Afterpay, a “Buy Now, Pay Later” payments provider, announced the launch of its exclusive rewards program in partnership with Nift Networks. This collaboration aims to revolutionize the shopping experience for Afterpay customers by providing them with unparalleled opportunities to discover and try thousands of new products and services through the innovative Nift gift network.

“We are always looking for ways to improve our consumer shopping experience, and our partnership with Nift does just that,” said Marni Schapiro, GM Global Advertising at Afterpay. “Our partnership empowers our customers to explore and experience thousands of new products and services with convenience while staying in control of their finances.”

AI Collaboration proves “Gifts Beat Ads”

Through the enhanced rewards program and Nift’s proprietary AI, Afterpay customers are matched with a curated selection of gifts provided by the 12,000 brands advertising on the Nift Network. These exclusive high-value gifts are designed to help customers try new products and services, creating a unique opportunity for discovery and trial. With Afterpay’s flexible payment solutions, customers can easily unlock a world of possibilities while managing their finances responsibly.

Nift Networks is renowned for its exclusive gift network, which enables people to discover and try a wide range of products and services—from music, jewelry, and wine delivery, to neighborhood restaurants and bars. Nift’s 37M+ audience comes from partnerships with leading companies like Afterpay, iHeartRadio, Meetup, Mindbody, and ParkMobile, who use Nift to thank customers at key lifecycle moments. Nift’s patented machine learning matches customers with gifts from local businesses and national brands such as HelloFresh, Allbirds, and Rocksbox. This curated selection of gifts is designed to facilitate trial and exploration, driving net new customer acquisition for participating advertisers.

“We are thrilled to collaborate with Afterpay and empower their customers to discover and trial thousands of new products and services through our exclusive gift network,” said Elery Pfeffer, Founder and CEO at Nift Networks. “With Nift, our partner’s best customers can experience a diverse range of local and national businesses while providing valuable net-new customer acquisition for our participating brands. Together, we are revolutionizing how customers discover and try new products and services.”

The partnership between Afterpay and Nift Networks offers an unparalleled rewards program that enhances the shopping experience for customers, while driving revenue for both brands. Since partnering, Afterpay has seen strong engagement from consumers with the product. By combining Afterpay’s commitment to access and flexibility with Nift Networks’ expansive gift selection, this collaboration empowers customers to embark on a journey of discovery, trial, and enjoyment.

The post Afterpay partners with Nift Networks appeared first on The Mighty Keypad.

The best brands have one thing in common: they care about their customers. They share robust emotional connections with them, and as brands develop newer initiatives, they need to adopt the right tools to deliver value and measure emotional connection. 

According to Motista, customers with an emotional relationship with a brand have a 306% higher lifetime value. They will recommend the brand 71% more than the average rate of 45%.

Emotional loyalty is not entirely new; for instance, customers are familiar with some softer benefits an airline offers as a part of its loyalty programme. In the aviation industry, top-tier members often enjoy faster service at the airport or get exclusive facilities like lounge access. 

In convenience retail, higher tiers such as silver or gold statuses facilitate members to earn rewards faster. Due to these initiatives, customers will undoubtedly feel more loyal to their brands.

Emotional Loyalty In action

A few years ago, the Irish Coffee Company Insomnia gave customers a bonus of approximately triple the points if they brought their reusable coffee cups. With consumers increasingly concerned about the damage businesses are doing to the environment, this is an example of rewarding customers for sustainable behavior. 

Insomnia’s initiative saves the company the cost of using disposable cups and avoids the waste associated with them. The generosity of the reward is effective in helping customers make that behavioral change and begin to bring a reusable cup from home, which is good for the environment and, of course, also makes the member respect the Insomnia brand all the more.

A UK company called For Good Causes allows members of loyalty programmes to convert their unused points to any one of 20,000 registered charities around the country. This is a great idea to build emotional loyalty and is exceptionally appealing to members to know they can donate their loyalty points to a charity of their choice rather than simply a charity that the brand might otherwise choose to donate to from time to time.

Why Measuring Emotional Loyalty is Essential

Customers are loyal based on pleasant feelings, encouraging reinforcement, and satisfying experiences. This justifies looking into the resources that will enable brands to gauge customer sentiment.

Corporate leaders must understand that pleasant, memorable experiences are the foundation for commitment to benchmarks and assessing loyalty.

One way that Epsilon measures emotional loyalty is by looking into how it can measure the emotions of consumers and the impact on lifetime loyalty. Data insights are key, and continuously aligning to KPIs while seeking customer feedback is essential.

Measuring Emotional Loyalty using a Combination of Tools

A single score, such as your net promoter score (NPS) or customer satisfaction score (CSAT), is insufficient to measure emotional loyalty. Brands can establish an emotional connection with customers using NPS and CSAT as starting points.  Because each customer interacts with brands differently, a survey alone cannot obtain either score. Their loyalty is a temporary factor determining whether they are happy or unhappy with a specific touchpoint.

Epsilon’s emotional loyalty score came with new segmentation scoring embedded in the platform. It is displayed as a segment type in the customer view to help identify more emotionally attached customers through look-alike modeling. It’s flexibly designed to utilize Epsilon’s proprietary emotional loyalty model or ingest client-provided data such as an NPS score. Today, it’s leverageable as a self-service tool on Epsilon People Cloud Loyalty or in conjunction with Epsilon’s strategy services.

Social Media Polls

Given how deeply ingrained social media is in consumers’ daily lives, brands are thinking about using sentiment analysis on their social media channels and regularly polling their whole customer base and asking for unstructured input in their call centers.

As a result, the loyalty team would increase the data collection and analysis value to evaluate emotional loyalty.

To foster emotional loyalty, the team needs to do more than make their clients feel appreciated, content and valued. As per Forrester’s CX Index data, consumers who feel appreciated by brands are more likely to do business with them, with 76% of respondents agreeing to this.

Additionally, 87% of customers are likely to refer the brand to their peers, and 80% of customers will spend more money with the company. Businesses integrating their brand values with their customers bring home all of this.

Conclusion

It all comes back to bringing scalability to business by developing emotional loyalty. Giving exceptional customer service and catering to shopper demands remain cornerstones of creating an emotional connection with customers. Brands must balance their retention methods by developing emotional ties with their customers through prompt and effective customer service and messaging and by avoiding customer burnout. Brands have a better chance of forming a genuine connection with their customers if they win their trust.

The post What’s Your Emotional Loyalty Score? appeared first on The Mighty Keypad.