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This was my second year on the judging panel at the Loyalty Magazine Awards. Really, for those relatively few brands achieving impressive levels of customer engagement, it’s breath-taking how fast the industry has progressed in such a short time. 1. Looking beyond transactional rewards. Mastering customer data (finally).
Many of the entrants to this years’ Loyalty Magazine Awards were as adept with data and technology as marketers in many other disciplines. Voxi is the ‘youth brand’ of Vodafone, whose highly successful VeryMe rewardsprogram has previously been praised by Currency Alliance. A disloyal generation? Engaging employees.
A company that values its customer’s business may set up a designated customer support team for complaints and feedback, but a customer centric company will put the needs of customers at the forefront of operations and ensure that all members of the team are on the same page.
It should also include expected factors like easy return policies, fast shipping, and rewardprograms. Step 2 – Focus on underserved markets – including elements of your value proposition that are aimed specifically to underserved markets enable you to broaden your potential customerbase.
Bribing customers is easy and, as with most easy initiatives, not very profitable. Banks have been in and out of rewardsprograms for decades – but their focus ebbs and flows depending on the economic cycle as well as the regulatory framework. For starters, it isn’t financially sustainable.
And yet, many loyalty programs are run like barnacles on the side of a business: battling for budget, rather than being nurtured as the core way to engage customers via every channel and touchpoint. Rewardsprograms have not, historically, earned consistent loyalty across all customer segments. References. [i]
The future represents much more collaboration among brands to serve common customers more effectively. An example of effective alignment of strategy with tactics include Australia’s Coles Supermarket chain and its flybuys rewardprogram. altering customer behaviour to support corporate objectives, without upsetting people.
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