Loyalty Programs: Rewards Points vs. The Big Picture
Loyalty360 brings us an interesting concept that loyalty programs are often misconstrued as the final parts of what should be considered the small pieces of their make-up, the points, rewards, and deals. In
Changing Times by Phil Rubin, CEO of rDialgoue speaks with us about what’s really important in loyalty: the building of one-on-one relationships with customers. Most retailers and merchants think of points as so central to their customer loyalty, yet Amazon doesn’t have a standard points program, yet they have one of the most loyal customers in the industry.
How does Amazon do it? And, what can you learn from brands that go beyond points and rewards to engender loyalty and trust? Check out loyalty360’s article
Changing Times and their 360 podcast.
Engaging B2B Customers
It is a proven and accepted reality in business today that engaged employees increase a company's bottom line. However, new research from Gallup show that engaging B2B customers by establishing an emotional connection based on confidence, integrity, pride and passion is crucial to customer impact. Engaged customers deliver 23% more revenue than average customers in wallet-share, revenue, relationship growth, and profitability. According to the same Gallup research only 13% of B2B customers are fully engaged. Engagement exists when customers go out of their way to favor a relationship over price. This deepens a relationship, and often customers are rewarded for their loyalty with either a discount for services rendered or other perks from the company providing the service. Treating customer engagement and employee engagement similarly will garner similar outcomes. Reward customers for any business you gain, the way you would an employee. Provide spot rewards, such as a small gift card for small business gained and for a major expansion in business or formation of an industry partnership, provide a broader reward. Creating a 360 degree customer feedback loop provides opportunities for relationship growth. Putting constant work into the companies' relationship is crucial. The time you spend ensuring that your employees are loyal should be equivalent to the time you ensure that your customers and partners are going to continue to drive your business.
For more information on B2B customer engagement check out this Business News Daily article.
How Will You Achieve Your Next Generation Loyalty Program?
Many retailers and merchants decide to go it alone when it comes to creating or updating their customer loyalty program. But those who have an existing loyalty program still need to ensure it remains fresh and offers the best of what customers are expecting. Truly, you should be thinking about going beyond basic loyalty, to gain loyal customer and brand advocates. Here are some simple steps to take to update your program…and keep those customers coming back.
