In this presentation you will Learn how to plan, launch, overhaul and evaluate your own customer loyalty marketing program that recognizes and rewards best customers while increasing the bottom line. Whether you’re just starting out with a customer loyalty initiative or you recognize that the one you already have needs reworked, this presentation will provide valuable insight into where your next steps should be.
Who is Customer Insight Group, Inc.?
Customer Insight Group is a leader in building brand loyalty for the world’s most influential and valuable brands. We help companies engage, keep and grow more profitable customer relationships. We leverage customer insight to deliver the right message to the right customer via the right channel at the right time. The bottom line is we focus your marketing dollars to get the biggest bang for your buck. The result? Long-term customer relationships and maximized margins.
Resources:
Loyalty Blog: http://www.customerinsightgroup.com/loyaltyblog/
Loyalty eBooks: http://www.customerinsightgroup.com/white-papers
Loyalty Workshops: http://www.customerinsightgroup.com/custom-loyalty-workshops
3. Agenda
• What is loyalty marketing?
• Why is customer loyalty important
• What can loyalty marketing do for your business?
• How is customer loyalty marketing evolving?
• Where is customer loyalty today?
• 7 keys to building customer loyalty.
• SOSTAC
• Resources
6. What can Loyalty Marketing Do for Your Business?
GROW FREQUENCY
Grow and maintain the number of
Increase number of times a
existing customers who purchase
customer makes a purchase.
from you.
PROFIT PER
TRANSACTION SIZE CUSTOMER
Build transaction size by meeting Increase average value per
more of the customers needs. customer through efficient
marketing.
28. Resources
LinkedIn Group
http://linkd.in/LinkedInDiscussion
SallieBurnett on Twitter
http://twitter.com/sallieburnett
Social Media Library
http://www.customerinsightgroup.com/loyaltyblog
Infographics
http://www.customerinsightgroup.com/loyalty-infograph
Social Media Grader
http://www.customerinsightgroup.com/marketinglibrary/social-media-grader
White Papers & eBooks
http://www.customerinsightgroup.com/white-papers
Editor's Notes
A strategic loyalty initiative is one of the star players in your marketing arsenal to build momentum and spur continued growth. Learn about latest trends in customer loyalty and what the customer is expecting from their timeshare experience. You’ll also learn seven best practices that you can compare with your customer loyalty approach to uncover weak points and opportunities to improve the odds of your success
Discipline of identifying and nurturing the yield of best customers through a long-term, reciprocity, value-added relationship.“*This definition speaks to your CFO as well as your customer experience manager. Now that we have some common definitions, it’s time to concentrate on the hard stuff: nurturing customer loyalty. Five key elements of successful loyalty marketing: Insight — Create a competitive advantage Precision — Treat different customers differently Relevancy— Make it resonate Reciprocity — Deliver value in every interaction Yield — Gain an amount as a return on an investmentNurture:To help grow or develop; cultivate: Promote and sustain the growth and development of:Interactive: capable of acting on or influencing each other. Or Acting or capable of acting on each other.A term describing a program whose input and output are interleaved, like a conversation, allowing the user's input to depend on earlier output from the same run. yield v1. vt to produce something naturally or as a result of cultivation2. vt to produce something as the result of work, activity, or calculation3. vt to gain an amount as a return on an investmentReciprocity - a state or relationship in which there is mutual action, influence, giving and taking, correspondence, etc., between two parties. [1]
A company’s retention rate is the gateway to the future and the foremost predictor of strategic success. 45 percent1 of timeshare sales are from those that already own a timeshare. 1 State of the Vacation Timeshare Industry: United States Study 2011 Edition conducted by Ernst & YoungAccording to the Customer Service Institute, 65% of business comes from existing customers.It costs five times as much to attract a new customer than to keep an existing one satisfied. Marketing Metrics study found the average company 60% - 70% probability of selling again to existing customers and a 20% - 40% percent probability of successfully selling to lapse customers. 5% - 20% probability of selling to a new prospect.
Different resorts offer different rewards for referring someone to buy there. Some rewards could include:Free or discounted memberships at your exchange company.Free or discounted maintenance fees for up to a year.Discount on your own timeshare payments.Money or gift cards for different locations.
The Social Media and Online PR Report, published by Econsultancy in association with bigmouthmedia, is based on a survey of more than 1,100 companies and agencies and was fielded in September 2009.
