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Earning Customer Loyalty

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This presentation examines how and why merchants should say thank you to their customers, and focus on getting a reputation for being awesome.

This presentation examines how and why merchants should say thank you to their customers, and focus on getting a reputation for being awesome.

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Earning Customer Loyalty Presentation Transcript

  • 1. Bill Bing Founder & CEO, Loyalese Social Consumer Loyalty & Rewards Internet Summit 11/18/2010
  • 2. Background Bill Bing Co-founded Loyalese, a social loyalty platform in early 2010 10 years experience at startups and in venture capital Square 1 Financial; worked with and invested in startups nationwide Upromise; online coalition loyalty program with 12 million members 2
  • 3. THANK YOU 3
  • 4. Not “Thank You” “Valued Customer, Thank you for your recent purchase…” 4
  • 5. Also Not “Thank You” “5% off your next purchase of more than $100* if you buy within the next 24 hours…” *offer applies to select items and is subject to change 5
  • 6. Definitely Not “Thank You” “Please complete this survey to provide us with feedback so we can better serve you…” 6
  • 7. “Customers are issuing a very clear warning to marketers. Give me relevant communications that reflect my history and connections to you, or we will go elsewhere with our business.” Sandra Zoratti, VP of Global Solutions Marketing for InfoPrint Solutions Company 7
  • 8. Be Genuine Do something with no strings attached Pretend you’re giving a gift to a friend Avoid gimmicks that require further action Even better, do something creative, personal and relevant Give gifts that reflect customer interests Express your brand message through rewards 8
  • 9. Develop a Reputation for Being Awesome 9
  • 10. Loyal Customers are Essential Buy more products and services Provide insight and feedback Cost less to support Give you the chance to fix mistakes Refer new customers and recommend products to friends 10
  • 11. Case Studies in Awesome Southwest – a new type of airline Lexus – outstanding customer service Bank of America – Museums on Us Starbucks – using geo-location and other social tools 11
  • 12. Southwest Makes Flying Fun Customer-focused approach No charge for checking bags First-come, first-served seating Events for customers at airports Corporate social responsibility Active blog and social media presence 12
  • 13. The Lexus Service Experience Complimentary car washes Great snacks and personal office space Program personal electronic settings Lexus loaners for use during service No up-selling or unnecessary work Keeps customers coming back 13
  • 14. Bank of America: Museums on Us Free admission to 100+ US museums No strings attached Creative, valuable offer Reinforces brand connection by association through a shared interest Creates positive word-of-mouth 14
  • 15. Check-in at Starbucks Integration with mobile apps Give customers a reason to take action Simple rewards and discounts Enhanced brand visibility through user generated content Differentiate from competitors 15
  • 16. Value Beats Price Loyal consumers want value and quality rather than price and transactions Consistency and service are key Companies that care about customers have customers that care about them Great experiences get people talking/blogging/posting 16
  • 17. Super Connectivity Great customer experience 10 years ago Repeat business Tell a handful of friends …and that’s pretty much it Great customer experience today Repeat business Tell hundreds of FB friends and Twitter followers …and do all this in real time 17
  • 18. Impact of Social Media Social drives more traffic than Google Search directs interest; social creates it Referrals outperform ads or search Proven benefit for consumer businesses Gaming (Zynga), Dating (Zoosk) Word-of-mouth brings new customers Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/14/BUU51C0AMN.DTL 18
  • 19. Bad Math Search Commodity Comparison 19
  • 20. Good Math Social Loyalty Awesome 20
  • 21. E-commerce Cycle Conversion (Point of Sale) Loyalty happens here Customer Customer Service & Acquisition Retention 21
  • 22. When Was the Last Time… This: Or this: Or this: Led to this: Sources: http://crfidm.com/new_page_1.htm http://s.fatwallet.com/static/attachments/24703_staples10_offoneitem12_20_09to12_26_09.jpg http://www.joemonahansnewmexico.blogspot.com/2009_01_01_joemonahansnewmexico_archive.html http://www.marketing24h7.com/world-mouth-advantage-disadvantage/ 22
  • 23. Takeaways Become awesome Get loyal customers Use social tools and creative rewards to help them tell their friends Get more loyal customers 23
  • 24. THANK YOU @BillNBing bill@loyalese.com 24