Why Some Loyalty Programs Don’t Work
Guaranteed in the last week you experienced or watched the following scenario play out;
Clerk: “Would you like to be?”
Millions of Dollars Lost Every Day
This scenario, which occurs countless times every day, is what happens when a loyalty plan is not properly designed, launched or presented. Depending on the size of your organization, when taking into consideration the lost opportunity of increased frequency of future visits, increased purchases, loss of customers to the competition and lost client acquisition via referrals of new customers that your loyalty program can provide… millions of future revenue dollars are lost every day.
Loyalty Consulting and Analysis
Loyalty Connect advises businesses on a course of action that goes beyond mere points or discounts. Our methodology demonstrates strategic, operational and analytical analysis coupled with our loyalty, social media and relationship programs to grow an organization’s business via its most important asset, its customers and motivated employees.
Countless noted marketing experts and statisticians have communicated the fact that it costs more to acquire a new customer than it does to retain an existing one. Any CFO or HR senior manager will quickly know their cost of an new employee hire and employee that leaves the company (employee churn).
Clearly, an effective customer and or employee loyalty program is of the utmost importance for a company to grow its business in the face of increased competition.
The question, therefore, is not as much about whether or not to incorporate a loyalty program for your customers and employees. But more importantly, what are the objectives and aspects of the program based on your business model and what is the most effective way to roll it out that will assure maximum take up by your customers and employees.
Give Them a Reason to Become… Raving Fans
If you design, introduce and launch your loyalty program correctly you can make them all… Raving Fans of your organization.
Ken Blanchard asserted in his best seller Raving Fans that customers have long been neglected and abused by companies, ultimately develing very low expectations. Despite unfulfilled promises from companies, cold treatment from staff, long waits, and delayed return calls by customer service desks, customers rarely complain and will keep coming back to your business, provided your competitors are not doing or marketing any better than you.
What’s needed in the face of stiff competition are not just “satisfied” customers with low expectations, who will do business with you only until a better competitor comes along. The need is to convert satisfied customers to ”Raving fans” for your business, give them a reason to stay and shout your praises to those they know throughout their social network.
Here’s Where We Come In
Our team has thousands of man hours in developing award winning technology, marketing campaigns, loyalty programs, best selling referral strategies and authoring bestselling books on referrals and client acquisition.
When you engage Loyalty Connect, you gain access to a consulting team that will help you develop an effective loyalty solution with a comprehensive strategy that fits your organization’s unique needs.
Our loyalty platform allows us to offer you various efficiencies in terms of time to market and cost.
Program Strategy and Design
- Market research & need assessment
- Solution development
- Measurement metrics
- Technology integration and delivery selection
- Campaign parameter development
- Rewards sourcing, selection and integration
Program Training and Launch
- Employee training and instructional design
- Current customer analysis and introduction
- New customer analysis and introduction tactics
- Current and new employee analysis and introduction tactics