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?
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.
Customer service agents – from operations managers to call center supervisors – all want to provide efficient, quick mitigation after a poor experience. Cross-departmental teams seek to hit service metrics around customer complaints and achieve industry service rankings in hopes of retaining their most loyal customers. But what if your organization’s mitigation efforts aren’t actually working to achieve those scores or retain loyal customers? Despite the fact that your efforts are standard practice in your business or industry, it’s possible that your customers may not agree that you are, in fact, effectively mitigating their problems.
Mistakes happen in life and in business. Regardless of top-notch products, systems and procedures, training and good intentions, poor customer experiences are inevitable. While businesses can’t always undo or fix that bad experience, they can do their best to not only apologize but mitigate the situation through a customer recovery effort.
What if a specific type of reward could create the ultimate travel experience, one that’s exciting, memorable, something your customers have never experienced before? Would you consider it a nice-to-have or need-to-have?
Today’s traveler is faced with a wealth of options when it comes to planning a trip. Never before have there been so many choices for everything from booking travel to where to eat, stay, go—and even how to get there. As a consequence, travel brands also have never faced more competition.
In our final episode of the Art of Loyalty series, we show you how it all comes together. If you’re new to the series you can catch up on episodes one through four here. In this video we reveal the final painting and hear Breann and our Connexions team reflect on their experience with the project.
In part one, we introduced our Art of Loyalty project and the process we established to help Breann convey the meaning of loyalty. In this second video in the series, we delve a bit deeper into the intersection of art and commerce. We chat with Jorge Benitez, an art professor at Virginia Commonwealth University about the tradition of patronage in the arts.