This post is sponsored by Epsilon.
In a world that’s gone offline, you need to have robust and strategic loyalty programmes centred around your consumers. In today’s scenario, while consumers trust you with their information, they expect high returns on the data they part with. A great approach, among others, is to empower your teams with deep consumer insights to help them formulate loyalty strategies and execution plans.
A Forrester-powered self-assessment asks you to evaluate your loyalty approach across six competencies.
Nurturing sustained customer loyalty requires a co-ordinated effort between multiple departments, including, at minimum, marketing and customer service. A company’s overarching loyalty strategy must have executive support and be well-defined, linked with corporate business objectives, and grounded in customer insights.
B2C marketers must lay the groundwork for their customer loyalty initiatives by using both existing customer data and loyalty-specific data to understand who their customers are and what motivates them. Customer data captured from multiple sources – including point of sale, social listening platforms, loyalty platforms, and web analytics tools – forms the bedrock of customer intelligence. On top of that, marketers must be prepared to collect customer feedback to plan and evolve their brands’ loyalty initiatives to keep customers engaged.
Increasing customer loyalty is more than just a marketing initiative. It takes a village, including internal teams that interface with the customer and external agencies, consultancies, and vendors that assist with strategy, technology, creative, and analytics. With multiple internal and external partners involved, marketers must establish a process for efficiently sharing insights to plan, manage, and measure against their loyalty strategy and governance for managing customer data and privacy.
Loyalty-related customer experiences must complement and not overlap with existing marketing efforts. To deliver consistent and differentiated experiences across loyalty and non-loyalty related touch-points, marketers must ensure that loyalty-related technology and tools are integrated with their existing marketing tech stacks. For instance, sharing business logic across loyalty technology and email marketing platforms will help marketers optimise messaging frequency.
Without using baseline metrics, it’s impossible to understand how loyalty initiatives incrementally affect customer behaviour. Having a framework for loyalty measurement will ensure that marketers are prepared to track both the short and long-term impact of their loyalty initiatives on business outcomes. Additionally, marketers must evaluate their ability to segment customers based on loyalty metrics, measure both emotional and behavioural loyalty, and optimise loyalty tactics.
Marketers must ensure that all employees are empowered with the tools and know-how for building customer loyalty. A loyalty-centric employee mindset requires training and development programmes to ensure all internal stakeholders are aligned with the brand’s loyalty vision. External partner and vendor relationships must be a seamless extension in efficiently supporting loyalty efforts
This 10-minute, free engagement will help you evaluate your organisation’s current loyalty strategy and enable you to gear up for tomorrow.
Take your Forrester assessment here.