than a program. A loyalty strategy is focuses on customer engagement & customer experience, because loyalty is earned through consistently great customer experience. This podcast will help you understand the fundamental mechanics of building customer loyalty, exploring levers to encourage customers to feel more positive about your brand and giving them a reason to shop directly with you. Loyalty starts when people first visit and come get used to your brand, not just when they're buying or in a repeat purchase cycle. Tune in to understand the evolution of loyalty strategies, the importance of customer experience, leveraging customer insights and data, and the necessity of financial modeling to justify investments in loyalty programs. You'll get practical examples to help you enhance your loyalty offering and better understand customer value.Key takeaways:Loyalty is earned through great customer experience.A loyalty strategy is more than just a program.Understanding customer engagement mechanics is crucial.Loyalty should be viewed as a broader customer strategy.Rewarding positive customer behaviour is essential.Customer insights are vital for effective loyalty programs.Setting clear goals is necessary for loyalty success.Measuring success should include customer experience metrics.Incentivising data collection enhances customer understanding.Financial modelling is critical for justifying loyalty investments.