Encouraging
repeat visits and having a loyal customer base is one of the biggest challenges
faced by marketers today, especially in the retail sector.
According
to a study by Forrester, it costs FIVE TIMES
more to acquire new customers than it does to keep current ones.
And it is interesting to note that a mere 5% increase in customer loyalty will increase the average profit per customer by 25-100%. [TheLoyaltyEffect]
If loyalty marketing is currently not a part of your marketing strategy, it’s time you must strongly consider it. Here are some books on loyalty & reward management we feel are a must read for every marketer out there who is looking to get started with rewards to loyalty marketing.
1) Leading Loyalty: Cracking the Code to Customer Devotion by Sandy Rogers
Leading Loyalty incorporates examples and tools, to help better understand from the perspective of service people. The book highlights three main ideas that need to be fused into interactions between the company and the customers are empathy, responsibility and generosity. These small details will amplify your business in the long run
2) The Forever Transaction: How to Build a Subscription Model So Compelling, Your Customers Will Never Want to Leave by Robbie Kellman Baxter
When a customer subscribes to your services/ products /
blog or website you know they have taken that first step of being loyal to your
brand.
Ever wondered how
companies like Nike, Spotify and Apple are able to create and purse their
long-term customer relationships? A growing number of companies are moving
towards subscription-based products and services due to the potential rewards. With
more than a decade worth of experience under her belt, Robbie provides you the tools,
inspiration and insight that you are required to build and carry out the ideal
business model.
3) Retention Point: The Single Biggest Secret to Membership and Subscription Growth for Associations, SAAS, Publishers, Digital Access, Subscription Boxes and all Membership and Subscription Businesses by Robert Skrob
Equipped with 25 years of experience, Robert Skrob reveals
everything in this book. Retention Point is the point when members who love
you, purchase everything you offer and tell their friends and family about your
business. This book teaches you 5 misconceptions that actually cause people to
unsubscribe to your business. It also includes
- 5 case studies of successful subscription businesses
- 10 Retention Point Accelerators that ensures people to stay loyal to your business and
- achieving 90% to 98% annual renewal percentage.
4. The High Roller Experience: How Caesars and Other World-Class Companies Are Using Data to Create an Unforgettable Customer Experience by David Norton
Customer Experience is an important factor to loyalty and reward management. With this book, David Norton shares his secrets to create an unbeatable marketing strategy and loyalty programmes. Using data, he is able to identify opportunities for the business. This has led to success in Caesars, a prominent Las Vegas Hotel and Casino. The book includes some case studies to help companies leverage technology to improve customer experience and build customer loyalty across numerous industries.
5. Digital Engagement: Internet Marketing that Captures Customers and Builds Intense Brand Loyalty by Leland Harden and Bob Heyman
Currently,
many organisations face the difficulties of engaging and appealing to their
customers online. Both Leland Harden and Bob Heyman share their pointers to
assist marketers in this book. Equipped with case studies from well-known
brands such as Toyota, Tommy Hilfiger and other online marketing software, this
book will teach you how to create online campaigns that succeed, how to improve
your conversions and traffic and improve conversions and traffic flow.
Conclusion
Getting
customers to return to your business is no easy feat but these books will give
you a strong foundation you need to understand the reward or loyalty marketing
comprehensively.
