Today’s loyalty programs paving the way for experiential value!

1. Today’s loyalty programs paving the way for experiential value! Frequent or repeat purchases are the lifeline of the retail business. The repeat customers are responsible for generating 40% of revenue and are more valuable. However, the companies need to evolve the loyalty programs to engage modern customers. Rewards and recognition programs are the tools through which companies try to retain their customer base. Reward Programs It is the commonly found loyalty program methodology in which frequent customers earn points. The points are accumulated, and they become eligible for certain rewards. The reward can be a discount, a freebie, or tickets to events. Customers act to redeem the reward points. Recognition Programs

2. The recognition programs involve rewarding frequent customers intangibly. A thank you note, offer for exclusive access to products and services and quality interaction with them serve the purpose. The most common argument is to go beyond just rewarding transaction and offer customers experiential rewards. For engaging today’s aware customers, a recognition loyalty program unifying all the best loyalty program practices is essential. Recognition Loyalty Programs Recognition loyalty refers to the responding to customer’s need for something that resonates with their personality. It works on the premises of long-lasting brand love is based on mutually aligned values. The combination of rewards and recognition program is based on following pillars •Engagement Incentives •Value focus •Data Science •Loyalty Mechanics •Emotional Rewards