Awards
Recent Loyalty Awards and the Value of Retention
JetBlue, Nike, Chase, Red Bull, and Ben & Jerry’s were among the category winners in Brand Keys’ 2019 Customer Loyalty Index. Noting this success, Rhett Power at Forbes explains the importance of customer retention “(increasing loyalty by just three percent could shave 10 percent off marketing costs”), and offers a short list of things brands can do to boost loyalty. For example: “1. Diagnose the churn. A key step in bolstering retention is identifying where and why you are losing customers.”
This article does a nice job of demonstrating the importance of loyalty today. Brands across industries often focus on customer acquisition to the point of neglecting retention, and that’s not the right approach in the present market.
Research
Consumer Options and CX
Today’s consumer has more choices than ever before, which means that a bad customer experience gives consumers little reason to be loyal to that brand. BRP’s Keeping Loyal Customers Happy report presents data that shows how CX can impact customer retention—positively and negatively.
“One method of delivering a positive experience is by offering a personalized touch—that’s something 44 percent of survey respondents said would lead to them making repeat visits. And 79 percent indicated that personalized service from in-store personnel would influence their store choice going forward.”
Workplace
Survey Says Workers Feel Unappreciated
The 2019 Employee Engagement Report by TINYpulse indicates that few workers feel highly valued. Workers also feel that their efforts to “go the extra mile” are unrecognized. TINYpulse’s report suggests that culture is the key motivating factor. The challenge for brands is finding ways to motivate employees through positive recognition and encouragement. Failure to do so means talent turnover.
The Missed Opportunity in Employee Engagement
At B2C, Joelle Kaufman makes the case that “most enterprises today are fundamentally neglecting 80 percent of their workforce when it comes to communication and engagement. Within this disparity we find perhaps one of the greatest opportunities within today’s corporate and investment landscapes.” The situation got out of hand with the rise of the “deskless” workforce. Having disengaged employees means lackluster performance, so this has real impact on companies’ bottom-line.
Customer Engagement
Best Practices for Influencer Marketing
Influencer marketing is growing and is becoming better understood by marketers each day. It is, however, a two-way street and needs to be carefully strategized in order to do the most for your brand. There are many dos and don’ts when it comes to influencer marketing. For instance, “Avoid One-Off Postings. When the ball is in an influencer’s court and he or she is considering what brands to work with, creating long-term alliances are always top of mind.”