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10 Benefits of a Loyalty Rewards Program [Infographic] - MarketingProfs

10 Benefits of a Loyalty Rewards Program [Infographic] - MarketingProfs | The MarTech Digest | Scoop.it
Loyalty rewards programs can give you immense benefits, but you have to know what your goals are and how to measure them. Check out this infographic for tips on loyalty-program success.
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This news comes to you compliments of marketingIO.com. #MarTech #DigitalMarketing

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McKinsey Says a Focus on Loyalty Programs May Be Holding Back Sales - Which-50

McKinsey Says a Focus on Loyalty Programs May Be Holding Back Sales - Which-50 | The MarTech Digest | Scoop.it
In a new paper called “The new battleground for marketing-led growth”, the authors, David Court, Dave Elzinga, Bo Finneman, and Jesko Perrey, said, “Evidence has begun emerging, however, that consumer bonds with many brands are simultaneously slipping, with active engagement in those same loyalty programs falling by two percentage points and 58 per cent of loyalty members not using the programs for which they are signed up.”

This, they said, is a clear signal that consumers thinking and acting differently across their consumer journeys.

Digital technologies are driving the change. 
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A Simple Guide to Building a Successful Loyalty Rewards Program [Infographic] - HubSpot

A Simple Guide to Building a Successful Loyalty Rewards Program [Infographic] - HubSpot | The MarTech Digest | Scoop.it
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NEW: Experience Remarkable Planning Accuracy With New, FREE Growth Hacking Tool. Go here: http://goo.gl/UjcA8x  

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The True Value of Customer Loyalty Programs [Infographic] - Profs

The True Value of Customer Loyalty Programs [Infographic] - Profs | The MarTech Digest | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions

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Why Loyalty? The Importance of Loyalty Programs for B2B Organizations - Market Bridge

Why Loyalty? The Importance of Loyalty Programs for B2B Organizations - Market Bridge | The MarTech Digest | Scoop.it

Digest...


Benefits of a Customer Loyalty Program for Your Customer

-- >  Grow Enthusiasm and Excitement

-- >  Create Loyal Brand Advocates

-- >  Refer a Friend or Colleague

Benefits of a Customer Loyalty Program for Your Business

-- >  Improve your Marketing and Sales Effectiveness:

One of the benefits of implementing a customer loyalty program is the increased visibility you’ll get into your customers’ preferences and business drivers. Customers who feel appreciated and supported are more likely to complete surveys, participate in panel discussions or serve as a reference – all of which can help your business grow.

-- >  Advance your Customer Insights

-- >  Boost your Financial Planning

You’ll be able to be able to improve retention rates. Customers who are engaged and active are more likely to remain your customers, and the reason they stay with your business? These customers have gained value from your organization outside of your product or service. They feel valued and have developed a valuable relationship with your business.

-- >  Increase your Competitive Edge

 

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CYDigital/marteq.io's insight:

Customer retention is the important point, as is upselling. But look beyond pure Loyalty programs and consider a combined loyalty/gamification program.

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Can Companies Find Love In B2B Markets? - Forbes | #TheMarketingTechAlert

Can Companies Find Love In B2B Markets? - Forbes | #TheMarketingTechAlert | The MarTech Digest | Scoop.it

Intermediate/ Digest...


It turns out that even in business-to-business markets, customer loyalty can accelerate growth and create a competitive advantage. In our studies of loyalty metrics for B2B companies, we found:

  • Customers who are “promoters” of a company have an average lifetime value between three and 12 times that of “detractors,” depending on the industry and customer segment (see figure below).
  • Promoters stay longer with the company, buy more products, usually cost less to serve and are more likely to refer the supplier to colleagues.
  • Greater loyalty correlates closely with higher market share, a higher share of the customer’s spending and higher profitability.
  • As a result, B2B loyalty leaders tend to grow four to eight percentage points above their market’s annual growth.

 

Despite the challenges, some B2B companies have managed to earn strong loyalty. What do they have in common? First, they identify the things that truly delight or annoy customers through short, frequent surveys after key episodes such as a new contract negotiation. When they market to distributors or other intermediaries, they also seek out feedback from retailers and end users. This sort of customer feedback helps B2B companies decide where to place their bets.

 

Bringing the voice of the customer into B2B marketing decisions also requires other departments to collaborate more closely with one another and with external partners.

 

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CYDigital/marteq.io's insight:

There's little doubt that there is value in loyalty. It's a matter of throwing resources into the program assuming there is sufficient ROI relative to other programs.

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Terry Webb's curator insight, September 1, 2014 1:34 PM

B2B customer feedback can no longer be ignored. 

Today’s customers don’t think too long before walking away from an established business relationship to a competitor if they getter better value or treatment. And so keeping a regular track of customer satisfaction and sentiment is important to sustain client loyalty. 

