How to Revamp Your Underperforming Loyalty Program
Chapter Overview
Customer loyalty programs have proliferated in retail for quite a few years as retailers seek to acquire and retain customers, increase customer purchase frequencies, influence customer behaviors, and encourage the purchase of additional products. Loyalty programs are very prevalent these days. In 2017, U.S. consumers held 3.8 billion memberships, a 15 percent increase from 2015, and Canadians held 175 million memberships, a 35 percent rise.1 However, many firms found out that their loyalty program was costly and failed to generate incremental profit. They were searching for ways to improve the return on investment (ROI) of their loyalty program. This chapter starts ...
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