Trends in Loyalty and Customer Communications 2010


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Deck on the Impact on Customer Loyalty of the challenging economic, regulatory and technology environments 2009 – 2010. Publically available data were reviewed and extrapolations were made where necessary.

Trends in Loyalty and Customer Communications 2010

  1. 1. Trends in Loyalty and CustomerCommunication 2010Defining Loyalty, Measuring Loyalty, Optimizing LoyaltySeptember 2010Walter
  2. 2. Part of a Series on Global Information ManagementThis presentation is part of a series of work by Walter Kitchenman( covering the importance and use of Information.Earlier studies documented the availability, use and benefits of shared consumer and other dataand how such transparency shapes businesses globally; inhibitors to sharing informationresources within large organizations; solutions for implementing Best Practice InformationProducts and Knowledge Management; and an introduction to Digital Marketing and why it willbe critical in terms of future investments.
  3. 3. PurposeThis presentation describes the impact on Customer Loyalty of thechallenging economic, regulatory and technology environments 2009 –2010. Publically available data were reviewed and extrapolations weremade where necessary.• Identify and define Loyalty Metrics• Show how Customer Communications strategies optimize Customer Loyalty• Anticipate the impact on Customer Loyalty of a weakened economy, regulatory changes and the fluid Web 2.0 environment 2
  4. 4. Agenda1. The Big Picture.……………………………………………………….. 42. Defining Loyalty……………………………………………………….. 103. Measuring Loyalty ……………………………………………………. 154. Forces Impacting Loyalty…………………………………………….. 255. Communications and Loyalty………………………………………… 336. Improving Loyalty ..…………………………………………………… 407. Summary ………………………………………………………………. 48 3
  5. 5. Trends in Loyalty and Customer Communication 2010THE BIG PICTURE 4
  6. 6. THE BIG PICTURE> TAKEAWAYS For More than 100 Years Programs Have Rewarded Customers for Loyalty Evolution of Rewards Programs • Developments since the 1980s are directly related to: – Advances in IT and at POS • Future developments are supported by Ubiquitous Rewards IT, specifically in the areas of: Instant Rewards – Social media – POS Enterprise Rewards – Web 2.0 (i.e. iAPPS, Tweets, etc) Coalitions – Mobile Grocery & Convenience – Proximity (RFID technologies) Credit Cards – Wearable or “ubiquitous” computing Rental Cars Hotels AirlinesS&H Green Stamps 1890s Today Future Source: TowerGroup 5
  7. 7. THE BIG PICTURE> TAKEAWAYSTake AwaysCustomer satisfaction rates held steady 2010 y-t-d despite declining revenues.Winners use more than one Loyalty Metric and measure campaigns over-time.• Loyal Customers may not be profitable at a point in time making Lifecycle Management and Customer Lifetime Value (CLV) increasingly important• Rewards programs are ubiquitous, especially in banking, as Debit surpasses Credit and offers loyalty programs as well• Inserts, email campaigns and landing pages remain powerful tools to engender Loyalty as small improvements at the margin yield big results• New media (e.g., iAPPS, Twitter, social networks) do not yield big numbers in terms of reaching Loyalty Members but have high adoption rates• Highly Connected Individuals (HCI) may not produce a large CLV but carry brands with them on mobile and other devices and sway thousands• There is a large untapped market for Loyalty Metrics among CMOs 6
  8. 8. THE BIG PICTURE> KEY METRICSThe Loyalty Universe: Key MetricsA 2.1% average opt-out rate annualized across 13 campaigns means 45% of alist or dBase of potentially Loyal Customers may disappear.• 1.8 billion members enrolled in Loyalty Programs in the US covering an estimated 129 million individuals• US$2 billion spent annually in the US on Loyalty Programs and Loyalty Solution IT that is used to segment and target customers• US households enrolled in 14 Loyalty Programs but are active in 6• 50%+ of revenues come from fewer than 25% of Loyalty Members• 35% of bookings are made by Loyalty Members (hotels and Casinos)• 80%+ of CMOs prefer email for loyalty communications and marketing• 20%+ of all marketing dollars will be spent on digital marketing by 2014 and online technologies now receive the most new loyalty investments 7
