Many organisations struggle to come up with an all-encompassing loyalty strategy that has a far-reaching benefit. There are many loyalty programmes out there that reap only short-term results. That's not really how it should go, not if a brand aims to establish a long-term relationship with a customer.
With this set in mind, organisations need to focus on a consumer-driven loyalty strategy – focus on all the touch points of a consumer's journey. As shared by Stephen Mosely from L'Oreal, the approach taken by one of the world's most reputable beauty and care brand is to follow a customer's daily journey. This will point to the exact location of a loyalty sweet spot that will entice customers in the way brands want it to be. CRM is also important, and it should be closely monitored to come up with better strategies. Thus, having at least one dedicated CRM expert in each office is a plus point.
This was basically what Stephen shared with us at Loyalty World Asia 2012.
Numerous companies have the aspiration of being the top leaders in their industries. To achieve this, companies must be able to grow big- they have to be able to draw new customers while simultaneously retaining old ones. What then are the key customer acquisition and retention strategies?
Mr Christian Binting, Vice President of Distribution and Relationship Marketing from InterContinental Hotels Group shares 3 points that are of vital importance in developing such strategies.
1. Customer centric loyalty & Customer relationship management platform
Customers today are more informed and have greater command over their purchases than ever before. They seek an approach that is dynamic, relevant and at the same time, a multi-dimensional channel to fulfil their needs. To ensure customers are constantly drawn back to your company, you need to develop such a customer centric loyalty and relationship management platform.
2. Branding and segmentation
Not all customers are equal. Depending on the type of industry your company is in, there will without a doubt be certain groups of customer that are more valuable to you. How then do you go about carrying out a customer based segmentation to enhance retention and loyalty?
3. Improving retention & loyalty
Personalisation is of paramount importance in developing stronger customer's retention and loyalty to your company. Real time test indicated that relevant personalisation, be it in advertising messages, the product or the service itself, corresponded to a higher response.
For deeper insights and answers to some of the questions above, download Christian's full presentation now.
Prepare yourselves with an intensive discussion and sharing on loyalty marketing ideas, challenges and innovation that will bring your organisation ahead in the playing field where everyone is competing to secure a customer's loyalty. If you have an interesting case study to share, contact Adeline at firstname.lastname@example.org or +65 6322 2736 now.