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Customer Loyalty Programs
Marketing strategies designed to encourage repeat business by offering rewards to customers who frequently purchase a company's products.
Implications
Structured marketing strategies designed to reward and encourage repeat customers, often through points, discounts, or exclusive offers, critical for increasing customer retention and lifetime value.
Example
Example: An airline runs a frequent flyer program that rewards customers with points for every flight, which can be redeemed for free tickets or upgrades, fostering long-term loyalty.
Related Terms
Different from general promotions, loyalty programs are ongoing and focus specifically on encouraging repeat business from existing customers.
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