In a market like Asia, marketing to consumers is no longer just about presenting the benefits of a product/service. It has become increasingly competitive to market to consumers, as they have become more astute and aware of the latest development in the market, and are very critical of what brands are offering them (e.g. product benefits, promotions etc).
Due to the ease of information available online and the advent and growth of viral marketing, consumers are now making more comparisons. This is a challenge for brands, as they understand that keeping their customers loyal to their offerings with the traditional means are not going to work. One way to entice customers to return with repeated purchases will be to offer a retention package in the form of loyalty programmes.
At Loyalty World Asia 2012 last November, we had the privilege to hear from Standard Chartered Bank on the successful loyalty programme that they had implemented – 360 degrees Rewards Programme. Presented by Rod Hyde, Group Head of Rewards & Alliance at Standard Chartered Bank, his presentation can be summarised in the following points:
- Rewards and discounts are the top 2 loyalty schemes that attract a customer to buy
- A good positioning for one's loyalty programme matters
- Rewards should be relevant, attainable and easily accessible (collection on-the-go)
- Mobile is a good platform to tap on to facilitate loyalty programmes incease customer engagement
- Deliver loyalty programmes that make customers feel valued and important. E.g. VIP programmes
We will roll out a series of loyalty marketing eBooks gathered from the perspectives of various loyalty and marketing professionals who presented at Loyalty World Asia in 2012. The first will be related to what we discussed here today – Key success factors for a loyalty programme. Be sure to keep a lookout for it!
We have begun our production for Loyalty World Asia 2013, which will be coming your way in September, 10 to 12. If you have a revolutionary idea on marketing to today's consumers and how brands can attract customers to return with repeated purchases, join us as a speaker! Contact Adeline at firstname.lastname@example.org or +65 6322 2736 for speaking opportunities now.