Loyalty Program Development
Designing programs aimed at increasing customer loyalty and retention.
Implications
The process of designing, implementing, and managing a loyalty program, including defining the value proposition, selecting rewards, setting participation criteria, and measuring program effectiveness, relevant in customer relationship management and marketing strategy.
Example
Example: A retail company invests in loyalty program development by conducting market research to understand customer preferences, designing a tiered rewards system, and launching the program with a targeted marketing campaign to attract participants.
Related Terms
Different from general customer engagement efforts, loyalty program development focuses on creating a structured, ongoing system that rewards customers for their continued patronage, often with a long-term view of building brand loyalty.
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