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Magnetic Loyalty: Crafting Effective Loyalty Programmes that Attract and Retain Customers
Newspaper article   Open access

Magnetic Loyalty: Crafting Effective Loyalty Programmes that Attract and Retain Customers

Klaus Heine and Vanessa Brunner
European Business Review
20/03/2024

Abstract

luxury branding loyalty programs customer retention
Most brand managers today see room for improvement in their repurchase rates, particularly as Generation Z tends to exhibit lower brand loyalty amidst intensifying competition. As it is more difficult to acquire new customers than to retain existing ones, loyalty programmes stand out as a promising tool. This article outlines a seven-step decision process to create loyalty programmes that are effective because they align with consumer psychology and the brand’s overall purpose.
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