  9. 9. THE BIG PICTURE> KEY METRICS US Loyalty Memberships by Industry est. 2010 There are 14 Loyalty Memberships per US household. Loyalty Programs reach an est. 129 million individuals. Financial services (cards) are biggest segment. Distribution of 1.8 billion Memberships by Major Industry Segment Industry Millions of Members Financial Services 422 Retail (Specialty & Dept. Stores) 284 Airlines 277 Grocery Stores & Fuel/Convenience Stores 204 Hotels 162 Casinos 106 Drug Stores 74 Restaurants 14 Car Rental & Cruise Lines 11 Other 128Source: COLLOQUY; extrapolations from COLLOQUY data 8
  10. 10. THE BIG PICTURE> KEY METRICSThere is a Large Un-Tapped Market forLoyalty Metrics Among CMOs Most marketers ignore the more complex measures of Loyalty and maintain limited dbases.• 73% collect basic demographics• 68% track location of Loyalty Members• 33% measure satisfaction levels• 27% measure brand loyalty• 14% measure Advocacy RatesSource: CMO Council 2009 - 2010 9
  11. 11. Trends in Loyalty and Customer Communication 2010DEFINING LOYALTY 10
  12. 12. DEFINING LOYALTY> DEFINITIONSLoyalty is the Propensity of a Customer to Use aProduct in the FutureWe Define Loyalty in Three Simple Ways1. Customer Satisfaction2. Emotions3. Behaviors 11
  13. 13. DEFINING LOYALTY> DEFINITIONSCustomer Satisfaction is Highly Related toLoyalty and Customer RetentionCustomer satisfaction and customer loyalty are the best predictors ofcustomer retention.Three Broad Categories of Customers• Dissatisfied Customer - Looking for another product or service• Satisfied Customer - Open to the next better opportunity• Loyal Customer - Returns despite offers by the competition. 12
  14. 14. DEFINING LOYALTY> DEFINITIONSCustomer Dissatisfaction is a Very ImportantDriver of Consumer Behavior Prompt resolution of a dissatisfied customers issue results in 85% of them as repeat customers.Characteristics of a Dissatisfied Customer• For every customer that complains at least 25 do not• Dissatisfied customers tell 8 to 16 others about their dissatisfaction• Highly networked dissatisfied customers tell thousands• 91% of dissatisfied customers never purchase from the company again• 68% of customers who do not return cite employee attitude 13
  15. 15. DEFINING LOYALTY> DEFINITIONS Behaviors and Emotions Characterize Loyalty: Example from the Auto Industry Loyalty in the automotive industry involves many behaviors we identify intuitively with Customer Loyalty. Auto purchases elicit emotions to a great degree. Measures and Behaviors Identifed with Loyalty Retention Expansion Compliance Advocacy Repeat Buyer . Increases Provides Info. Recommends Brand Seeks Out Brand “Share of Wallet” Self-Services Supports Brand Avoids Competition Pays Price Premium Complies w/Requests and Positions Accepts AdviceSource: Derived in part from from Synovate 14
  16. 16. Trends in Loyalty and Customer Communications 2010MEASURING LOYALTY 15
  17. 17. MEASURING LOYALTY>DEFINITIONSCustomer Loyalty is Quantified in LoyaltyMetricsWe Consider Six Common Loyalty Metrics1. Net Promoter Scores (NPS)2. Share of Wallet (SOW)3. American Customer Satisfaction Index (ACSI)4. Market Metrix Hospitality Index (MMHI)5. Customer Lifetime Value (CLV)6. Customer Effort Score (CES) 16
  18. 18. MEASURING LOYALTY>TAKE AWAYSTake AwaysNo single metric predicts Loyalty for every company or industry.• A loyal customer may not be a profitable customer• The best metric is a combination of qualities that can be weighted• Loyalty Metrics should be comparable over time and provide a base for the assessment of future performance• Loyalty Metrics should decline due to inactivity - a prolonged period of account inactivity suggests the need for remedial action• Loyalty Metrics should correlate highly with the likelihood of future purchases and account activity 17
  19. 19. MEASURING LOYALTY>LOYALTY METRICSNet Promoter Scores (NPS) ShowWillingness to RecommendThe Net Promoter benchmark is popular for simplicity and claims itcorrelates to company growth.• Traditional customer-satisfaction measures omitted willingness to recommend• Customers are asked "How likely is it that you would recommend us to a friend or colleague?" and then provide a rating from 0 ("Not at all likely") to 10 ("Extremely likely")• Avis, HP and IBM are among the many prominent adopters of NPS 18
