Evolution of loyalty program — Traditional to modern?
A brief overview of emerging and traditional to modern customer loyalty programs
Do you have that special friend who is a great person for you but seems irrelevant to others? Well, the chances are high that your special friend is an introvert. And one of the characteristics of them is that they are loyal only to the person they trust. The best companies are considering their customer as that type of a loyal friend. To onboard them, they were developing so-called “customer loyalty programs.”
Traditional customer loyalty programs
From the beginning of trading, companies were trying to build trust and loyalty of their customers because boosting customer retention rates by 5% can increase profits between 5% to 95%.
Retailers introduced loyalty programs in the 18th century. The first model was giving away special coins to the customers that bought a specific amount of goods or were given to returning customers.
Traditional customer loyalty programs introduced stamps and coupons over time. These were easier to produce and store by the customers. Soon, retailers and big brands overwhelmed the market with coupons.
During the 1990s, physical loyalty cards gained popularity. They were collecting coins or points and made customer data collection much easier. But the digital and mobile experience brought something new.
New technologies and the internet
Nowadays, you can improve the customer experience by using digitalized loyalty. Customers are expecting companies to provide them:
- Influence amongst their peers
A friend of a company may become a leader of its niche, influencing others to buy products or to join a loyalty program. They are the source of social proof, too.
2) Social proof
Conversion to a loyal customer is easier when there are comments, likes, and shares. Also, case studies, data, reviews, and storytelling do improve customer loyalty. They need proof while they are entertained by the social media.
3) Gamification
Besides social media, you can entertain customers with achievements, status, and rewards. They are getting benefits of the customer loyalty program and having fun, too.
The social listening includes a set of actions based on monitoring social media. Now you can make better actions by creating rewards for interactions.
But existing loyalty programs have limitations and don’t offer customer engagement, a digital mobile experience, rewards or points with cross-channel redemption capability. New technology is bringing big improvements and the future is exciting with latest innovation in “Blockchain”.
Can blockchain based loyalty “Dewber” change the loyalty ecosystem?
Loyalty on Blockchain with Dewber
Dewber is an example of an innovation for customer loyalty based on the blockchain. It’s replacing traditional loyalty points with a virtual token called “Dewber token”. These crypto tokens can be collected and redeemed globally with any business. With beeing tradable too it acts as a magnet for your customers.
Your friend will finally get the proper reward as a Crypto Dewber tokens. Unlike traditional loyalty points, Dewber tokens can be redeemed for a wide selection of products and purchases. Use them to make online purchases, free tickets at amusement parks, movies, comedy or theatre, free flights, dinners at restaurants or for an extra discount on shopping.
Available as a mobile app, your customers can use it with ease all around the world. Dewber has an ability to run Global loyalty rewards and points schemes to develop an exciting and rewarding loyalty ecosystem.
Start using Dewber to experience revolution in the loyalty world!
A brief overview of emerging and traditional to modern customer loyalty programs.