Most retail and consumer goods businesses give extra attention to the Nov-Dec holiday shopping window every year. This is, of course, well-deserved attention as the National Retail Federation reports that 20% of annual retail sales occur in the final two months of the year. What’s given less attention, however, is how to use the holiday surge to position your business for long-term success.
How can businesses wow current customers around the holidays, and separately, convert new customers into future loyal customers of their own? Luckily, for customer loyalty marketers with existing engagement-based loyalty programs, their toolkit is full of diversified and innovative levers to create winning strategies.
Engagement-based loyalty provides unique marketing opportunities to capture, convert, and retain holiday shoppers. The impact of engagement-based loyalty is huge; Oracle CrowdTwist retail and consumer goods clients have seen up to +10% Average Order Value and +25% Annual Spend amongst loyalty members who complete at least one incentivized non-purchase engagement vs. like loyalty members who solely purchase.
Achieving success with engaging customer loyalty marketing during and after the holidays takes thoughtful planning. To help you get started, Oracle has pulled together a list of loyalty engagement strategies to:
The months leading up to November are an opportunity to understand current customers’ seasonal planning, inspire customers to include specific products on their shopping lists, and plan targeted campaigns against likely shoppers to secure their seasonal spend. Here are some ideas to incorporate into your pre-holiday planning:
Holiday season groundwork is complete; now, how can engagement-based loyalty be utilized to maximize holiday window potential? Below are opportunities to re-engage holiday planners, compete on a level playing field with major competitors, and leave holiday shoppers with a positive impression.
What strategies can be employed throughout the lesser-focused post-holiday period to retain and grow existing customers while simultaneously nurturing relationships with new acquisitions? In the post-holiday daze, engagement-based loyalty is a great opportunity to serve meaningful non-transactional content to grow satisfaction among out-of-purchase-cycle customers. Jumpstart 2022 with unexpected boosts and capitalize on the positive equity of your happy customers!
And finally, don't underestimate the importance of customers making returns. In many cases, these customers are existing loyal customers or friends of loyal customers. Returners are also ample upsell targets who have made an effort to reach out or walk into your store. Create complementary offer strategies and customer service plans based on a variety of return scenarios, while utilizing loyalty program benefits as a complementary component to any upsell or appeasement strategy.
Check out this explainer video for 2021 customer loyalty holiday insights and trends.
Want further insights on the power of engagement-based loyalty? Check out “Essential Strategies for Customer Loyalty Marketing.”
Scott Ankers has 10+ years of experience in loyalty, customer strategy and CRM. Prior to CrowdTwist, Scott spent 7 years at dunnhumby – a leading customer science company – where he utilized loyalty data to build lifecycle marketing programs and uncover key business insight. Currently, Scott is Senior Principal Loyalty Product Manager where he helps shape the strategic vision for Oracle CX loyalty initiatives.