  20. 20. MEASURING LOYALTY>LOYALTY METRICSShare of Wallet (SOW)• Share of wallet (SOW) measures the share of money the customer spends on a brand in preference to other brands• SOW is not necessarily a reliable indicator of Loyalty and works best when there are clear choices between well established brands• SOW is an indication of the past and therefore not necessarily an indicator of what a customer will do tomorrow• SOW measures behavior at a single point in time• SOW works best as one of many Loyalty Metrics• Financial Services firms, especially card issuers and card associations, track SOW trends 19
  21. 21. MEASURING LOYALTY>LOYALTY METRICSAmerican Customer Satisfaction Index(ACSI) has Best Predictive ValueSince 1994 ACSI is a leading benchmark used to measure changes tosatisfaction over time, which in turn drives customer loyalty. Customer + = ComplaintsCustomer Expectations CustomerPerceived Overall Quality SatisfactionPerceived Value Customer Loyalty 20
  22. 22. MEASURING LOYALTY>LOYALTY METRICSACSI May Have Several Disadvantages as aMeasure of LoyaltyMany marketers believe that Quality and Value directly affect Loyaltywithout going through Satisfaction.• Complaints may be driver not consequence of satisfaction• Some believe that satisfaction is a poor intermediary 21
  23. 23. MEASURING LOYALTY>LOYALTY METRICSMarket Metrix Hospitality Index (MMHI) wasCreated in 1996MMHI is an indicator of US customers‟ satisfaction and pricesensitivity for airlines, car rental, hotels and other hospitality services.• Data for the MMHI are gathered from a national consumer panel• Each quarter 35,000 new interviews are conducted with travelers• Evaluations of all major U.S. hospitality brands in all 50 states• Index is available quarterly and MMHI „winners‟ value this designation• In 2009 – 2010 Customer Satisfaction was steady with the hospitality brands that best targeted Loyalty Program members leading the way• The MMHI is a proprietary score 22
  24. 24. MEASURING LOYALTY>LOYALTY METRICSCustomer Lifetime Value (CLV): Long-TermMeasure of Customer LoyaltyCustomer lifetime value (CLV) is the net present value of todayscustomers current and future contributions to profit.• A loyal customer may not be a profitable customer• Customers may be unprofitable because they cost too much to acquire or too much to keep loyal, or don‟t have resources at a particular point in time to make a purchase (autos, airlines)• CLV measures profitability but the missing variable is share of wallet 23
  25. 25. MEASURING LOYALTY>LOYALTY METRICSCEB Introduced a New Proprietary LoyaltyMetric: The Customer Effort Score“The probability that a service interaction will drive disloyalty isapproximately four times greater than the chance it will create anypositive loyalty impression.” - Conference Executive Board• The CES shows a strong negative correlation to loyalty• The more effort a customer puts forth in a service interaction, the less likely they are to be loyal 24
  26. 26. Trends in Loyalty and Customer Communications 2010FORCES IMPACTING LOYALTY 25
  27. 27. FORCES>DEFINITIONSExternal Forces Can Have a Major Impact onCustomer LoyaltyThree Important Forces Shape Customer Loyalty 2009 - 20101. The Economy2. Regulation of Financial Services3. Technology (Web 2.0) 26
  28. 28. FORCES>TAKE AWAYSTake Aways• The declining economy has impacted on Loyalty and leading brands focused on Loyalty Members and received more than 50% of their revenues from 25% of customers (customer segmentation works)• In cards, the largest loyalty program segment, the number and use of debit cards surpassed credit cards in 2009• Regulatory changes in 2010 that impact Financial Services that provide more opportunities for opt-outs and fee hikes require a Communications Strategy• Technology changes (Web 2.0) in 2010 mean that many Loyal Customers will take a brand with them through iAPPS, Tweets, RSS and social networking updates 27
  29. 29. FORCES>ECONOMYWhen Consumers Feel Less Wealthy thereare Broad Implications for Loyalty Programs Some key indicators mean that consumers cannot borrow and consume as they have in the past due to a lack of debt capacity.• Modest or slow growth of the US economy• High unemployment• No debt capacity among many consumers and businesses• Falling housing values and rising foreclosures limit home equity borrowing• Wall Street is edgy -- declining 401s reduce savings by as much as 40%• Possible shift away from consumption-oriented growth to more investment oriented growth• Shift away from Credit card use to Debit cards and even cash 28
