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LOYALTY PROGRAMMESSecrets to Customer Retention and Increased Profits

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Definition

Loyalty remains a somewhat elusive concept. It is alittle bit like art you know it when you see it.

Retail loyalty, as defined by some, is different fromloyalty in daily life. Lets not even talk about it inPolitics

Retail loyalty means earning a little extra goodwill, a

slight margin of preference and creating anincremental shift in buying behaviour.

Loyalty is difficult to define and yet it is absolutelyintrinsic to business growth and market share.

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Definition

A definition of business-related loyalty developed bySampson Lee of Greater China CRM categorizes

loyalty into transactional loyalty (analytics) andemotional loyalty

A good definition of customer loyalty is: a customerwho (1) makes regular purchases; (2) purchasesacross product and service lines; (3) refers others;(4) demonstrates immunity to the competitors pull;and (5) forgives without straying due to anoccasional lapse in vendor performance.

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What is it?

Do you feel a true sense of allegiance, or is it morelike apathy? Or worse, do you feel trapped in a

relationship - you keep buying but would switch atthe first opportunity

Need to acquire, upgrade and retain high valuecustomers, because high loyalty allows companies

to benefit from a long relationship. Industry leaders have proven the relationship

between customer loyalty and profitable growth.

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Points to Ponder

The Value of Loyalty Leadership

What Is Loyalty?

The Gift That Keeps on Giving

Making the Business Case

Drivers of Loyalty and Defection

It's the Service Mind the Perception Gap

Survey Customers and Use Analytics

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Points to Ponder

Start Small

The Last Straw

Predicting Churn

The More Things Change...

How To Retain or Win Back Customers Identify Potential Defectors

Communicate With Customers

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Points to Ponder

Listen to Front-Line Staff

Treat Valuable Customers Well

Be Fair, Even When You Don't Have To

Win the Right Customers Back

Implementation Considerations

What About CRM Systems? The Point About "Points" Programs

Getting Your Whole Company on Board

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Value of Loyalty

The Value of Loyalty Leadership What Is Loyalty?

Loyalty experts generally agree that loyalcustomers stick around longer and buy morefrequently.

loyalty leaders enjoy a substantial advantage inrevenue growth and profitability.

In some cases, customers continue to do businessbecause they have no other alternatives or exitbarriers are too high.

It's important not to confuse these "trapped"customers,

Customers who give recommendations to friends

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Points to ponder

Concept of Loyalty: In a December 2004 CRMGurusurvey:

64 percent defined loyalty as repeat buying behavior

58 percent as a customer who makes referrals tofriends and colleagues

54 percent as a customer's emotional commitment tothe relationship.

Only 32 percent of the respondents defined loyaltyas a customer spending more over time.

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Points to ponder

The Gift That Keeps on Giving

Reichheld, author of The Loyalty Effect and Loyalty Rules, found that loyalty

leaders grow, on average, more than twice as fast as the industry averageacross a wide variety of industries.

Making the Business Case

loyalty leaders-those whose executives rated their loyalty programs as"excellent"justified loyalty programs with

expected improvements in profitability, revenue growth customer base expansion. It is surprising to learn that improving products and services was also popular,

selected by 39 percent of leaders.

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Points to ponder

Drivers of Loyalty and Defection It's the Service

In customer loyalty, there's no substitute for good researchand planning.

You must start by understanding why customers stay andwhy they leave.

Some companies make this mistake by constantly acquiringnew customers with price promotions and then wonderingwhy these same customers flit to the next deal offered by acompetitor.

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Points to ponder

Loyal customers were primarily driven by:

Attitudesabout brand, quality and customerfocus

Brand Imagesas an industry leader, trustworthycompany and innovative supplier

Customer Experienceswith product quality,purchase process, technical support andconsulting

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Points to ponder

Loyalty experts say that emotion plays a

much higher role than quality and price in thedecision to defect.

And poor customer service is the most likelyculprit in creating negative feelings that will

motivate a customer to bolt.

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Points to ponder

Mind the Perception Gap

"If only our company had better pricing, thecustomer wouldn't have left."

Or, "It's not our fault the customer's needschanged."

Or, "Too bad our product wasn't competitive."

Please dig deeper for the real reasons.

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Loyalty Programmes

Companies of all sizes can implement a loyaltyprogram

Small business CRM guru Jay Curry of Jay CurryAssociates advocates conducting customer interviews withtop customers to get feedback on the relationship.

Interviews can be conducted in person, for high-valuecustomers; via telephone or web for medium-sizecustomers;

or direct mail, for small customers likely to remain so.

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The last straw on camels back

The Last Straw

"Everyone in the store ignored me, neveracknowledged me. Finally, when I approached asales representative, my question was responded

to flippantly, as if I were stupid for even asking." Poor ongoing customer management

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Predicting churn

Predicting Churn

"A typical business hears from only 4 percentof its dissatisfied customers. The remaining96 percent go away, and on average, 91percent never go back.

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Six indicators

Six indicators that a customer was ready to walk outthe door for good:

Customer approval of your proposals comes slower. Access to upper-level management decreases.

The flow of customer data slows down.

Plans for future work become progressively shorter-term.

One or more of your products or services are discontinued.

The volume of business the customer is doing with you isreduced.

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Retention and Recapture

Loyalty experts say that retaining the right customersor winning back defecting customers can be

accomplished by following these steps: Identify potential defectors.

Communicate with customers.

Listen to front-line people.

Treat valuable customers well. Be fair, even when you don't have to.

Use exit barriers, carefully.

Win the right customers back.

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Loyalty through Innovation

Building Loyalty through Innovation

Customers, more informed and sophisticated thanever, are now taking service quality for granted.

In the flat world, your organisation must differentiateby continually innovating new products and servicesthat your customers cannot do without.

This will require, in many cases, partnering withplayers outside your industry

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8/3/2019 Loyalty Programmes

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Loyalty whats that?

If you want loyalty - get a dog. If you wantloyalty and attention - get a smart dog. GrantFairley

One wonders if the right word is enticement.

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