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Customer Loyalty: Beyond Likes, Tweets & Shares Sumedha Chatterjee
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Customer Loyalty: Beyond Likes, Tweets & Shares

Oct 21, 2014

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Why customer loyalty is beyond likes, tweets, and shares. And what marketers should refrain from doing.
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Slide 1

Customer Loyalty: Beyond Likes, Tweets & Shares

Sumedha Chatterjee

Loyalty, Now? You Must Be Crazy!

Marketing myopiaLoyalty is increasingly being interpreted as likes follows, and re-tweets.

Marketers need to step back and assess how many of these metrics are actually adding to/creating business value.

In the era of fluid fingers, how do marketers build loyalty?

Here, we examine what works (most of the times!) and what does not.

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

Loyalty: Why Is It a Digital Dilemma?

Instead of 1:1 conversations that matter, marketers chase scalable, automated & impersonal loyalty models that contribute more to the digital pandemonium.

Focus should be on delivering a people-centric loyalty experience on digital, & not a faceless/lifeless loyalty program.

Conversions are easier to accomplish & track. Traversing the path from conversions to loyalty is the marketing equivalent of a Mount-Etna-esque walk.

Source: http://bit.ly/14aHxmL

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

Lessons Learnt: The Hard Way & Otherwise

How digital helps build loyalty?

EngagementConversationsShare -of-heart vs mind

How digital deceives?

Tracking vanity metricsEconomic value of a likeCrystal balling

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Helps Build Loyalty?

How Digital Loyalty HelpsEngagement

Engagement First:

Social is good for:

conversationsinitiating dialogue challenging viewpointsengaging audience

Marketing Memo: Extending the audiences love for the brand on social to extrapolation of their purchase probability, might be, in some cases, extreme.

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty HelpsEngagement

Your brand story

Converse and engage here

Refrain from selling first, help people connect around a shared idea or a brand that they love

Build conversations & dialogue, quit social extrapolation

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty HelpsInfluence

The Social Influencer:

Social is good for:

a deep dive into the influencer sea identifying relevant product ambassadors & their sphere of influence golden triangle: 1-9-90 principle of social

Marketing Memo: Identify your best friendsyour brand advocates , the 1-9-90 principle helps in deciding the marketing consideration for each of them.

Source: http://slidesha.re/110oOoH

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty HelpsInfluence

1

9 90

The Big FishPopular on digital mediaEveryone covets themHard to acquireMarketing consideration: engage in 1:1 digital dialogues

The Niche ExpertsWield considerable influence among small focused circlesMarketing consideration: relevance

The Slient MajorityJust thereMarketing consideration: visibility

Use each marketing consideration set to build loyalty onlineCustomer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty HelpsMind & Heart

10,000+ likes on facebook?

what does that translate into for me? is it valuable at all? are these attitudinal loyalists? If yes, persevere, because share-of-heart precedes share-of-wallet.but beware, dont obsess over likes & re-tweets

Marketing Memo: Identify what does a like mean to yousocial PR, a good-to-have indicator of your brand image, a must-have metric or digital drivel. If likes matter to you, focus on getting the heart first, the mind and the wallet follows.

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty HelpsMind & Heart

Source: http://bit.ly/11uUpQq

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

versus

Millenials Trust People Over BrandsThey buy with others inputs & seek brand

engagementTherefore, your customer opinions are your headlines

& share-of-voice your marketing stories

How Digital Deceives?

How Digital Loyalty TricksStop Tracking Vanity Metrics

Are you tracking vanity metrics?

100 shares doesn't necessarily mean 100 salesand it certainly doesn't measure the potential value of those 100 shares Most marketers dont have the tools to correlate these digital metrics to a potential sales pipeline.Likes are good, but thats what they just are. Good, not good enough.

Marketing Memo: Identify the incremental value generated versus the time spent in tracking these metrics. Dont invest resources in an activity with no scientifically justifiable sales correlation.

Source: http://on.mash.to/16oj80s, http://onforb.es/13xUXs7, http://onforb.es/11b9vL0

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty TricksStop Tracking Vanity Metrics

$$

Leads

LeadsLeads

Vanity metrics

What incremental value is being generated by tracking these metrics &

how strongly are these correlated to the sales pipeline?

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty TricksEconomic Value of a Like

Beware of digital intoxication!

Tetra-trillions of sub-optimal data is created purely through social media,but there is very little assessment of the economic value of such dataHow strongly is loyalty correlated at all to the marketing metrics that we are tracking?There is a tendency to find cool metrics to track, & some of the right metrics are un-cool & un-digitized?

Marketing Memo: Pertinent is the answer to this question: How strongly is loyalty correlated to the marketing metrics that we are tracking?

Source: http://bit.ly/ZvTcgq

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty TricksEconomic Value of a Like

Average post engagement rate =

Likes +comments + shares on a given day----------------------------------------------

# of wall posts made by a page on a given day ------------------------------------------------------------

-----x 100Total fans on a given day

Sample trick metric; cool & not-so-useful

The Average user:

May not even be connected online to the brands he lovesMay be connected online to the brands he doesn't love

Indifference needs to be factored in., which affects the economic value of such metrics.

Based on metrics such as these, how can marketers make evidence based decisions?

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty TricksCrystal Balling

Ultimate Acid Test? Conversions & Repeats

present loyalty tools are generating volumes of data, reports, analytics, all of which are contributing to gigabytes of trashall of these lead to never ending what if scenarios, a drain of marketing time & investment

Marketing Memo: Align your activities to what matters to sales & sales professionals (is it 50%+ qualified leads generated instead of only prospects? renewals? or share of-voice leading to an actual purchase?) Then build metrics to map these very requirements.

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

How Digital Loyalty TricksCrystal Balling

We need to get to 50,000 likes by end of Q2.

Our post-re-engagement rate needs to be higher than the

competitor!

Our fan base needs to be vitalized to 1M+.

What matters to sales professionals & what we lose

out on: conversions & repeats!

What marketing ends up building & tracking;

pseudo-loyalty!

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013

Read the complete story at

digitalmarketingconclave@blogspot.com

Reach me at

sumedha.chatterjee@gmail.com

Loved it? Hated it? Differ? Agree? Care to Let Know

again at sumedha.chatterjee@gmail.com

Customer Loyalty: Beyond Likes, Tweets & Shares 10/06/2013