  30. 30. FORCES>ECONOMYA Slow Economy Makes Loyalty MembersMore Price Sensitive Pricing 2010Proportion Willing to Pay for Rewards Card by Category (Percent) Rewards Category $0 $1 – $19 $20 – $29 $30+ Airlines 57% 9% 8% 22% Auto / Gas 91% 3% 2% 2% Cash Rebate 92% 4% 2% 2% Merchandise 93% 3% 1% 1% Blended 84% 4% 5% 3% Lifestyle 91% 5% 2% 1% General T&E 71% 8% 6% 12% All Others 87% 6% 2% 2%Source: TowerGroup 29
  31. 31. FORCES>REGULATIONSBanking Regulations Beginning in August2009 Impact on the Largest Loyalty SegmentWell-designed landing pages can turn reporting of regulatory change andfee hikes into an opportunity to promote Loyalty by capturing and mitigatingthe reasons for opt-outs.• 45 days notification of changes to credit card accounts - previously 15 days notice required unless customers defaulted on accounts• 21 days to pay monthly balances without threat of late fees or penalties• Opt-Out from interest rate hikes and fee increases and the ability to cancel accounts while paying off balances under older interest rates• Restrictions on rate hikes, bans on marketing credit cards to young adults and gift card regulations took effect beginning in February 2010• The Consumer Financial Protection Bureau approved in August 2010 has broad powers to enforce and interpret credit card regulations 30
  32. 32. FORCES>REGULATIONSMilestones in Legislation that Impact Loyalty Aug 2009 July 2010 Aug 2010 Dec 2010Credit card issuers Federal rules on unfair Credit card issuers must Comptroller to submitmust give 45 days„ or deceptive credit card reduce interest rates to study on creditadvance notice of practices and disclosure previous levels after six insurance and debtsignificant changes in take effect. month reviews of agreements with cards.terms and give accounts that have been Deadline for Fed toconsumers 21 days to increased. Fees (late, produce first biennialmake monthly exceeding limit or other) review of cost andpayments. Cardholders must be proportional. availability of cards andgain right to Opt-Out of adequacy of laws.certain changes interms. Gift cards must be Legislation creating the valid five years+; first Consumer dormancy fees banned Financial Services for 12 months. Protection Bureau. 31
  33. 33. FORCES>TECHNOLOGYAdvances in Web 2.0 Impact on LoyaltyCommunicationsLoyal Customers use new media and take brand info with them. Thesuitability of each should be assessed for each industry and campaign.• Blogs (e.g., LiveJournal, Typepad, WordPress, etc.)• Microblogs (e.g.,Twitter, Plurk, Identica, etc)• Message Board/Forums• Wiki (sites that allow the public to make changes)• Video/Photo Sharing (e.g.,YouTube, Flickr, etc)• Social Networks (e.g., Facebook, Myspace, Linkedin)• Mainstream Media Blogs (e.g., Wall Street Journal, CNN, etc.)• Mobile Apps (iPhone)Source: Introduction to Digital Marketing (Walter Kitchenman) 32
  34. 34. Trends in Loyalty and Customer Communication 2010COMMUNICATIONS AND LOYALTY 33
  35. 35. COMMUNICATIONS>DEFINITIONSCommunications Strategy is Critical toRetaining CustomersWe Consider Four Aspects of Customer Communication1. Preferred Means of Communicating with Customers2. Some Key Terms3. Effectiveness of Email Campaigns 20104. Impact of Opt-Out Rates on Campaigns Over Time 34
  36. 36. COMMUNICATIONS>TAKE AWAYSTake AwaysOpt-out rates for major industries promoting Loyalty is about 2.1% and canbe lowered by testing alternative Communications Strategies and content.• Email is a very cost effective means of contacting Loyal Customers and preferred by more than 80% of CMOs• The Retention Rate (RR) should be above 95% (The amount of opt-ins less the number that have opted-out)• A high Frequency of Mailings is expected to produce a high opt-out rate• Opt-outs may result from poor creative content• Leaders focus on and test an individual campaigns trend and step back and look at the big picture of all campaigns over time 35
  37. 37. COMMUNICATIONS>DEFINITIONSUsed and Preferred Means of Communications Email is preferred by marketers because of low cost, the ability to automate targeted messages, measure results and test alternative approaches. Medium or Format % Using % Preferring Likely Trend Web Sites (Corporate & Landing) 60 45 email 60 84 Word of Mouth 47 n/a Point-of-Sale 46 n/a Direct Mail, Statements, Inserts 42 51 Customer Service/Sales Reps 39 25 Dedicated Sites (Loyalty Program) 60 32 SMS Texting 8 24 Social Networks 8 16 iAPPS 5 n/aNote: Based on 300 CMO responses across diverse industries .Source: Extrapolated from 2009 CMO Council data 36
