For most organizations, the stated goals of their loyalty programs are to drive customer engagement, increase purchase frequency and spend, and forge emotional bonds between the customers and the brand. Accomplishing these goals leads to improved customer retention and results in higher customer lifetime value. But, how do brands create the conditions to best accomplish these crucial objectives?
An international travel industry leader was looking for a simple-to-use and innovative idea to mitigate customer service disruptions while maintaining the trust and loyalty of its customers.
Strong customer relationships are critical to the success of your company, helping to build brand advocates that drive more revenue and, if needed, help weather a crisis. There’s no single-source solution for building relationships that last – and as customers’ expectations for personalized solutions increase, organizations will need to become increasingly creative and resourceful. Beyond implementing technologies like CRM and considering the customer experience for your sales or support process, here are some tips to take your customer relationships to the next level.
If you manage a loyalty program – large, small or somewhere in – you’re accustomed to looking at metrics like activation rate and breakage. You also likely read about industry best practices and review third-party research. And while it’s important to understand the performance of your loyalty program and the impact of its performance on your organization’s overall business goals, there’s another key source of insights loyalty program managers may be overlooking.
Every decision an organization makes has a cost – whether it’s as commonplace as sending email A or email B or as pivotal as choosing between multi-million-dollar software solutions. And while there’s no single right way to come to those decisions, program managers and executives open themselves up to inherent vulnerability when making strictly intuition-based decisions. When reinforced by data and analytics, however, decisions can be made on insight and sound guidance without relying on intuition alone.
An international travel industry leader serving 180 million customers worth $40 billion annually across more than 300 locations, making them the largest industry player by both asset value and market capitalization.
In our “Making Connexions” blog series, you’ll get to know the people who make up our team. This Q&A-style series will highlight some of our newest employees and help you understand more about their role, their expertise and what gets them excited for each day.
When it comes to booking travel, the vast number of options can make even the most seasoned traveler’s head spin. In an effort to compete within the crowded skies of the marketplace, many airlines have started to offer new categories of fares to their customers, allowing consumers more choice within the array of travel bookings. For example, what once was just “Economy” may now have multiple options, like Economy Basic, Economy Standard and Economy Plus, each with different amenities and restrictions.
Nearly all organizations do some kind of analysis or reporting that leverages data. As an outcome, countless decks are produced containing a myriad of charts and graphs, showcasing diverse metrics and results – but only some of them provide useful and actionable analysis that clearly and convincingly articulate “the story” behind those data points such that a broad audience can understand what they mean and act upon their valuable insights.
We all make mistakes, and while most people believe that everyone deserves a second chance, financial institutions often find that a single foul-up can result in a lost customer. So how can your organization fight that response? We set out to answer that question, and, in particular, the role compensation plays in customer recovery.