Everyone likes to be recognized for their goodwill efforts. Brand advocates are no exception. Whether you send a tweet that says “Thanks for sharing our big news!” or give more formal recognition in an e-newsletter or blog post (such as a Member or Customer of the Month), telling your advocates that you recognize and appreciate their efforts goes a long way in motivating them to continue to speak highly of your brand.Bodybuilding.com does a nice job of recognizing their members with a Member of the Month feature that includes a member bio, photo and interview questions. Give them something to display – If you don’t already provide them with a plaque/certificate or similar item, make sure you give it to them. Simple things like online badges or a certificate like the one I got work wonders._____Reward Them: Nothing incentivizes brand advocates like a good, old-fashioned reward. This is a great tactic not only for thanking existing brand advocates, but also for identifying and engaging new ones. Be strategic about the reward by linking it to a particular action you would like them to take.Ask for their Input: 3. Ask Them For Their Input. Brand advocates often know your products and services better than anyone else, because they love them and use them often. Why not ask them what they think? Whether you are instituting a new program, rolling out a new product line or want ideas for a catchy new slogan, brand advocates will love that you have turned to them for advice. Asking brand advocates for feedback is also a great way to beta test marketing initiatives and crowdsource new ideas.
A comprehensive report on the state of the Canadian loyalty landscape The consumer loyalty landscape is maturing, as consumers are not only joining many programs each, but are purposely modifying their purchase decisions in order to optimize their loyalty program membership experience. Consumers modify where they shop, what they buy and even how much they are willing to spend in order to maximize the rewards they earn within loyalty programs.But how do consumers choose the programs they belong to and the programs in which they engage most? Not only are there hundreds of programs to choose from, but even for those who have chosen their preferred retailer or bank, there are STILL choices; most banks have several programs, retailers have credit card and non-credit card programs, and some retailers even have multiple non-credit card programs. In a sea of alternatives, how do consumers choose, assess meaningful value and stay engaged over time?This whitepaper looks at these and other important questions for loyalty marketers.About this studyMarketers who continue to spend or promote spending on loyalty marketing solutions need regular opportunities to stop and reflect on the success and the future of not only their own loyalty programs, but the loyalty landscape overall.Maritz’ 2nd annual report titled Maritz Insights: the loyalty report offers one such opportunity to reflect on the Canadian loyalty landscape, driven by the voice of consumers. Our report reveals the results of a survey of more than 6,500 consumers, exploring attitudes and behaviours on loyalty marketing programs impacting regular shopping and purchase decisions.About the researchResearch results were taken from a survey commissioned by Maritz Canada and conducted by Maritz Research Canada. The survey was fielded from December 2011 to January 2012 and spoke to a total of 6,665 Canadians, though certain lines of questioning were asked to subsets of this overall base. The sample was augmented to ensure sufficient response from certain subgroups, such as affluent consumers, though total results were weighted to national proportions on all major demographics such as income, age, gender and region.AuthorsThis report was written by:Rob Daniel, VP, Loyalty and ResearchKyle Davies, Account Manager, ResearchFebruary 7, 2012
A comprehensive report on the state of the Canadian loyalty landscape The consumer loyalty landscape is maturing, as consumers are not only joining many programs each, but are purposely modifying their purchase decisions in order to optimize their loyalty program membership experience. Consumers modify where they shop, what they buy and even how much they are willing to spend in order to maximize the rewards they earn within loyalty programs.But how do consumers choose the programs they belong to and the programs in which they engage most? Not only are there hundreds of programs to choose from, but even for those who have chosen their preferred retailer or bank, there are STILL choices; most banks have several programs, retailers have credit card and non-credit card programs, and some retailers even have multiple non-credit card programs. In a sea of alternatives, how do consumers choose, assess meaningful value and stay engaged over time?This whitepaper looks at these and other important questions for loyalty marketers.About this studyMarketers who continue to spend or promote spending on loyalty marketing solutions need regular opportunities to stop and reflect on the success and the future of not only their own loyalty programs, but the loyalty landscape overall.Maritz’ 2nd annual report titled Maritz Insights: the loyalty report offers one such opportunity to reflect on the Canadian loyalty landscape, driven by the voice of consumers. Our report reveals the results of a survey of more than 6,500 consumers, exploring attitudes and behaviours on loyalty marketing programs impacting regular shopping and purchase decisions.About the researchResearch results were taken from a survey commissioned by Maritz Canada and conducted by Maritz Research Canada. The survey was fielded from December 2011 to January 2012 and spoke to a total of 6,665 Canadians, though certain lines of questioning were asked to subsets of this overall base. The sample was augmented to ensure sufficient response from certain subgroups, such as affluent consumers, though total results were weighted to national proportions on all major demographics such as income, age, gender and region.AuthorsThis report was written by:Rob Daniel, VP, Loyalty and ResearchKyle Davies, Account Manager, ResearchFebruary 7, 2012