Loyalty Experts Mark Johnson of Loyalty 360 and Vinay Iyer of SAP will discuss the changing dynamics of the loyalty marketplace on an upcoming 21st Century Business Series on Loyalty Strategy Management
The 21st Century Business Series provides a look at state of the art technologies, innovative business strategies and insights from cutting edge business leaders of today. In an upcoming exploration of customer loyalty and engagement, esteemed loyalty marketing experts Mark Johnson, CEO and President of Loyalty 360, and Vinay Iyer, VP Global Marketing SAP and author of The Customer Experience Edge, will discuss the importance of retaining and cultivating loyal customers. Learn from these experts as they discuss the 360 View of the Customer, Dialogue with the Customer, and the Power Shift from Companies to the Consumer in todays fast moving loyalty marketing world.
During part of one the ten part series, Vinay Iyer speaks to the change in customer dynamics, “Customers of today are so empowered that the balance of power has shifted away from companies towards customers…consequently, if companies aren’t listening to their customers, listening to their opinions…they are not in a situation where they can continue to thrive and survive in this economy.”
As a result of this shift in the customer dynamic, marketers need to re-examine the way loyalty marketing is approached. Loyalty marketers need to step away from the old school “push” marketing strategy. “Push” marketing - where CMOs push out collateral to acquire customers – needs to shift to a new school “pull” marketing approach where companies listen to and communication with customers in the way they want to be heard and via the channels in which they wish to communicate.
Mark Johnson brought this point home when he said, “Customers have great power. They have the ability to influence what we call a Dialogue. A dialogue is the ability for a customer to engage and speak to the brand about what their expectations are, what their requirements are for them to be loyal and engaged with that brand. If brands take the active approach, and truly listen and engage that core customer, they will have a very unique relationship that is not influenced by price sensitivity and not impacted by other offers from competing brands.”
By keeping your hand on the pulse of your loyalists, you have an opportunity to make them long time brand advocates and boost your bottom line. The challenge for today’s CMOs is creating a connection with the customer, and taking a step beyond the loyalty program to influence behavior though the creation of a unique dialogue with that customer.
The 21st Century Business Series on Loyalty Strategy Management will help business leaders understand “Big Data”, trends in the industry, and insights into the 360 view of the customer. This first in a series of ten will air on May 9, 2012 at 11:00 pm PST on CNBC, then May 12 and 19th at 4:30 pm PST on FBN.
About Loyalty360
Loyalty 360 is an unbiased, market driven, voice of the customer focused clearinghouse and think-tank that is committed to bringing loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them.