NeuroTags Articles and Updates
  • NeuroTags
  • Blog
  • Anti-Counterfeiting Solution
  • Customer Loyalty Solution
  • Supply Chain Visibility
  • White Papers
  • Contact Us
NeuroTags Articles and Updates
  • NeuroTags
  • Blog
  • Anti-Counterfeiting Solution
  • Customer Loyalty Solution
  • Supply Chain Visibility
  • White Papers
  • Contact Us
NeuroTags Tech,

What’s Holding Back the Loyalty Marketing Industry?

by NeuroTagsFebruary 15, 2021no comment
loyalty marketing

“The global loyalty management market size stood at USD 2.47 billion in 2019 and is projected to reach USD 10.02 billion by 2027, exhibiting a CAGR of 19.9% during the forecast period.”

The figures look promising and impressive.

But what is it that’s holding back the loyalty marketing and management industry in 2021?

Is it the digital explosion that took the world by storm in the Covid-19 era? Is the industry impacted by increasing competition and how brands and customers are running for cover?

The Current Scenario

Even today, customer acquisition remains to be an important area of concern. Most marketing teams are focused on getting hold of new customers and increasing their growth. But there’s an equally important area of concern that has emerged because of the Pandemic. That of finding new ways to increase customer loyalty and retention rates.

What’s Needed?

The need of the hour is to onboard and auto manage customers with end-to-end, AI-enabled multi-level loyalty programs.  However, there are some strings that are holding back this industry from reaching its deserving heights.

There are many decision-makers who are still wondering about the importance of a loyalty program to grow and retain loyal customers.

Reward programs, points, and discounts are often badly-structured and lack integration. They fail to influence online interactions and the purchase behavior of new and existing customers.

The efforts for acquiring new customers (to enable future growth) takes up a big chunk of the budget and time resources.
Given these constraints, boosting customer loyalty has become an ongoing challenge for marketers.

Importance of Loyalty Marketing

Importance of loyalty marketing

Loyalty programs are used for increasing sales and revenue. This is because repeat customers are likely to come back for higher spending. They repurchase more, are ready to try new offerings, and don’t hesitate in referring the companies they are loyal to.

According to NeuroTags, developers of loyalty marketing and management programs in India, even if customer retention is increased by 5%, profits can rise by 25% to 95%. No wonder, it has now become imperative for organizations to use smart incentive plans to cut competition.

How do Businesses Maintain Customer Loyalty?

A well-designed and properly-integrated loyalty program can have far-reaching, positive impacts on customer loyalty and business profits. To attain this end, businesses strive to make their customers feel special and recognized. This, in turn, leads to better retention, more referrals, and higher profits. Giving out regular rewards increases user engagement; they make customers feel wanted and valued.

What Types of Businesses Use Loyalty Platforms?

Any business, whether it deals in high or low-frequency purchase items, may invest in a loyalty marketing strategy. Are you dealing with high-frequency purchase items like electronic accessories, fashion apparel, nutraceuticals, cosmetics, spirits, and wine or auto parts? The loyalty platform you create has to focus on making customers return for timely replacements of their purchases. When they return, you should be able to cross-sell other items available in a range. Moreover, your loyalty rewards programs should encourage constant referrals and engagements.

Sounds Familiar?

E-commerce companies established brands, and SMEs are all looking for better loyalty programs and platforms to keep their customer base intact. In 2021, it has become critical to retain the loyalty of retailers, distributors, end consumers, and influencers. To combat this, integrated marketing automation strategies are being used to re-engage customers and influence them constantly.

Invest in a Loyalty Marketing and Management Platform

Invest in loyalty marketing

Do you need a top-rated loyalty platform for easy onboarding and redemption of customers? The custom-made platforms developed by NeuroTags promote PoS independent loyalty onboarding and have numerous redemption options. Their loyalty marketers know how to develop the right kind of platform to increase loyalty life cycles. They encourage re-engagement and personalized communication in the most seamless of ways.

Take your business to the next level; request NeuroTags for a free demo for their marketing automation and loyalty platform, today.

