The Agile Brand with Greg Kihlström®: Expert Mode Marketing Technology, AI, & CX #444: Personalizing the Customer Loyalty Experience with Andy Hermo, iSeatz
According to a recent report titled “The Tipping Point for Travel Loyalty in 2023” from iSeatz, while 61% of consumers believe that the loyalty programs they belong to are helping them to save money and get more value from their travel experience, only 51% of them visit their loyalty program website first when making travel booking decisions. What’s worse - 63% of loyalty providers thing they are their members’ first choice. So there are some disconnects between what customers want and are experiencing, and what loyalty programs are providing.
Today we’re going to talk about the state of customer loyalty programs and the role of personalization in improving customer retention and lifetime value.
To help me discuss this topic, I’d like to welcome Andy Hermo, Chief Commercial Officer at iSeatz.
RESOURCES
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iSeatz Loyalty Series report:
iSeatz website: https://www.iseatz.com/en/
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SYNOPSIS
According to the podcast episode, companies must prioritize understanding and meeting their customers' needs to improve their loyalty programs. One challenge is the lack of options and breadth of offerings in loyalty programs, which prevents customers from always choosing their loyalty program provider first. To enhance loyalty programs, customers expect a wide range of options that cater to their preferences and interests. Technology also plays a crucial role, and companies without modern tech stacks may struggle to keep up with evolving consumer needs. It is essential to invest in scalable and adaptable platforms that can incorporate advanced personalization capabilities. Additionally, dedicated and highly talented resources are necessary to drive a strategic loyalty approach. Relying on shared or part-time resources from marketing or finance departments may not be sufficient for effective loyalty program management. Therefore, companies should prioritize understanding and meeting customer needs, leveraging technology, and investing in the right talent to improve their loyalty programs.