Strategies to Keep Your Best Members
Strategies to keep your best customers…the ones you already have…
Loyalty programs are an overlooked way to encourage the continued patronage of your Customers. They allow financial institutions to gather data on customer behavior in order to decipher trends, appropriately reward customer loyalty, and bolster your relationship with your best customers…the ones you already have.
In a very basic form loyalty programs have been around for a long time. Consider the farmer who threw in an extra ear of corn for his best customers or the iconic S&H Green Stamps program from the 1900’s. Modern-day loyalty programs follow the same principle, albeit with contemporary technology. Social media and online customer portals have replaced old school bank statements and face-to-face branch interactions, the tools typically used to connect with customers. So the question becomes: what is your strategy to build customer loyalty in the face of changing customer expectations? Here are a few tactics to consider.
Leverage the data you already have
Technology enables success in modern customer rewards programs. In the digital era, businesses, banks and credit unions have myriad ways to collect, store, and slice-and-dice customer data and that information can be used to drive highly effective programs. Indeed, the more information you can get and the better you can deal with it, the better you can become at providing incentives that keep customers loyal to your organization.