Hybrid Loyalty Programs and the Advantages
https://advan.in/hybrid-loyalty-programs/ Customer loyalty is defined as a favorable relationship between a brand and its customers that leads to them staying engaged and choosing the brand over its competitors. Customer loyalty begins with customer retention, which occurs when a company does all possible to keep customers coming back and discourage them from switching to another brand. Hybrid loyalty programs focus on merging several loyalty schemes. Customers can benefit from both a point-based loyalty program and a rewards plan, for example. The main advantages of implementing a hybrid loyalty program are multiple benefits to the customers, higher satisfaction level making them more loyal to the brand, flexibility of the program, ability to beat the competitor brands and better brand positioning. The most commonly combined loyalty schemes to form a hybrid loyalty program are point-based loyalty programmes and tier-based customer loyalty programmes. Customers can earn points