Great customer service is a prerequisite to keeping customers in the near-term. But to drive truly long-term loyalty, brands need to create a visceral, meaningful experience that connects with customer emotions. That extends across all customer touch points and interactions – from personalizing rewards to training service agents to deliver memorable interactions.
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.
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.
When loyalty program managers open their emails at 8 a.m., some may watch their inbox load through cautiously squinting eyes, hoping they don’t see the dreaded “high importance” exclamation point from someone on the social media team. According to Tracx, a social media monitoring service, there are more than 2.8 billion social media users worldwide – and that means, there are 2.8 billion people with their own personal broadcast channel in both good times and bad.
You don’t need an MBA to understand that keeping existing clients is less expensive than attracting new ones. While the Harvard Business Review tells us it’s five to 25 times more expensive to acquire a new customer than to keep a current one, there’s something logically intuitive that tells us that customer loyalty just makes sound business sense. And yet, so many companies today are not living up to their lip service when it comes to customer service. After all, customer service isn’t just the agent on the other end of a phone call or a chatbot. True customer service is much broader, encompassing an organization’s process, philosophy, structure and execution.