I regularly have discussions with clients who want to create a loyalty program. But when we dig deeper into their approach, their answers to critical questions often indicate that the client hasn’t fully considered the implications of a program:
Many brands jump into a structured loyalty program (the tactic) before they have defined the strategy or the value exchange. Without these, a program is far less likely to yield positive results.
Loyalty Develops From A Value Exchange Between A Brand And Its Customers
A value exchange details what the company will deliver to its customers, as well as how customers reciprocate with loyal behaviors. Since this value exchange shows up across the organization (not just in marketing), it’s essential that stakeholders across the business are involved in developing and executing it.
We’ve just published the first of a series of reports and tools to help brands define their value exchange and then build their enterprise loyalty strategy. Level Up Loyalty Thinking To Align With Business Strategies describes what the value exchange is, why it is important, and how to use it as a shared artifact to create a companywide loyalty culture.
Let’s Connect
Forrester can help you with all the essentials involved in creating and implementing a value exchange, loyalty strategy, and loyalty program. To discuss this report or your consumer loyalty questions, schedule a guidance session with me.
