Build Effective Loyalty Programs to Grow Customer Lifetime Value
Brands across the world and of all types and sizes are competing more than ever for the same share of an ever-evolving consumer’s wallet. There is often a hyper-focus on acquisition efforts to reach new consumers, but this past year has resulted in unique opportunities where broad consumer shifts have led to companies engaging with new customers, lapsed ones, or current ones in different ways (e.g. curbside pickup) or in different channels (e.g. solely digital).
As we begin to see which of the behaviors that emerged from this year will be permanent, companies need to have loyalty strategies in place to ensure they retain and grow these relationships to maximize consumer lifetime value. If not, companies will be faced with similar decisions in investing costly promotional and trial efforts as last ditch win-back efforts.
In this webinar, Simon-Kucher’s Tomasz Stec, Managing Partner, Warsaw, Hubert Paul, Senior Director, Atlanta, and Max Brueggemann, Senior Director, Cologne will share strategies and best practices for maintaining consumer loyalty, covering topics such as:
- How to articulate the goal of your loyalty strategies, and how to prioritize them before designing initiatives
- The various options across the loyalty spectrum, and how to evaluate which ones are the best fit for your goals and brand
- How to effectively drive upselling, cross-selling, and more repeat purchases over time by building a relationship with consumers
- The immediate considerations once a strategy has been defined to operationalize and implement
Similar to promotions, loyalty strategies can lead to many new and exciting opportunities when done correctly, but can have the inverse effect and lead to heavy margin dilution when done incorrectly.
Join us to learn how to best take advantage of these possibilities moving forward.
View the full Retail Webinar Series, here!