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Loyalty Marketing And The Vacation Rental Industry
 

Loyalty Marketing And The Vacation Rental Industry

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These slides are from a RezFest 2013 Presentation given by Robert Gray, & Susan DeCourcey. It covers the basics of Loyalty Marketing and how important it is for the Vacation Rental Industry to engage ...

These slides are from a RezFest 2013 Presentation given by Robert Gray, & Susan DeCourcey. It covers the basics of Loyalty Marketing and how important it is for the Vacation Rental Industry to engage in Loyalty Marketing to increase repeat business, build brand awareness, increase market share through up-sales and provide more relevant dialogue with clients and prospects through data capture.

Attendees to this session will learned
1. The different types of loyalty marketing
2. How to develop a value statement for a proprietary loyalty program
3. The importance of data collection
4. Deciding on whether a points based rewards program or a dialogue only program is best for your company
5. The resources and tools needed to run a program properly and how to execute and measure results.

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  • Robert – Introduction and welcome.
  • Robert
  • SusanProvide overview in conversational tone – do not read from slide!
  • SLIDE 1Susan – Humor! There was no denying that dog's loyalty to her master!Recap definition of loyaltyNext slide – refine definition for the vacation rental industry.
  • SLIDE 1Susan – Same loyal dog…but a slightly different definition.
  • Susan – SLIDE 2Classic definition of loyalty marketing. We can build on this…to say (next slide)
  • Susan – SLIDE 2For the Vacation Rental Industry…definition. Now having definitions for loyalty and loyalty marketing, all things bring equal, a strong loyalty marketing program is what will differentiate you from your competition.
  • SLIDE 3Robert - discuss the varied ways people are involved in loyalty marketing
  • SLIDE 4Robert
  • SLIDE 5Robert
  • SLIDE 6Susan – overview slide from book (see 3-5 to expand)Provide brief recap of 2, 3, and 4 – circle back on 1 – for VR industry – Proprietary is the best fit / opportunity to capitalize on a loyalty marketing program and then move to next slide for overview.
  • SLIDE 7Susan -Track and reward individual behaviorBring brand promise to life; make it tangibleCreate value far in excess of actual costEstablish a continuity relationshipMuch more flexible to customize the value propositionAccess to own data for analysis and application
  • SLIDE 8Robert – General thoughts on value(see book 3-49 for “The Perfect Value Proposition”)
  • SLIDE 9RobertData – information, demographic, likes/dislikes, purchase plansAdvocacy – positive reviewsDialogue – information exchange on the improvement of servicesSales – increased repeat sales and up-sales based on loyalty to brand
  • SLIDE 10RobertData – information, demographic, likes/dislikes, purchase plans
  • SLIDE 11RobertDiscounts – provide special discounts to those who are part of the programCurrency – a point based system that allows for accumulation based on purchases or other like itemsSoft Benefits – non tangible items – ex: early check-in, status, early notifications, etc.Dialogue – pertinent and relevant communications
  • SLIDE 12SusanGeneral overview on strategy – move to resources slides!
  • SLIDE 13Talk about Paul’s continuum. Describe a “platform” that supports the lifecycle of a vacationer.
  • SLIDE 14Give your staff the tools they need to manage the relationship. Human Factor!
  • SLIDE 17SusanNow that you’ve developed a strategy, set goals and objectives, it’s time to execute the plan. Make it manageable. Focus on one objective to begin (brand awareness, repeat guests, etc.)Why measure?What to measure? Define your KPI’s based on your business goals and objectives. This is going to be different for every company. # new members; # of repeat guests (1x yr / 2x yr / every 3 years)As for feedback. Ask for referrals. Learn from your results! Evolve!Expand on each….!
  • Robert
  • During this slide explain who and what Visual Data System does. There are animations, so please practice this one.

Loyalty Marketing And The Vacation Rental Industry Loyalty Marketing And The Vacation Rental Industry Presentation Transcript

  • { Loyalty Marketing & The Vacation Rental Community RezFest, September 2013 Visual Data Systems
  • Serving the Vacation Rental Community with Web Design, Online Marketing Solutions and Reservation System Integration
  • Agenda  Define Loyalty Marketing  Loyalty Marketing Basics  Benefits of Loyalty Marketing  Assess Loyalty Marketing Programs  Design a Loyalty Marketing Program Loyalty Marketing Strategy, Execution & Measurement  Begin Your Journey!
  • What is LOYALTY? loy·al·ty 1. the quality of being loyal to someone or something.

2. a strong feeling of support or allegiance. - Merriam-Webster.com
  • LOYALTY - Vacation Rental Industry loy·al·ty 1. Is expressed when a customer chooses your product when other options are mostly equal.
  • What is LOYALTY MARKETING? “The effort to identify, maintain and increase the yield of best customers through long- term, interactive, value added relationships.” - Colloquy
  • LOYALTY MARKETING – VR Industry Differentiator Next Practice Game Changer
  • EXAMPLES of Loyalty Marketing ✔
  • Why is Loyalty Marketing ESSENTIAL to a SUCCESFUL Business? • Improve customer retention (repeat business) • Increase market share • From competitors • Cross-/up-sell • Provide a framework for relevant dialogue ✔
  • Loyalty Marketing & Your Company • How do you define a loyal customer? • How much does a new customer cost ($) v. retaining a current customer cost? (Hint: About 6X as much!) • If you could increase your percentage of loyal clients based on your definition by 5, 10, 15% - how much would that be worth? ✔
  • TYPES of Loyalty Marketing ①PROPRIETARY: The classic model ①PARTNER: Develop something others can use ①PLAYER: Use someone else‟s program ②COALITION: Multiple partners
  • PROPRIETARY Model ① Your VALUE Proposition ① Your DATABASE ① Your DIALOGUE ① Your RELATIONSHIP
  • Your VALUE Proposition „The promise you are making in exchange for something of fair value‟ ✔
  • What Do You Want? ① Data ① Advocacy ① Dialogue ① Sales ✔
  • DATA ✔
  • What Are You Willing To Give in Return? Four Basic Ways to Deliver Value: ① Members Only Discounts/Privileges ② Promotional Currency ③ Soft Benefits ④ Dialogue ✔
  • Strategy, Execution & Measurement ① Define your GOALS ① Define what you are willing to give in RETURN ① Understand what RESOURCES and TOOLS you will need to implement ① BUDGET ① EXECUTE ② MEASURE
  • What RESOURCES Will You Need?
  • What RESOURCES Will You Need?
  • Execute, Measure and Evolve
  • How to GET STARTED & GET HELP • UNDERSTAND the IMPORTANCE • DECIDE your LEVEL OF COMMITMENT • Work with a CONSULTANT • Analyze • Strategize • Implementation Procedure • Analysis Tools • Exit Strategy • Get COMPANY WIDE BUY-IN • IMPLEMENT • ANALYZE & STRATEGIZE again • TWEAK and MODIFY ✔
  • Visual Data Systems 20 years serving the Vacation Rental Community with Web Design, Online Marketing Solutions, & Reservation System Integration. www.vdsys.com info@vdsys.com Susan DeCourcey, VP – Client Solutions 410-964-8665, ext.: 276 susand@vdsys.com Robert Gray, VP – Vacation Rentals 410-964-8665m ext.:234 robertg@vdsys.com