  38. 38. COMMUNICATIONS>DEFINITIONSSome Key Terms• Open Rate: Number of emails opened divided by the number of emails delivered (multiply by 100 to express the result as a percentage)• Click-Through: A prospect takes an action and clicks on a link• Click-Through Rate: Number of responses divided by the number of emails opened• Hard Bounce/Soft Bounce: A "hard bounce" indicates a permanent failure due to a non-existent address or a blocking condition by the receiver; a "soft bounce" indicates a temporary failure due to a full mailbox or an unavailable server• Unsubscribe: Canceling a service (e.g., an email newsletter or inclusion on a mailing list) 37
  39. 39. COMMUNICATIONS>EFFECTIVENESSEffectiveness of Email Campaigns 2010 Average Open, Click, Bounce and Abuse Complaint Rates by Industry (%) Industry Open Click Soft Hard Abuse Unsubscribes Rate Rate Bounces Bounces Complaints Financial Services 20.9 2.5 2.8 4.0 .06 .03 Retail 27.6 5.8 1.5 2.8 .08 .42 Airlines & Travel 25.0 5.0 2.2 3.7 .10 .40 Grocery Stores 36.6 7.9 .84 2.0 .09 .63 Hotels 27.5 7.2 2.9 5.3 .08 .50 Restaurants 26.2 3.4 1.3 3.4 .08 .41Source: Extrapolated from MailChimp‟s reporting of these rates based on 233 million emails sent in different campaigns 2009-20010 38
  40. 40. COMMUNICATIONS>EFFECTIVENESSEven a 2.1% Opt-Out Rate Should PromptEfforts to Improve CommunicationsOn an annual basis, assuming 13 campaigns, a 2.1% Opt-Out rate percampaign will yield a 45% opt-out/invalid rate.Example of a Campaign Beginning with 10,000 potentially Loyal Customers 3 Mos Out 6 Mos Out 9 Mos Out 12 Mos Out 10000 7500 become become 6500 5800 7500 6500 become Becomes 5800 5500 45% Effective Opt-Out RateSource: Numerical example is extrapolated and derived from data included in the MineThatData Newsletter March 2007 39
  41. 41. Trends in Loyalty and Customer Communication 2010IMPROVING LOYALTY 40
  42. 42. IMPROVING>DEFINITIONSCommunication Tools are Used to EngenderLoyaltyWe Consider Five Aspects of Improving Customer Loyalty1. Rewards Programs2. Traditional Communications Programs3. Innovative use of Web 2.0 to Engender Loyalty4. Use of Loyalty Solutions IT for Segmentation and Targeting5. Importance of Digital Marketing in 2010 and Beyond 41
  43. 43. IMPROVING>REWARDSLoyalty Models Focused on Rewards BecomeUbiquitous (Especially in Financial Services) Competition Model Description Advantages Disadvantages Proprietary Rewards Programs • Control • Cost Rewards Programs sponsored by a Bank that • Solution flexibility offer a blend of from Fixed cost Merchandise, T&E and / or structure Cash Back Rewards for spending. Co-Brand: General T&E and Airline • Targeted • Dependence on Airlines / T&E programs that have linked • Shared promotion Partners Rewards Programs Travel Rewards with costs • Need for market card usage. focus is heightened Retail Private Label or Co-Brand • Targeted • Mixed ability to Rewards Programs Programs that attempt to • Shared promotion capture general capture lions share of costs with Spend category Spend. Co-Brand partner • Transaction dataSource: TowerGroup, MasterCard Advisors 42
  44. 44. IMPROVING>COMMUNICATIONSTraditional Communications Programs toImprove Loyalty Work and Improve RetentionWhen an economic downturn limits sales, Lifecycle Management Strategieskeep Loyal Customers involved with the brand.Five Traditional Means to Keep in Touch with Customers1. Program Announcements that display news and program alerts at specified times to specified participants2. Collateral Materials such as enrollment forms, FAQ sheets, member cards, brochures and inserts3. HTML email and promotional Web sites4. Newsletters – both print and e-mail5. Personalized direct mail (ex. - welcome letters, printed statements) 43
