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While over 78 percent of customers demand personalized experiences from brands, 43 percent of brands admit that they are delivering practically no value from their internal customer data. This disconnect is plaguing an array of brands, which are largely driven by some major myths.
Many brands inaccurately equate customer loyalty with transactions (like buy three and the fourth is free). They focus too much on these formulas as a means to derive commitment from their customer, when, in fact, genuine loyalty is generated from a customer’s entire experience with the brand. Savvy brands view their loyalty programs as a means to gather insight on their customers in order to deliver them personalized experiences to earn trust and cultivate loyalty.
BEYOND BARGAINS: Too many brands focus squarely on coupons, discounts, and sales as a means to generate loyalty from customers. Aside from eroding margin, this approach also attracts price sensitive customers who are often more committed to bargains than brands. That’s not to say some specials can’t be woven into a loyalty strategy, but it has to focus on delivering an exceptional overall experience to generate genuine loyalty. Here is a response for your “Customer Loyalty Success” piece.
ELEVATED EXPERIENCE: Providing customers enhanced experiences that drive loyalty doesn’t have to take a lot in terms of strategy or investment. Case in point that many restaurants and retailers today are providing add-on experiences to their most valuable customers (MVCs). These are designed to elevate the customer’s experience with complimentary dimensions like valet or reserved parking, gift wrapping, special seating, personal shoppers, new menu invitations or product line sneak peeks. The key is to deliver special treatments that enhance the customer experience and build affinity and ultimately loyalty to your brand.
CONTROLLED CHAOS: Many brands are being duped by the myth that getting a handle on their data is practically impossible given its volume, velocity and variety across channels. While a typical brand’s data streams are complex and span a spectrum of systems (upwards of 10 for most businesses), including POS, ecommerce, mobile, social, etc., reigning in these data streams is not as complex as most brands would think. A customer marketing technology platform centrally integrates these sources, serving as a customer hub that synthesizes this data, unlocking it’s utility for insight and engagement to develop strategy, execute marketing and optimize performance to earn genuine customer loyalty.
Garth oversees client delivery for Clutch. Previously he served various project management and analyst roles at Cigna (NYSE: CI) and was in an array of solution roles for Airclic. He holds a BS in Applied Economics Management from Cornell University.
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