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Concept
Loyalty marketing
Summary
Loyalty marketing is a marketing strategy in which a company focuses on growing and retaining existing customers through incentives. Branding, product marketing, and loyalty marketing all form part of the customer proposition – the subjective assessment by the customer of whether to purchase a brand or not based on the integrated combination of the value they receive from each of these marketing disciplines.
The discipline of customer loyalty marketing has been around for many years, but expansions from it merely being a model for conducting business to becoming a vehicle for marketing and advertising have made it omnipresent in consumer marketing organizations since the mid- to late-1990s. Some of the newer loyalty marketing industry insiders, such as Fred Reichheld, have claimed a strong link between customer loyalty marketing and customer referral. In recent years, a new marketing discipline called "customer advocacy marketing" has been combined with or replaced by "customer loyalty marketing." To the general public, many airline miles programs, hotel frequent guest programs, and credit card incentive programs are the most visible customer loyalty marketing programs.
Premiums are items that a retail customer can receive by redeeming proofs of purchase from a specific product or store. This was one of the first loyalty marketing programs.
In 1793, a U.S. merchant started giving out copper tokens which could be collected by the consumer and exchanged for items in the store. This would be the first modern example of a loyalty marketing program, however, it is unclear whether these tokens were given out with the intended purpose of creating a loyalty program or simply to combat the coin shortage that existed during that time. The practice caught on and was used by many merchants throughout the 19th century. Sweet Home laundry soap, a product of the B. A. Babbit Company, came with certificates that could be collected and redeemed for color lithographs.
Official source
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