Complete Guide to Customer Loyalty in 2024

Are you ready to up your customer loyalty game? With so much competition, loyal customers are the key to business success this year. And we’re here to help!

CUSTOMER LOYALTY IN 2024

As living costs rise and threats of recession loom, consumers are brand-switching in search of better value and better experiences. That means that loyal customers are more important to your business than ever.

This guide will give you an overview of the strategies and best practices for creating and maintaining customer loyalty in 2024…

Understanding customer loyalty in 2024

Loyalty is all about building long-term relationships with your customers so they will continue to choose your brand year after year. The global economy and customer behaviour are changing rapidly in 2024, making this a crucial area of focus for businesses.

Consumers are more price-sensitive, and have higher expectations, making them quicker to switch brands if they feel they can get a better deal or experience elsewhere.

Businesses must provide better experiences to build deeper relationships. Real emotional loyalty is built on a deep connection between a customer and a brand. Business-customer relationships need to be built in order to reduce customer switching…

Research by Deloitte shows that today’s customers “will be more loyal to ‘experiences’ than to brands, products or companies”.

2024 CUSTOMER LOYALTY TRENDS

To achieve personalisation, you need first-party data. This is data that a company collects directly from customers, which helps brands to understand customers better and offer tailored experiences. 

First-party data also helps companies improve their marketing and sales strategies. By segmenting your audience and using real customer behaviour patterns, you can make strategic decisions…

Benefits of first-party data

• Detailed insights into customer behaviours
• Create personalised experiences
• More accurate targeting
• Enhance your customer's experience
• Improve retention and engagement
   

Another key aspect of customer loyalty in 2024 will be the customer experience (CX). A seamless and enjoyable customer experience is crucial if you want to build loyalty.

Customers are very quick to disengage if they encounter poor CX, so it’s important for businesses to invest in infrastructure that provides the best possible experience to their customers.

So how is all of this achievable?

IT ALL STARTS WITH DATA. 
 

CUSTOMER DATA CAPTURE

Collect and analyse customer data to get a deeper understanding of behaviour patterns and preferences. Then, you can use insights to create a retention or engagement strategy.
 

White Label Loyalty provides a range of data capture options to help brands get the information they need to drive loyalty:
 

1. Card linking

Let customers use their payment card as a loyalty card, so their purchases are automatically tracked and credited to a loyalty account. 
 

Benefits for customers:

• Frictionless customer experience
• Easy-to-use, set up and get rewarded

Benefits for businesses:

• Collect insightful, real-time first-party data
• Easy integration
• Fully security compliant & secure

2. Receipt scanning

Get your customers to upload images of their receipts in return for rewards.
 

Benefits for customers:

• Quick, few-step process
• Get rewarded for shopping

Benefits for businesses:

• Collect full-basket insights - from date & time of transaction to the full SKU list of items in a customer's basket
• Machine learning technology can capture data from any kind of receipt or invoice

3. ePOS integration

Use an EPOS integration to collect customer data directly from your transactional systems. 

4. CRM / ERP / CDP integration 

Get even more insights into your customers, all-in-one-place with a CRM or ERP integration. Combine 1st party data from different sources to create a 360-degree profile of each customer.

Once collected, customer data can inform a range of business strategies, including:

CUSTOMER LOYALTY SOLUTIONS

Here’s how different industries are tackling customer loyalty in 2024…

B2B LOYALTY

e.g. Financial services, technology, manufacturing, construction, healthcare

Building lasting relationships with customers and clients is the foundation of a successful B2B business. We understand the significance of customer loyalty in the B2B world, which is why we give brands the tools to foster long-term relationships that help retain customers. 

• Understand your customers through first-party data
• Build direct relationships
• End-to-end solution
• Reduce churn

B2C LOYALTY

e.g. Retail, hospitality, automotive, F&B, travel

Get closer to your customers with a frictionless, digital loyalty program. Personalise each experience and make any behaviour rewardable with our event-based loyalty engine. 
 

• Get a solution for any use case
• Launch an end-to-end program or simply power your existing stack with our loyalty API
• Go beyond transactions and reward any kind of behaviour
• Collect valuable first-party data

BRAND ACTIVATION CAMPAIGNS

e.g. FMCG, CPG

Is your marketing focused on brand or shopper activation campaigns rather than long-term customer loyalty programs? We have the solution for you! An end-to-end turnkey solution for activation campaigns that are faster, easier and smoother.
 

Brand activations are a great way to collect the first-party data you need to fuel personalised marketing campaigns.

• Collect first-party data
• Full customisation right out-of-the-box 
• End-to-end tech, including a branded campaign microsite
• Campaign ready in days, not weeks and months

INSTANT CASHBACK

e.g. Technology, eCommerce, media, sports, telecoms
 

Cashback is an easy, tangible way to incentivize customers. Our solution is white-labelled, out-of-the-box and instant. Your customers want a seamless experience - so we don’t do complicated user journeys with multiple steps and tracking links. They simply activate and their cashback is automatically applied.

• Offer your customers free cashback on their online shopping
• Merchant-funded offers that won't cost you your bottom line
• Add a new revenue stream to your business
• White-labelled rewards microsite, web or mobile SDK

MULTI-TENANTED LOYALTY

Our platform offers a unique solution for businesses that need to manage multiple tenants in a single platform. Whether you’re setting up a multi-tenanted program for a specific industry, or looking to power a local or national offering, our platform provides a comprehensive solution for brands looking for flexibility and efficiency.

• Run a unified loyalty program across multiple businesses
• Offer venue-specific rewards 
• Multi-level user management
• Out-of-the-box analytics

MEMBER REWARDS

e.g. Insurance, financial services, media, Not for Profit
 

In 2024, you need to become the customer’s choice. Member rewards increase retention and reduce churn, especially for industries that are highly competitive. Our solution is designed to help you set up a straightforward value-adding rewards proposition without drowning in tech. 

• Out-of-the-box standalone or embedded rewards microsite
• Choose the right incentives for your customers from our Rewards Marketplace
• Make it more attractive to become and stay a member
• Engage your existing customers
• Stand out from your competitors

WHY CHOOSE AN API-FIRST PLATFORM IN 2024

In 2024, brands need to unlock customer loyalty with API-first, modular technology.

A company's data collection increases as it grows and evolves. Without proper organisation and analysis, this data can quickly become overwhelming.

Many companies suffer from data silos. As a result, businesses have fragmented perspectives of customer behaviour. But technology can help businesses get rid of silos and focus on a singular, connected data system.

API-first technology is designed to be easy to use, so you don't have to worry about complex technical integrations. No tech headaches means you’re free to focus on your customers and core business.

Our modular approach lets you pick and choose different parts of a loyalty solution to build something that is just right for your business. Build a program that is tailored to your business needs and goals, without being limited by a rigid, one-size-fits-all solution.

A modular, API-driven solution also means your loyalty strategy is adaptable and scalable. Tweak the rules of your program as customer preferences change, and scale your solution in line with business growth.