Interactive Customer Experience (ICX) Summit
ICX Summit: Experts to share tips on building customer loyalty with rewards that matter
Top brand leaders will share insight at the upcoming ICX Summit on crafting a rewarding loyalty program that proves a win for the brand and the loyal customer.
July 19, 2024 by Judy Mottl — Editor, RetailCustomerExperience.com & DigitalSignageToday.com
It's been proven that a strong, engaging loyalty program can deliver big wins for a brand and that consumers are loving loyalty programs more than ever.
When it comes to internet households, 77%, are participating in free loyalty programs, according to a Park Associates' consumer study. Nearly half are grocery store loyalty programs, 45%, and 42% are credit card loyalty programs.
One big reason is that consumers love the freebies and discounts and special perks a loyalty program can offer, and while product is the top reason consumers may love a brand, loyalty programs can also have a big impact on whether a consumer keeps doing business with a brand.
On the retail and brand side, a loyalty program can drive strong revenue, boost the customer base and spur greater consumer spend. In fact, a convenience store loyalty program can deliver a 12% higher check, according to a Paytronix's loyalty study.
Loyalty top of mind at ICX Summit
As the name implies, a loyalty program can clearly deepen the loyalty between a shopper and a brand which is critical as loyal shoppers tend to spend more and hit their favorite retailer first when looking for a needed item.
But what makes for a rewarding loyalty program and how can retailers and brands hurdle those challenges? Those questions and more about crafting and improving a retail loyalty program is the focus of a panel talk at the upcoming ICX Summit, which kicks off Sept. 9-11 in Charlotte, North Carolina.
The summit is celebrating its eighth year with notable names as keynotes and panelists on a wide range of retail customer experience topics. Early bird registration offers a special discount of $150 if registered by August 9. The summit, a dual event with the Banking Customer Experience event, brings together B2C brands to learn from industry leaders, network among peers and hear from top innovators when it comes to innovative customer experience. It is hosted by Networld Media Group, a business-to-business media communications company specializing in digital media, associations and events in the mobile, self-service, digital signage, retail, food service and financial services industries.
Expert insight on loyalty strategy
One of the nearly two dozen sessions at the summit is "Building Customer Loyalty with Rewards That Matter."
It will feature three distinguished brand leaders who will discuss how to effectively deploy a loyalty program that provides rewards that build customer loyalty across all channels:
- Christine Johnson, COO at Le Duff America.
- Alex Preece, co-founder and CEO at Tillo.
- Darren Spicer, co-founder and CEO at Clutch Coffee.
Preece, who founded Tillo, a global gift card network and API designed to simplify engagement and drive growth for brands and buyers, previously served in the British Army and started the U.K.'s first daily deal business, which was later sold to Moneysupermarket.com, the world's largest comparison website.
Johnson is chief operating officer for Chief Le Duff America, a Dallas-based subsidiary of Groupe Le Duff, an international bakery conglomerate. Le Duff America operates multiple restaurant concepts in the U.S. and Canada, including la Madeleine French Bakery & Café, Brioche Dorée and Au Pain Doré.
Spicer is the founder of Clutch Coffee Bar, a premium drive-thru beverage brand based in the Carolinas. Spicer helps companies grow in a way that positively impacts society and cultivates a sense of community.
What a loyalty program can deliver
As Preece noted in an email interview, a well-designed loyalty program can have numerous benefits for brands.
"Loyalty programs keep customers faithful to a brand, keep them engaged, and help with customer retention, which is crucial in a crowded marketplace," he told RetailCustomerExperience.com. "Loyalty programs also contribute significantly to annual sales, and program members tend to spend more than non-members. In today's competitive business environment, loyalty programs are vital to brands wanting to both retain existing customers and grow their customer base.
A winning loyalty program provides value and choice of rewards while also being easy and fast to use, said Preece.
"First and foremost, customers are looking for programs that provide a variety of high-quality rewards that result in significant monetary return," he said, adding customers want programs that are user-friendly, easy to navigate, and have quick and hassle-free reward redemption.
Johnson describes loyalty programs as "crucial" for brands as they can help a band reach new audiences and demographics.
"Traffic remains challenging for the entire restaurant industry, but a rewarding personalized loyalty program, like the one we offer at la Madeleine, allows us to give back to our guests and keep them coming back to our French-inspired dining experience," she shared in an email interview with RetailCustomerExperience.com.
"We have a strong loyalty program at la Madeleine, and we're delighted to reward and recognize our guests for choosing us, especially as competition rises. Building reward relationships helps brands rise above the competition and stand out in the industry."
What consumers want from a loyalty program
Last year la Madeleine surveyed its loyalty members and the feedback was clear.
"They want an easy-to-understand rewards program without tricky math or points conversions," Johnson said, adding members are also interested in a variety of reward options. "Rewards aren't one-size-fits-all, and they want rewards that correlate with their spending — spend more, earn more."
At Clutch Coffee Bar the loyalty program is "critical" and serves many roles, according to Spicer.
"Beyond building customer loyalty and brand loyalty, having the ability to provide differentiated value to your customers is huge," he told RetailCustomerExperience.com in an email interview. " Most loyalty platforms also provide you with the ability to directly communicate with your customers, helping to create an individualized and personal experience."
When it comes to what customers want from a loyalty program, he offered up three questions brands should answer when crafting the strategy: Is it beneficial (are consumers getting value), is it easy to use and understand and is there support when an issue crops up.
"Not being able to get help can be a major turnoff for customers," he added.
About Judy Mottl
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