What’s Your Tax Refund Going To?

If you’re like me, this is your favorite time of the year. 

The hecticness of the holiday season has subsided, you’re still working towards resolutions that will fall to the sideline soon, the harsh winter has begun to let up AND TurboTax is incessantly reminding you to claim your tax refund a.k.a. the first glimmer of financial relief since who knows when.

In fact, nearly 70% of millennials say they look forward to their refund each year and 85% plan to have filed their taxes by the end of February. If you’re a millennial like me, I’m sure these numbers came as no surprise. Plenty of bank accounts are sure to be on the rise in the coming weeks. 

Every year the money goes towards something different, whether it be a handbag I’ve been eyeing for the last twelve months, a pair of overpriced (though highly coveted) sneakers, or a trip to a new Insta-worthy wellness retreat. While the item or experience has always varied, I never fail to return to brands that have continued to provide unprecedented customer experience over the years. I may be biased given my line of work, but I believe that consumers recognize the difference between a brand that is simply looking to reduce churn and one that is constantly working to create a two-way relationship with its customers.  

So, how do you ensure customers are spending this year’s tax return with you? 

Revamping your loyalty program

If you haven’t already, it’s time to move beyond stagnant, tiered points systems. Customers are on a journey – they want greater rewards for staying loyal year over year, and those rewards should be tailored to your industry and individual brand. Now is your chance to prove how much your brand values the business of loyal customers. Challenge your team to think beyond the norm, set goals you never dreamed of, ideate programs that get people excited and partner with companies that can help you accomplish it all.   

Offer unique personalized experiences 

Creating the perfect customer experience is one of the most critical factors while engaging with customers. It’s no longer enough to focus solely on in-store interaction. Don’t let the relationship end once a shopper leaves a storefront. Brands have to put resources towards enhancing e-commerce channels and web interactions, as an increasing number of consumers are choosing to make purchases online and on the go.

Data is king

Here at SessionM we believe that loyalty is the outcome of understanding who customers are across all channels at all times, being able to meet and anticipate their needs, and recognizing them for their attention and spend as individuals. At the core of this is data. To enhance customer loyalty, brands need to identify partners that can help rationalize data from all touchpoints and make it actionable – which enables marketing teams to capture true value through personalized interactions that motivate high value, repeat behaviors.

While February may be nearing an end, there is still plenty of time in tax season to amplify customer loyalty efforts. How do you plan to attract brand loyalists and new consumers in the coming months? Let us know, we love to hear from you!