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Loyalty Matters
The document discusses the importance of customer loyalty marketing, emphasizing the need for businesses to establish effective loyalty programs that adapt to evolving customer expectations. Key success elements include setting clear objectives, personalizing customer engagement, and leveraging data to enhance customer relationships. Additionally, it highlights the necessity of understanding customer value, nurturing loyalty, and maintaining relevance in communication.
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Loyalty Matters
- 1. Loyal Customers: Whydo they matter?February 2, 2011 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
- 2. PresenterSallie BurnettStrategist. Leader.Innovator.President of Customer Insight Group, Inc., a leading strategic relationship-marketing firmDigital marketing professor at prestigious Daniels College of Business2009 Direct Marketer of the Year 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
- 3. Customer Insight Group,Inc.InsightStrategyExecutionSystematic New Loyalty Program
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- 29. Website design andcontentCustomer Relationships – Engage. Keep. Grow. 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
- 30. AgendaWhat is loyaltymarketing?How is customer loyalty marketing evolving?Where are loyalty programs today?What are the key elements of success? 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
- 31. What is loyaltymarketing?Loyalty:Loyalty Marketing:Customer’s faithfulness; advocacy, devotion; constancyDiscipline of identifying and nurturing the yield of best customers through a long-term, reciprocity, value-added relationship.5 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
- 32. How is customerloyalty marketing evolving?61896TodayDevelopment has been directly related to advances in IT an POSFuture developments are supported by IT, specifically in the areas of:Social mediaPOSWeb 2.0 (iAPPS — web content management solutions)MobileLocation or proximity Ubiquitous, wearable computing 2010 Customer Insight Group, Inc. All rights reserved. • www.customerinsightgroup.com • +1 303.422.9758
Editor's Notes
- #6 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]
- #7 Programs that reward consumers for loyalty have existed for over 100 years. Today, estimates suggest that in the U.S. there are 129 million individual rewards programs in existence, with over 1.8 billion enrollments—and over $2 billion spent annually on loyalty programs.1One of the main features of a wearable computer is consistency. There is a constant interaction between the computer and user, i.e. there is no need to turn the device on or off. Another feature is the ability to multi-task. It is not necessary to stop what you are doing to use the device; it is augmented into all other actions. These devices can be incorporated by the user to act like a prosthetic. It can therefore be an extension of the user’s mind and/or body.1.8 billion members enrolled in Loyalty Programs in the US covering an estimated 129 million individuals US households enrolled in 14 loyalty programs but are active in 650% of revenue come from fewer than 25% of loyalty members More than 80% of CMOs prefer email for loyalty communications and marketingMore than 20% of all marketing dollars will be spent on digital marketing by 2014 and online technologies now receive the most new loyalty investments
- #8 a time of both lingering recession and more choices for consumers’ precious dollars than ever before, retailers are being forced to think differently about how to achieve brand loyalty. According to a new study by comScore, the percentage of brand loyal shoppers has steadily declined across all categories over the past two years.Less than 50% of shoppers in 2010 reported purchasing the brand they had once been most loyal to.
- #21 Proactively Manage Customer’s Lifecycle to Generate Incremental Sales and Profit