Taking Loyalty Beyond The Discount Dave Walters, Product Evangelist @_DaveWalters
Silverpop: Taking Loyalty Beyond the Discount
Jan 13, 2015
The term "loyalty" means different things to different digital marketers. Many small- to medium-sized businesses have implemented punch card programs to encourage repeat business and reward frequent customers, while failing to capture important customer information in a meaningful and trackable way. Some large companies spend millions of dollars on loyalty programs that drive sales and customer satisfaction, but sometimes also create discount-happy customers.
In this Webinar, Silverpop's Dave Walters will offer his advice on shifting the current thinking around these types of programs to focus on what he calls "experience-based loyalty" -- focusing on identifying user actions that indicate a deep affinity for your brand and the kinds of experiences that will amaze your customers, rather than simply handing out discounts and coupons.
In this Webinar, Silverpop's Dave Walters will offer his advice on shifting the current thinking around these types of programs to focus on what he calls "experience-based loyalty" -- focusing on identifying user actions that indicate a deep affinity for your brand and the kinds of experiences that will amaze your customers, rather than simply handing out discounts and coupons.
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Transcript
Taking Loyalty Beyond The DiscountDave Walters, Product Evangelist@_DaveWalters
2
So Who is This Dude?Twenty-Year Digital
Marketer
Relationship Marketing Practice Lead
Corporate + Agency
COO @ Loyalty Startup
3
Who is Silverpop?
Silverpop is the Unified Digital Marketing
Platform
that delivers superior overall
“return on relationship” powered by the deepest
insight into the way customers behave.
4
4,000+ Brands and 15,000 MarketersEnergy & Utilities
Media Business Services
Financial Services
Travel & Hospitality
HardwareFood & Beverage
Non-Profit
Retail
Entertainment
Software
Education
Behavioral Marketing
Real-time, cross-channel, insanely relevant campaigns to one person at a time automatically driven by analytics of their actions, preferences
and profiles.
6
The Wild West of Loyalty Marketing
$50 for 500
~$100/mo./location
$3-5MM/yr.
7
Why Do Loyalty Programs Exist?• They created real choice modifiers and drove strong
add-on revenues in specific industries, like travel and retail– Yep, he just used the past tense :: <CREATED>
• More market competition drove increasing price and share-of-spend pressures– Sure, the rise of analytics weenies drove new dynamics
• Buyers respond positively to more engaging relationships– Newsflash, we’re social beings who like being recognized
• Marketing programs have their own momentum– Once proven, it’s hard to kill a big fish
8
When They’re Great
Commoditized Product
High SKU-Level Margins
MDF Funds
Repeatable Purchase Cycle
Recurring Customers
Data-Driven Marketers
Steady-State Marketing Budget
9
When They’re Terrible
Complex Product Offering
Price-Satisfied Customers
Few Fraud Controls
Nothing is ‘Learned’
No In-Store Training
Commingled With Other Brands
Just Free Stuff
10
“A completely different mindset is required if any semblance of a loyalty program is going to stick to today’s 20-year-old, who is the prime earner
of the next 20 years. Online reputation and real-life experiences will trump a 15% coupon any
day of the week and twice on Sundays.”Me, 2010
11
Six New Tactics Beyond Discounts
12
Open Your Social Eyes• Better ‘appreciation dynamic’
• It’s real-time, more personal, and is absolutely scalable
• Consider social advocacy on par with item purchases
• Use tools like Twitter Advanced Search or Radian6
13
Reward Based on Affinity• Think beyond the item
being bought from you
• What resonates with the PERSON
• Gently test a wide range of hypotheses with partner offers
• And then there’s Prime…
14
Go Deep on Mobile• Captain Obvious moment: your
users have smartphones
• Look closely at hard costs, and then spend that money build an app
• Keep the experience immediate, drive-to-web is bad here
• Remember non-digital high spenders
15
Factor for Location• Of all the ‘behaviors’,
location is among the strongest predictors
• Keep a permission layer, but use the data to inform your programs
• Don’t miss the opportunity to socially thank visitors
16
Score It Like a Lead• As long as we’re beyond the
transaction, go for it!
• B2B-stlye lead scoring applies to events beautifully
• Group your customers by tier and market to them differently
• Experiment aggressively
17
An Open Architecture• The biggest challenge today
• Takes affinity-driven rewards to their logical conclusion
• Reduce costs *and* deepen your customer understandings
• Pick only your best friends and partners
18
The Thank You Economy
19
Questions?
Dave Walters [email protected] Twitter: @_DaveWalters
www.slideshare.net/silverpopTwitter: @SIlverpopwww.silverpop.com
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