Customer loyalty programs

Description

Changes in the consumer behavior due to the surge in digital and other trends means companies have to revamp their customer loyalty strategies. One of the customer loyalty strategies followed by the businesses are loyalty programs. Customer loyalty programs seek to develop a stronger bond between the customer and the brand in an attempt to instill loyalty. While some studies have questioned the effectiveness of such loyalty programs (O’Malley, 1998; Mattison & Tubovic, 2020), they continue to be followed by many organizations. Your task is to consider the business idea you had proposed in your SLE and draw up a loyalty program. a. Discuss the importance of customer loyalty programs to brands. You will examine the extant recent body of literature relating to customer loyalty programs b. Analyze what is driving the new generation of loyalty programs from a seller point of view. c. Propose a new loyalty program for your SLE idea and justify how it will help to retain customers for your SLE idea

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