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Gone are the days when one-size-fits-all loyalty programs could win over the hearts of consumers.
If you want to retain the attention (and wallets) of your customers, you need innovative strategies that create an ecosystem of experiences where every interaction is an opportunity to deepen their loyalty.
If you get it right, you’ll set your business apart from the herd, spend less on customer acquisition, and ensure your day ones feel seen, heard, and valued.
With the customer loyalty management market valued at $5.5 billion and expected to surpass $24 billion in 2028, you want to get it right.
To help you take action, we’re exploring the key trends redefining the way enterprise companies build and nurture customer relationships and how you can implement each one into your business.
Looking to build stronger customer relationships, gain a competitive edge, and boost revenue? These leading trends in enterprise loyalty software will help you get there.
Artificial Intelligence (AI) is a driving force behind the future of loyalty programs. It represents the pinnacle of delivering tailored experiences that deeply resonate with customers and a unique competitive advantage.
Using the vast amount of customer data your loyalty program collects, enterprise companies can make accurate data-driven decisions and avoid relying on guesswork.
With valuable insights into individual preferences, behaviors, and purchase history, you can craft personalized loyalty experiences, recommend the right products at the right time, and offer customized incentives to make your customers feel seen and valued.
And those tailored recommendations? It’s one of the most important loyalty program benefits for customers and can lead to a 49% increase in impulse purchases.
Plus, 90% of customers who believe companies understand their buying preferences will likely purchase more products.
But to power your AI personalization strategy, you need data.
That’s where zero-party data collection enters the chat.
Using interactive surveys, quizzes, polls, and teaming it up with a perk like $10 cashback, you can incentivize your customer base to fill out profile information and give you feedback on their preferences to enhance the shopping experience.
From there, you can build your loyalty program around automatically segmenting customers and automating perks based on their interactions with your brand.
And your customers want to give you this information. 65% of shoppers say they will share their data for value-adding personalization.
Using AI in your rewards program helps your business go beyond a transaction relationship. It fosters a genuine connection, cementing brand loyalty and ultimately increasing engagement and revenue.
Customer journeys are complex.
There is a web of interactions across various platforms and touchpoints.
Omnichannel loyalty integration is the answer to delivering a seamless and unified customer experience, regardless of where or how customers engage with your brand.
Here’s an example:
A customer browses your products on their smartphone during their morning commute and adds items to their cart but doesn't make a purchase.
Later, during their lunch break, they decide to complete the purchase on your website using their desktop computer. After work, they visit your physical store to return one of the items.
In each of these interactions, they expect a consistent and cohesive experience.
Why should your loyalty program be any different?
An omnichannel rewards platform with a unified wallet ensures your customers can seamlessly access and redeem their loyalty rewards, points, or discounts across all channels.
Whether they engage with your brand online, via a mobile app, or in-store, their loyalty status and benefits remain consistent.
Here’s what a unified rewards experience looks like:
By embracing omnichannel loyalty integration, enterprises can offer a more convenient loyalty experience and gain a holistic view of customer interactions.
This valuable insight can help refine your strategies, improve customer retention, and boost profitability.
Engagement.
It’s the heart of any successful loyalty program.
And gamification and experiential rewards? It’s the engine that powers it.
These two strategies fuel customer excitement and create memorable brand interactions, which fosters long-term brand loyalty.
Here’s how:
Gamification introduces interactive elements into your rewards experience. You can turn routine transactions into engaging adventures using scavenger hunts, polls, quizzes, and surveys.
For example, an online athleisure brand could gamify its loyalty program by challenging members to find hidden clues in its new collection drop for exclusive rewards.
Experiential rewards take this engagement a step further by offering customers unique and memorable brand experiences. These rewards could include access to specific parts of your website, exclusive product drops, collectibles, or the ability to participate in special voting activities to influence brand decisions.
For example, take a page from RAIZE’s book and ask members to vote on new cookie flavors and get early access to new cookie drops.
For enterprises, embracing gamification and experiential rewards isn't just a trend. It's a strategic approach to building stronger and more profitable customer relationships.
These strategies create brand advocates who make repeat purchases and actively promote your business to others, driving organic growth and sustained success.
Want to expand your reach and offer diverse and enticing rewards?
Then, it’s time to hop on the loyalty partnerships bandwagon.
It’s a powerful strategy for enriching your loyalty program and strengthening your position in the market by leveraging the strengths of like-minded brands.
Look at it this way.
Your customers are loyal patrons of your premium coffee brand, but they're also fitness enthusiasts. Partnering with an athleisure or health-focused food brand gives your customers multiple ways to redeem their points.
That’s not all.
TOKI simplifies the process of forming and managing loyalty partnerships. You can quickly find like-minded brands in the TOKI ecosystem using the Smart Matcher tool and create an alliance in three clicks.
