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Strategic Insights Business Recovery in the USA and Canada

If media reports are to be believed, Canadians look to be a particularly unhappy lot right now. The recent bout of inflation and interest rate rises appear to have precipitated a specific phase of economic suffering that has spilled over into personal lives, and that misery appears to be uniform across demographic and socioeconomic categories. According to one survey, financial troubles, inflation, and high interest rates are having an impact on Canadians' mental health, driving concern about housing and food.  Millennials, particularly those who own a home, appear to be the most vulnerable to economic downturns as interest rates rise on tight debt burdens and economic damage wreaks havoc on the economy and expectations. Burdened by debt and rising housing expenses, three-in-ten Canadians are "struggling" to make ends meet, with mortgage holders reporting trouble meeting housing bills up 11% from last June. If you have a place to live, you struggle to pay your bills, and
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The Role of Customer Engagement in Loyalty Programs in the USA

Loyalty programs are being used in relationship marketing to promote consumer loyalty. Loyalty programs can benefit both customers and companies. Keeping existing customers is more cost-effective than acquiring new ones, making customer loyalty crucial for retail success. (Singh and Imran 2012). According to Singh & Imran (2012), online businesses often lose 25% of their clients each year. Even a slight gain in customer retention can boost profitability by over 25%. Relationship marketing tries to build long-term client relationships. Customers who have a strong connection with a firm are less likely to consider competing offers. Customers are driven to do this because it improves decision-making efficiency, minimizes information processing, increases cognitive consistency, and lowers perceived risks for future decisions. Singh and Imran Companies utilize various loyalty programs to foster client loyalty. of airlines and  of lodging companies reward customers for various engagement actions.

Typically purchase volume determines the Platinum

Gold, and Silver categories. (Shaw Ray 2015) The average US home has over 21 reward program memberships, yet less than half are active. Loyalty programs struggle due to lack of relevancy, restrictive reward schemes, and poor customer service. A survey and social media analysis by Consulting Date revealed that over half of consumers have abandoned at least one loyalty program. Loyalty programs should offer tailored rewards to different member groups based on their worth, and prioritize rewarding top consumers to stimulate increased spending. To better understand their customers' requirements and behaviors, organizations should create customer profiles based on relevant data from interactions. Loyalty represents relationship progress, whereas retention represents relationship continuance. Customer retention is an important aspect of customer relationships. Customer retention is mostly driven by the emotional impact of the customer experience and the organization's reputation. Customer loyalty cannot be achieved without a strong emotional connection. Most firms prioritize client retention due to the higher expense of obtaining a new customer compared to maintaining a connection with an existing one. (Singh and Imran 2012). Retention programs strive to convert infrequent customers into frequent customers, who are more likely to refer the firm to their friends and family. Additionally, they increase the likelihood of buyers purchasing multiple items instead of just one or two. (Rocking, 2005). Companies are looking for innovative ways to recruit and retain loyal customers as the cost of losing them increases. 

New research indicates that client retention relies

Heavily on service, which is expected to become increasingly crucial in the future. Potter-Brotman Jennifer, 1994). Retaining customers helps a business build a positive reputation in a competitive market. (Singh and Khan, 2012).Customer retention is all about the customer's experience. Customer relationship management is the activity of assessing and applying marketing and leverage.Loyalty programs reward customers for their long-term purchases. Loyalty programs enable consumers to make dynamic, multiple-period decisions rather than myopic ones.Organizations have rewarded preferred clients' loyalty with additional services or price concessions. Recently, loyalty reward systems have been useful in a variety of corporate sectors. Loyalty programs and memberships reward and encourage loyal purchase behavior, which can benefit the company. In retail marketing, loyalty cards, rewards cards, points cards, benefit cards, and club cards are used to identify members in loyalty programs. These programs incentivize customers to purchase more frequently and in larger amounts, resulting in higher retention rates. (Lewis, 2004). Loyalty programs were first used in business in Germany, where government regulations prohibited price completion. In 1981, American Airlines introduced the first loyalty program, which was quickly adopted by other airlines, hotels, car rental firms, credit card companies, and retailers. According to Forrester Research, retailers have the highest level of loyalty among 12 industries, whereas TV and internet.

Organizations employed reward schemes to keep

Their top consumers. Frequent customers earn redeemable points, which can be used for complimentary services, class upgrades, and product exchanges. Loyalty programs not only improve consumer loyalty, but also provide an opportunity to learn about their shopping habits and preferences. This information assists in tailoring the organization's services. Retailers realized that without a "customer database," they couldn't identify and reward their top customers. (The Loyalty Marketers Association) A loyalty program should only benefit loyal and potential loyal consumers, as not all customers are likely to become loyal. Customers are classified into groups and handled differently. client loyalty programs should improve client satisfaction and retention. To create a successful loyalty program, consider communication technology, organizational practices, and client lifetime value (Reinartz, 2004). Customer retention is commonly recognized as a key objective in relationship marketing. Customer retention, which involves recurring purchasing, provides a comprehensive understanding of a customer's preferences. service providers are less consistent. Retail loyalty programs provide points, refunds, discounts, or a mix of these. Loyalty programs are part of an overall customer engagement strategy. Many marketers mistakenly associate "loyalty" with "rewards". Loyalty provides support and dedication, not points.

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