Previous

Customer Data Platform for B2C vs B2B Businesses

February 11, 2021
Next

7 Little Changes That’ll Make a Big Difference with Your Marketing Automation Software

February 18, 2021

Leave a Reply Cancel reply

Related posts

What Are Electronic Business Cards?
NeuroTags Tech,

What Are Electronic Business Cards? 

by NeuroTags1 month agono comment
customer-journey-and-retention
NeuroTags Tech,

Ask a Sales Director: How Do I Engage Customers and Boost Repeat Sales and Loyalty

by NeuroTags Tech EditorOctober 14, 2021no comment
Loyalty Program
Loyalty Program Software, NeuroTags Tech,

How An Effective Loyalty Program Software Can Help Your Brand Retain Customers

by NeuroTagsAugust 30, 2021no comment
The complete guide to improving your customer loyalty program by leveraging customer data
Loyalty Program Software, NeuroTags Tech,

The Complete Guide to Improving your Customer Loyalty Program by Leveraging Customer Data

by NeuroTagsAugust 9, 2021no comment

Recent Trends

  • Evolution of Anti-Counterfeit Packaging – How brands can benefit from it ?

    Evolution of Anti-Counterfeit Packaging – How brands can benefit from it ?

    August 30, 2021
  • What Are Electronic Business Cards? 

    What Are Electronic Business Cards? 

    1 month ago
  • Warranty management has direct bottom-line impacts. How are you managing them?

    Warranty management has direct bottom-line impacts. How are you managing them?

    November 25, 2021
  • 3 Main Challenges of Warranty Management

    3 Main Challenges of Warranty Management

    October 28, 2021
  • Warranty management: A strategic Business Advantage

    Warranty management: A strategic Business Advantage

    October 21, 2021
  • How To Create An Impactful Loyalty Program For Your Business

    How To Create An Impactful Loyalty Program For Your Business

    October 18, 2021

Follow Us On

Industry Usecases

  • Electronics Accessories
  • Cosmetics
  • Spirits and Wines
  • Cannabis

Commonly Searched

Anti-counterfeiting (9) Anti-counterfeit solution (25) Anti-counterfeit techniques (3) Brand protection (17) consumer brands (3) consumer engagement (8) Consumer Marketing (3) counterfeit alcohol (3) Counterfeit cosmetics (2) counterfeiting (4) counterfeit makeup (2) counterfeit wine (3) customer behaviour (2) customer engagement (5) customer engagement solution (2) Customer retention (3) Customer Rewards (4) Damage control (2) digital innovation (2) Digital warranty (5) drug authentication system (2) Email Marketing Automation (2) eWarranty (2) fake alcohol (2) fake wine (3) geo-targeting (2) Loyalty Engine (4) Loyalty Programs (9) Loyalty Program Solution (3) marketing in offline market (2) NeuroTags (30) NeuroTags Anti-Counterfeiting Solution (4) NeuroTags eWarranty engine (4) pesticide (2) pharmaceutical (2) product digitization (3) product story (3) Referral Programs (2) sales growth (4) save farmers (2) supply chain digitalization (3) supply chain management (4) supply chain visibility (4) track & trace (3) track and trace (3)

Popular Posts

Product Digitization Explained
Anti-counterfeiting Solution, Featured, Loyalty Program Software, Marketing Automation Software, NeuroTags Tech,

Product Digitization Explained

by NeuroTagsAugust 28, 20191 comment
Why do companies need supply chain digitalization?
Featured, NeuroTags Tech,

Why do companies need supply chain digitalization?

by NeuroTagsJanuary 21, 2020no comment
What is product serialization and what are its benefits?
Anti-counterfeiting Solution, Featured, Loyalty Program Software, Marketing Automation Software, NeuroTags Tech,

What is product serialization and what are its benefits?

by NeuroTagsSeptember 16, 2019no comment
Indian Consumer Protection Bill 2019 Mandates Action against eCommerce Counterfeiting Frauds
Anti-counterfeiting Solution, NeuroTags Tech,

Indian Consumer Protection Bill 2019 Mandates Action against eCommerce Counterfeiting Frauds

by NeuroTagsAugust 12, 2019no comment
DAVA Portal compliant Track & Trace with Authentication Solution by NeuroTags
Anti-counterfeiting Solution, NeuroTags Tech,

DAVA Portal compliant Track & Trace with Authentication Solution by NeuroTags

by NeuroTagsSeptember 4, 20181 comment
Supply Chain Digitization – Top 5 Use Cases of Track and Trace Solution
Anti-counterfeiting Solution, Featured, NeuroTags Tech,

Supply Chain Digitization – Top 5 Use Cases of Track and Trace Solution

by NeuroTagsJuly 29, 2020no comment
  • About Us
  • Contact Us
  • Terms
  • Privacy

© NeuroTags 2019