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Rewarding Email Recipients for Loyalty (and Clicks) - Website Magazine | #TheMarketingAutomationAlert

Rewarding Email Recipients for Loyalty (and Clicks) - Website Magazine | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Loyalty and engagement platform Punchtab announced a rather interesting integration with ExactTarget which will provide marketer with the ability to reward email list recipients for opening, clicking, and forwarding emails and newsletters.

The Punchtab app for ExactTarget’s HubExchange enables marketers to understand and reward consumers for specific behaviors that lead to purchases both online and off and on any channel, and gain customer insights and leverage deeper consumer profiles to create more relevant content and offers.



CYDigital/marteq.io's insight:

I normally do not scoop product announcements or reviews, but this one caught my eye. Even if you don't click through to review, just the notion alone to reward B2B activity (especially sharing and forwarding) opens up your thinking to new ideas.


  • See the article at www.websitemagazine.com
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The Fatal Flaw in Loyalty Programs (And How to Minimize Damage) | Futurelab | #TheMarketingAutomationAlert

The Fatal Flaw in Loyalty Programs (And How to Minimize Damage) | Futurelab | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it
Loyalty and rewards programs can be great motivators. When a business rewards the behavior they want from their customers – say, giving them a free...


Condensed...


Here are my own rules for minimizing loyalty program dissatisfaction:

 

  1. Make the rules clear up front. People hate negative surprises, and one way to do that is to let them know what to expect when they sign up. Most programs do that, but most consumers probably pay little attention.
  2. Show progress frequently. If customers have no idea where they are in the process of earning rewards or holding onto their status, they won’t work to do either. Progress can be shown at the point of sale, by email, on receipts, etc.
  3. Warn of impending status loss. Don’t turn a change in status into a “gotcha!” Let customers know in advance so they can take action if it’s important to them.
  4. Offer options if possible. Airlines will sell you “miles” to let you retain or advance your status. While it’s unlikely that coffee consumers would pay a fee to buy “stars” and hang onto their status, I wouldn’t rule it out.
  5. Look at the customer’s history. Automated rules could grant customers with a strong history a last-minute extension to meet the criteria, or simply renew them once.
  6. Watch out for “penalties.” Beyond the surprise factor when Starbucks customers are informed they have been demoted, the loss of collected points seems particularly galling.
  7. Give customers a head-start to requalify. Hand in hand with the last point, it’s important to recognize that this customer was a frequent consumer in the past, so give them an easier path to status than a brand new customer. Recognize their past achievements. This will ease the sting.
CYDigital/marteq.io's insight:

I ignored the issues as they are self-evident by the recommendations. I continue to marvel how loyalty programs are so underutilized by B2B marketers. Loyalty does not need to be connected to purchases! Think outside the box: # of blog views, # of retweets, etc.


  • See the article at www.futurelab.net
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  • iNeoMarketing drives more revenue and opportunities for B2B companies using marketing technologies. Contact us
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Hendy Han's curator insight, September 26, 2013 4:34 AM

Promotion in form of loyalty program can be a very useful tool. However, when it is just being used as a formality form of getting close to the customers, it could hurt really bad. A comapny has to rethink really carefully when they are planning to apply a promotion in form of loyalty program. This article provide a really good rule of thumb to do it the right way and minimizing loyalty program dissatisfaction. Company has to have clear conditions and rules of how the loyalty program is being run and applied. One of the most important thing as well is to carefully choose the customers. Nowadays, especially in small medium retailers such as cafe, company start giving away loyalty cards too easily. This might create an unnecessary cost for the business. On the other hand, for a bigger company such as banks, the company has to be updated if there is any changes. Customers have to know what is happening with the loyalty program and they must be aware of any limitation of the program. Failing to do so could hurt the company image really bad, which may turn into a word of mouth disaster.

Levi Norton's comment, September 26, 2013 7:35 PM
This is a very interesting article Hendy , I never thought that you have to think so much in-depth of the loyalty program and take so much into consideration. This has made me think that businesses need to pay attention to choose what loyalty programme to use because it may worsen the brands image and value
Aviral Kochhar's comment, September 26, 2013 11:13 PM
I aggree with Hendy Han’s comment as promotion in form of loyalty program can be a very useful tool. I agree with his comment rule of thumb program. If the rules arent followed the faliing to do so could hurt the company image really bad, which may turn into a word of mouth disaster.
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Supporting Loyalty Programs Through Email Marketing - ClickZ

Supporting Loyalty Programs Through Email Marketing - ClickZ | The MarTech Digest | Scoop.it
Consider a combination of tried-and-true methodologies for identifying the right customers for the right message at the right time, infused with fresh communication approaches.


Key excerpt...


In a newly released 2013 Loyalty Census (covered in this DM article: "Loyalty Programs Grow, But Participation Sinks"), Colloquy uncovers some startling statistics including:

  • Loyalty programs grew by more than 25 percent in the past two years - but member activity levels have dropped.
  • Some 2.65 billion people were enlisted in loyalty programs in the United States in 2012, a rise of 26.7 percent from 2010, but active participation - defined as one engagement within a 12-month period - fell by 4.3 percent.