In a crowded marketplace, loyalty partnerships set you apart by offering various rewards catering to diverse tastes and preferences. They're not just a trend; they're a strategic move that allows you to tap into new markets, deepen customer loyalty, and foster growth while staying aligned with your brand's core values.
So, what are you waiting for? Activate multiplayer mode and take your loyalty program to new heights.
Tiered loyalty programs are a formidable one-two punch.
By offering tiered benefits, you can encourage customers to sign up and actively participate in loyalty programs, driving up engagement and fostering brand loyalty.
And it pays.
According to the Global Customer Loyalty Report 2022, tiered loyalty programs report a 1.8x higher return on investment, and members spend 2.1x more than non-tier members.
The concept is simple.
Customers can earn or pay their way into the different loyalty tiers.
Through completing challenges, taking part in surveys, and making purchases, members climb the loyalty ladder and unlock more valuable rewards and incentives.
It creates a sense of achievement and exclusivity while rewarding your day ones throughout the customer journey.
But tiered benefits do more than incentivize customers. It also creates a sense of belonging and commitment to the brand, but only if you offer tangible rewards at each level and a clear path of progression.
Lastly, a tiered membership structure enables you to gather valuable data on customer behavior at different levels of loyalty. You can use the information to tweak your marketing strategies and improve your AI personalization.
With TOKI, you can create customizable tiers for earned and paid memberships with specific rules and rewards. Automate gifts and incentives and monitor customer progress to determine what motivates your members the most.
Premium loyalty programs, aka paid memberships, represent a significant shift in how enterprises approach customer loyalty.
These programs cater to high-value customers by offering specialized benefits and creating an additional and highly lucrative recurring revenue stream.
At their core, premium loyalty programs revolve around a subscription-based model.
Customers pay a fee to access exclusive perks and offers, including early access to products, discounts, or members-only events. It incentivizes your superfans to continue supporting your brand while giving you a predictable source of monthly revenue.
That’s not the only reason to offer a paid membership.
Customers who subscribe are 60% more likely to make purchases, and members generate 12-18% more incremental revenue growth per year than non-members.
But the key to success?
It lies in determining the benefits that will attract customers to your paid membership.
For example, an e-commerce giant may offer premium customers free shipping, exclusive discounts, early access to product drops, and dedicated customer support.
It’s a strategic move that generates additional revenue and enhances customer loyalty and retention among your most valuable shoppers. By delivering exclusive benefits and personalized experiences, paid loyalty programs can be a game-changer for enterprises looking to maximize customer lifetime value and drive sustainable growth.
Consumer expectations are evolving, and flexibility in loyalty redemption is a necessity.
It's about giving customers the control and freedom they desire while ensuring that your loyalty program remains a valuable and engaging part of their overall brand experience.
With a more flexible approach, you can align rewards to customer’s unique needs and desires and tap into the 66% of consumers who say rewards change their spending behavior.
By offering meaningful and tangible rewards like store credit and cashback over “points for likes,” you’re giving customers real value in return for supporting your business.
Customers are more likely to engage with a loyalty program when they see immediate value, and 60% have a more positive experience when they view their connection transcending the transactional.
Here’s an example of flexible loyalty redemption:
Your customer has a substantial number of loyalty points and can choose between redeeming them for a gift card, getting cash back, or spending them at one of your loyalty alliance partners.
The freedom to choose makes your loyalty program more enticing and allows customers to pick rewards that resonate the most with their desires, keeping them engaged for the long haul.
One of the newer trends in Enterprise loyalty is supporting Environmental, Social, and Governance (ESG) causes.
By adding it as a feature of your rewards program, you can align your business with your customers' values and foster a deeper sense of connection.
In the Pathways to Growth study, 63% of respondents are more likely to do business with companies whose purpose matches their values.
But how would this work in practice?
An ESG-focused loyalty program can offer rewards for:
This trend's biggest benefit is its effect on your brand affinity.
When you show consumers your commitment to shared values, customers are 3.4x likely to recommend your brand, spend 9.9x more, and are 9.8x more likely to go out of their way to do business with your company.
It’s no secret.
To stay ahead in business, you need to adapt and innovate.
By embracing trends like AI-powered personalization, omnichannel integration, and paid loyalty programs, you’re curating more tailored experiences, seamless interactions, and memorable rewards.
These enterprise loyalty software trends offer more than just a glimpse into the future. It’s a roadmap to securing your competitive advantage, increasing customer satisfaction, and boosting revenue.
The next step? Implementing these strategies with TOKI.
Embrace the modern loyalty playbook—ditch meaningless points and maximize the value of your super fans.
Get started with TOKI for free.
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