  45. 45. IMPROVING>COMMUNICATIONSInnovative Strategies that Take Advantage ofWeb 2.0 also Engender LoyaltyLanding pages communicate regulatory changes and prevent opt-outs byoffering alternative products or reduced contact frequency.• Web Content Management provides 24/7 control over content and messages• Landing Pages can be personalized and used intelligently to reduce opt-out rates at the margins• Integrated email tools deliver customers personalized "blast" HTML messages and event-triggered emails (i.e., "Congratulations" for reaching a goal, or “you haven‟t used your frequent miles, act now”)• RSS Feeds, Tweets, iAPPS provide for Customer Communication that is faster than email• RSS Feeds, Tweets, iAPPS provide for recap messages that summarize weekly communications or extend new offers 44
  46. 46. IMPROVING>SEGMENTATIONLeaders Segment Customers and ConductHighly Targeted Campaigns Using IT• Customers‟ interests and transactional behavior are analyzed in order to group them into segments• Analytics are used to test campaigns, identify trends and compare groups or segments• Demographic and transactional behavior is used to target segments across multiple channels both traditional and emerging (e.g., emails, personalized landing pages, RSS feeds and Tweets)• Loyalty Solutions that perform these functions are developed in-house, acquired from third party vendors, hosted at third parties and accessed in a ASP model, or can be outsourced• US$2 billion+ is spent annually on Loyalty Solutions and the Programs they support 45
  47. 47. IMPROVING>SEGMENTATIONTargeting Increases levels of “Relevancy” toMaximize Returns in a Bad Economy PURCHASE-BASED CLUSTER ACTUAL CHANNEL SEGMENTATION PROFILING PREFERENCES ACTIONS What are they like? How best Which segments? Where do they shop? What do they like? to reach them?Define segments Use Analytics to Leverage Merchant Design integratedbased on the types understand: Aggregation plan to target rightof transactions Capabilities to message to the right • Demographicsand/or purchases examine Spend: customer through the • Attitudes right channel. • 7,000+ merchants • Preferences • Mail or Email • Preferences • Propensity to Buy • Web • Patterns • RSS • Combinations • Tweets 46
  48. 48. IMPROVING>DIGITALDigital Marketing Matters in 2010 and Beyond Online spending is only about 5% of ad dollars today but is projected to reach 21% of US marketing dollars by 2014 (US$55 billion).*• Two thirds of US consumers are online• Mobile and internet technologies are being adopted even faster outside the US• Digital Marketing campaigns are measurable (assuming data is reliable)• Online tools and analytics are better for direct response• Online campaigns may generate more immediate sales• Online tools and analytics are less expensive than traditional methods• Numerous Third Party Solutions are available to help manage digital campaigns, determine their effectiveness and target dollarsSource: Forrester Research,* Introduction to Digital Marketing (Walter Kitchenman) 47
  49. 49. Trends in Loyalty and Customer Communication 2010SUMMARY 48
  50. 50. SUMMARY>DEVELOPMENTSKey Developments• Economic downturn leads successful brands to focus on Loyalty Program Members, who in turn provide more than 50% of revenues• Small improvements at the margin yield large results over the course of many campaigns (e.g., a 2.1% opt-out rate may be 45% annualized)• In Cards, the biggest sector in terms of Loyalty Programs, Debit surpassed Credit in the US in 2009 and are major part of Rewards‟ universe• Regulatory changes and possible fee increases impact Cards and Financial Services require a Communications Strategy to limit opt-outs via well-designed inserts, email campaigns and targeted landing pages• Emerging apps like iAPPS, Tweets and social networking keep companies involved with customers until economic circumstances improve• Online channels dominate expected investments as most marketers plan to use digital marketing and networking tools to grow Loyalty Programs 49
  51. 51. For More Info – Kitchenman is an author and consultant on strategic issues in financial services. Hespent more than a decade as an international banker in Latin America and Europe and helpedlaunch the leading boutique advisory firm covering the strategic use of IT. Most recently he wasVP in charge of knowledge management at MasterCard Worldwide. He has a graduate degreefrom Johns Hopkins School of Advanced International Studies (SAIS) and BA with specialhonors from the Elliot School of George Washington University.2010Walter
  52. 52. Trends in Loyalty and CustomerCommunication 2010Defining Loyalty, Measuring Loyalty, Optimizing LoyaltySeptember 2010Walter