As the world continues to contain COVID-19, businesses are shifting their strategies and loyalty programs have been thrust into the spotlight.
With customer confidence at an all-time low, we've seen 29% of marketers reallocating the annual budget from acquisition to retention. This radical change has exposed gaps in the process, with 53% of marketers exploring new methods post COVID-19.
However, in the GCC, we have seen some fantastic examples of how brands and their loyalty programs have evolved during these difficult times.
Here are our top three tips to evolve throughout COVID-19.
- Be true to your brand and purpose. Maintain and increase communication between your brand and its stakeholders (including employees), and focus on strengthening relationships with the most loyal customers.
- Be innovative and evolve. Encourage your employees to discover new ways of working with customers, drive revenue, and develop new technologies to solve challenges and identify opportunities within your industry.
- Constantly review, assess and improve. Evaluate and streamline all assets, processes, and digital systems to improve your operations.
Whether it is customer experience changes, focusing on retention or discovering thought-leaders in different departments, business as we know it is evolving due to COVID-19, and it's essential we stay ahead.
While there's no crystal ball for these uncharted territories, there are strategies you can put into place to increase retention and customer loyalty for now and the future.