Loyalty/reward programs are becoming more and more prevalent. With the onset of more loyalty programs, it becomes important for companies to design programs that are differentiated from other competitor programs. What are at least three key aspects that a company must consider when developing a successful loyalty/reward program?
Include in your discussion post personal observations as well as concrete examples to support your views. Initial posts should be at least two paragraphs and include direct references to the readings and/or additional articles. Word choice and sentence structure should be suitable for professional level work, and all sources should have appropriate references and citations.
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A loyalty program refers to a system that provides customers with structured rewards based on their purchasing behaviours with the primary objective of increasing loyalty and collecting consumer information (Kumar & Reinartz, 2018). The programs use the concepts of commitment, loss aversion, and reciprocity to raise the prospect of customer loyalty. In the modern age, loyalty programs have become prevalent, and as…
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