Emerging Loyalty Trends for Business

Posted by on Mar 30, 2011 in CRM |

Customer satisfaction is not always a differentiator, it’s a lagging indicator. Customers expect to be delighted and cosseted these days. So instead of focusing on satisfying customers, companies need to look at new ways to build true loyalty and advocacy. Recently I picked up on an interesting article by Mark Johnson CEO of Loyalty 360 who highlighted seven trends he sees in customer loyalty. Most of these trends take the idea of loyalty beyond just a tactical points program or campaign, and look to drive loyalty across the organisation using the common elements of a customer-centric approach. Using deep analysis of data A prolonged shift from acquisition to engagement, customer experience, CRM, retention, and ultimately loyalty Operations play a larger role in loyalty strategy. They are responsible for getting things done, after marketers design programs. New models make data actionable and sustainable. It’s not a one-and-done approach Enterprise loyalty, which encompass the total touch points with which you interact with a customer. If you make a mistake in any touch point, it can threaten overall loyalty which is why Social Media programs are becoming increasingly important Customers want genuine experiences, not slick advertising or empty promises Loyalty must be a priority of the entire C-suite, not just the CMO The biggest challenges, Johnson added, come from understanding who your best customers are, differentiating service based on needs and value, and building loyal customers into brand advocates. It’s much easier said than done, but it can be achieved. Looking at these comments it brings me back to the basics of using customer data and history to understand your customers purchase history by segmenting them by Recency, Frequency and Monitory value to the organisation as this quickly illustrates where you should be focusing your efforts in up selling, rewarding and even incentivised attrition if you have a segment that is actually costing you money. How prepared are you to make the most of these trends? Are your loyalty efforts aligned to this new customer reality and are you taking into account the rapid advances in Social...

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Build long term customer relationships with Social Networking

Posted by on Nov 26, 2010 in Social Media Marketing |

Social networking is all about building relationships.  With good regular use, you and your business can build long-term customer relationships through regular communication.  Good social networking is to build customer relationships over a long period.  People prefer to do business with people that they know and that they trust.  By regular engagement on social networks, you can build your trust and credibility. Making you the expert in your field. You can build social networking relationships on blogs, websites, email and other social media websites.  Social networking takes time and dedication and it isn’t an easy task but, the return you will receive by building these positive relationships will exceed the costs involved.  The trust and visibility your business can benefit from social networking out-weighs the time spent in building these relationships. Blogging Regular blogging allows you to reach your readers at conversation level.  You can reach targeted people by solving problems, business advice, ideas and insights on how you can help them.  Usually they can respond to your blog posts by leaving comments.  You can engage them with a blogging conversation.  Blogging allows you to develop strong relationships with existing and future customers. Relationship website Design and develop your website to be relationship orientated.  Create a warm friendly user experience for your visitors.  You can do this by showing your hospitality and offer your visitors useful information, ebooks or other tools that might help them with their problems.  Use an easy navigation system for your visitors that will make it easy for them to locate all the information to what they are looking for on your website. Also encourage two-way dialogue where they can easily contact you via email and telephone so that you can give them immediate answers to their questions.  You can also make your website interactive.  Create a two-way flow of information with live support. Allow visitors to describe their unique needs and create specialized answers for their needs. Email Use email to stay in touch with your visitors that gave you permission to send them emails.  You can let your visitors subscribe to your newsletters to receive valuable information and resources regarding the services or products that you business specializes in.  This is about creating a positive experience, not spamming.  Always offer the recipients of the emails a way to opt out from any future emails they might receive from you.  Make them feel like they are in control. Social media engagement There’s a couple of good social networking websites such as LinkedIn and Facebook that you can use to interact and network with your prospective customers.  There are thousands of people with different market niches conversing on these networks. The most important aspect of...

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