The article goes on to identify that "…it's crucial for companies to strengthen loyalty programs through innovation and relevancy. As competition increases, innovation through stronger reward initiatives, use of soft benefits, and use of [new] technologies will benefit the brands that offer loyalty programs."

CYDigital/marteq.io's insight:

In other words, it's not a set it and forget it situation: you've got to work it. And if you need to work it, does it make sense for a B2B organization? Is the LOE worthwhile?


If you want to learn more, go here, click on Filter, and then select the Tag Loyalty.


  • See the article at www.clickz.com
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Three Lessons Marketers Can Learn From the Regus B2B Social Rewards Program - Profs

Three Lessons Marketers Can Learn From the Regus B2B Social Rewards Program - Profs | The MarTech Digest | Scoop.it
At Regus, we recently launched a social rewards campaign. Here's what we learned from our initiative about multitiered content, B2B messaging, and consumer needs.


Excerpt...


Here’s what we’ve learned through our initiative.

1. Have a multipronged approach. Our initiative is contributing to our monthly targets of generating inquiries for our business centers. A multitiered content campaign that includes blog postings, videos, and social rewards promotion allows our customers to digest our information in various ways, giving us access to contact information and customer profile data. That information can help us refine our messaging and services as we enhance enter new stages of the campaign.

2. People like to talk about what they’re passionate about. Some of the key learnings uncovered about our customers through the social rewards campaign are that people are passionate and excited to share how, where, and when they work. That data allows us to create future content based on the consumer’s needs.

3. B2B messages must be customer-centric. What we’ve learned throughout this process is that a B2B strategy must include a consumer-centric message and companies need to be more flexible so that they can restructure their approach to see improvements in the performance of their marketing activity.

CYDigital/marteq.io's insight:

This is gold: you definitely want to click through to read the detail, and examine their social rewards campaign. Two of the most underutilized sales promotion tactics for the B2B marketer: gamification and loyalty programs. Regus nailed it.


  • See the article at www.mpdailyfix.com
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Maggie Zhang's comment, August 16, 2013 6:10 AM
This is a great article. It showed the B2B communications from a different angle. Even from marketing respective, B2B is different from B2C, managers should understand how to use the suited IMC tools to communicate with partners.
Levi Norton's comment, August 22, 2013 3:12 AM
Great find Hendy you found out an article that relates communication in the B2B market, it has made me understand what’s the processes of how to communicate with business to business owners. As you pointed out in the article B2B is different to B2C where B2B is more relied on relationships and word of mouth between stakeholders. After reading this article has broaden knowledge about how to communicate in the B2B market. Thank You
Jasmin Vallance's comment, August 22, 2013 7:59 PM
This is a good article, it shows how consumers relate to brands. Through social media companies are able to collect data about their consumers, which allows them to mould their campaigns to them. By looking at what the consumer wants and how they react to it they are able to build a relationship with the consumer. Marketers should know how to use different IMC tools to communicate with their clients.
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Omnichannel Loyalty: The New Customer Connection [Infographic] - Profs

Omnichannel Loyalty: The New Customer Connection [Infographic] - Profs | The MarTech Digest | Scoop.it
Customer Relationships - With omnichannel loyalty, companies engage customers with personalized messages at each touchpoint across various channels; businesses also offer rewards for customers' loyalty, which often results in lifelong brand loyalty.
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  • See the article at www.marketingprofs.com
  • Receive a daily summary of The Marketing Automation Alert directly to your inbox. Subscribe here (your privacy is protected).
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POS Maven's curator insight, April 11, 2014 10:30 AM

OMNI-Channel Loyalty!! That's how to dominate in 2014!!!!  LOVE IT!

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Marketers Struggle to Leverage Data for Loyalty Purposes - Marketing Charts

Marketers Struggle to Leverage Data for Loyalty Purposes - Marketing Charts | The MarTech Digest | Scoop.it

While most marketers are collecting outside customer data for their campaigns, many are not seamlessly integrating their data, causing them to miss out on audience insights that would better inform their loyalty efforts, according to a new report from Loyalty360 and Acxiom. For example, while 68% of survey respondents (the majority of whom are involved in audience measurement) gather outside customer data, 53% do not append or integrate 3rd party data into customer relationship management efforts.

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  • See the article at www.marketingcharts.com
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Marketers Need to Focus on Customer Loyalty

Marketers Need to Focus on Customer Loyalty | The MarTech Digest | Scoop.it

The realization that it is much easier to sell to an existing customer than a new customer is slowly settling in. It costs ten times to convert a new customer than to retain an existing customer. Data over the years suggest that a 5 percent improvement in customer retention rates increase profits to the tune of 25 to 100 percent.

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Infographic: What makes customers stay loyal?

Infographic: What makes customers stay loyal? | The MarTech Digest | Scoop.it
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