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Customer loyalty trends and predictions for 2023
Customer loyalty and retention are interlinked and are always fueled by good customer experience. It also helps in cutting down the costs for onboarding new clients. Hence, companies take help of loyalty program, affiliate opportunities, offering discounts or other tactics. In this week’s bulletin, we will discuss customer loyalty and predictions for 2023.
1. Brand switching will increase.
As customers have plenty of options today, there are high chances of switching brands. They are always searching for better prices. Therefore, the brands are now searching for ways to retain customers.
2. Cashback will become more popular
To retain customers, brands have now started giving them instant monetary benefits. It is an easy and tangible method to get easy and faster results.
3. Gamification and new-tech rewards
The rewards are not limited to bonuses or cashback now. The audience now receives rewards in the form of badges or high rankings on leaderboards. There is now a new wave of learning management systems storming B2B and B2C businesses.
4. Mobile apps
Mobile apps are also a great way to provide customer loyalty programs. Other than that, it offers a seamless customer experience with mobile-friendly features. The customers can avail themselves of the services at any time.
For instance, the Starbucks app helps customers maintain loyalty and use it when required.
5. Embrace flexibility
Customers want to redeem their loyalty points for any product. Restricting your customers from choosing a product will make you lose them.
6. Provide more value via rewards
Emotional loyalty is a great deal when there is high competition in the market. You must win the trust of your audience and help them understand the value you will bring to the table.
Building customer loyalty is a path to building customer retention. With these trends, you will now be able to build better customer loyalty programs and provide more value to your users.
I hope this was an insightful read.
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