- Posted by admin 27 Feb
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In the season of valentine, i shared with a colleague a dating/valentine’s kinda comparison with Loyalty program success and I got her rapt attention which made Her remarked in a shuddering but exciting way “wow loyalty programs are badass” so well I agree with Her loyalty programs are badass however just like in dating you have to kiss a lot of frog to find the right connection.
The comparison of loyalty to the travails of dating is an easy way to understand Loyalty programs. Love and loyalty are based on treatment and trust. Much the same way dating and marketing is experienced. Think of a bad relationship: they don’t listen, they are pushy, communicate badly, selfish, stingy and so on the same thing goes for a bad loyalty program. However, for those customers and business owners who in one or the other have been in bad relationships / loyalty programs and this has changed their perception about loyalty program leaving them to a to complicated experience if you follow my guidelines you would see with me that loyalty programs can be a beautiful thing and just like I said initially in dating you literally have to kiss a lot of frog before you find the right connection.
Consumers are interacting with brands in real time through many channels at all hours of the day, and there is always someone richer, better looking and with a stronger personality waiting to poach your best customer. Your customers require appreciation and adoration just as they would in a relationship. How can you make sure you keep them engaged for a long-lasting relationship?
With that in mind, here are a few basic stages in the lifecycle of a healthy customer relationship.
Identify: We all have specific requirements in finding the right partner, and these characteristics are subconsciously understood. With a loyalty program, you should assess your best customers and create a model to identify their characteristics. You can then use this to better target the type of members you want to attract in the future.
Acquire: Once the subject has been identified, the acquisition stage begins. A look across the restaurant or a meaningful exchange at a party is akin to targeting your customer and this is done by utilizing the information you acquired during the identification stage for e.g your customer might love to play golf and always at the golf course every Sunday with this knowledge you can deliver relevant messages that makes him/Her feel special even on the valentines day , something so different from the information around your business. It increases the chances of your relationship with the customer to about 70%, same things goes in dating, constantly talking about yourself could lead to an awkward conversation, so be sure to have your relevant exchange designed first, also remember you want to engage just enough to keep your loyalty members looking forward to hearing from you.
Inspire: When we meet someone new we present ourselves in a positive and attractive light. Now you have the customer’s rapt attention, With loyalty, this is the opportunity to present your brand in a relevant manner, communicate the program’s simplicity and present the rewards as attainable. You want your brand to be easy to engage and communicate with, while showing your customers the benefits of a long-lasting relationship.
Engage & Reward: What kind of date do you plan? Do you typically plan around your likes and interests, or do you strive to do something that would be fun and exciting? In loyalty, you must invest in treating your members in a remarkable way. Use data that has been accumulated to offer engagement opportunities that resonate with your program members. Leverage your tiered loyalty member data, target your customers who are most engaged with your brand and reward them for their interest. For example, with the Diamond Gemzone Loyalty program customers (loyal Gemzone Customers) are being rewarded this valentine season with loads and loads of points, also the bank together with us – the solution providers are doing an excellent job in engaging the customers dutifully with both digital communications across email and of-course social media platforms. Great Love is being showered on the active users/members of the program.
Retain, Win-back or Purge: This is the last call of a relationship. Do you like them enough to engage further, or did you realize that it just no longer worth your time and money? Or did you dump them for the wrong reason only to realize they are worth keeping? In a loyalty program, it is critical to decide who to spend your marketing budget on and when to cut your losses. Knowing the profile of who you retain or yank off is an important component of your program. You might also consider a win-back program to easily re-target those that might actually be worth keeping.
In conclusion Lasting relationships are successful because you try to constantly improve your understanding and needs of your loved one. What have we learned that really matters? What moves the needle in this relationship? A healthy, loyal relationship works because you are enhancing the lives of your members. And I promise you, a healthy relationship will be worth the investment in the long run if you spend time and energy on those especially valuable to you.
Please feel free to reach me any time on firstname.lastname@example.org or drop your comments under this blog posts.