Customer lifetime value is an important metric for every brand. We show you the best tactics on the market to increase CLV with a loyalty program.
Loyalty programs provide brands with valuable data, which can be used to fuel email personalization. See how Nike, Nordstrom, Ulta and DSW do it.
Incentivizing the right behavior is the cornerstone of customer retention. But with so much noise on the market, it is difficult to stand out. Companies—especially enterprises—require a solution that is sophisticated enough to support other marketing strategies, like personalization, but is also flexible enough to be deployed in dozens of geographies and thousands of stores.
The digitization of consumerism has had a dramatic impact on the retail landscape. A once seasonal and static business has transformed due to an insatiable appetite for instant gratification. As a direct result, more than half of Gen Z customers claim that a fun in-store experience determines where they shop.
There’s a growing challenge for retailers all around the world: the inability to reconnect with customers once they leave the store. High customer lifetime value lives and dies on customer retention, but it’s simply impossible to engage with guest shoppers if they don’t provide any contact information.
It’s no longer enough to give customers good deals. What people actually want are relevant offers and a personalized experience. But catering to your audience is only possible by knowing what makes them tick. In other words, you need customer data in order to personalize.
How to avoid customers getting bored with your loyalty program’s rewards? Take inspiration from the Lancome loyalty program and 4 other providers.
In the world of fashion and retail, there’s fierce competition to attract new shoppers. Now maintaining customers’ attention through the buying cycle is becoming more difficult. Reacting to shifting trends is vital, but can make personalizing your retention strategy a daunting task.
