I recently read an article titled, Seven ways to tweak your loyalty initiatives for success by Mitch Martin, Director Business and Consumer Intelligence for LoyaltyOne Consulting. He points out that the bigger a company gets, the easier it is for a customer to get lost in the growing focus on sales, margin and scaling up. All of which are critical to a company’s success; however, losing sight of the customers’ needs can be detrimental to any company, large or small.
In this article, he cleverly outlines seven ways to tweak your loyalty initiatives for success:
- Chart a flexible course
- Employ a multi-skilled team
- Designate a “customer captain”
- Steer by your best customers
- Coordinate the team
- Share your goals
- Learn from mistakes
As I see it, each and every one of these steps are equally as important, but I think the most important way to ensure success is to “steer by your best customers”; The 20-40 percent that drive 40-80 percent of your revenue. Figuring out who those customers are and what they are buying is crucial in helping you to adjust investments, marketing, merchandising and other initiatives.
I highly recommend you read this article, as it is packed with insight – and by following the course laid out, you will be sure to tweak your loyalty program to success.
The customer loyalty space is increasingly becoming a battleground where brands fight for their share of the profitable affluent market.
Learn best practices and discover what affluent consumers want from their loyalty programs with VIPdesk and Affinion Loyalty Group.