Copyright (c) 2012 Swaroop Venkata
Hello friends!
I am a consultant at Honeycomb Customer Relationship Management Services and a small time blogger.
A few weeks ago, I had posted the case studies of various loyalty programs are done by experts in this industry a few by my own firm. As these kinds of loyalty programs have proliferated, however, and as customers themselves have become more interconnected and knowledgeable through social media, the better loyalty programs seem to be characterized by five important best practices, which I often recommend to companies. There are lots of other considerations, but if you're thinking about a loyalty program for your business, or if you're trying to evaluate or upgrade your current one, then these five best practices can serve as a quick checklist:
1.Opportunity Missed is Opportunity Lost: Never waste an opportunity to gain insight about a customer. An effective loyalty management program will offer a choice of services or treatments in order to reveal more about a customer's personal preferences. Giving points in lieu for completing surveys or replying to questions can generate a wealth of insights, but so can more particular offers designed to illuminate different customers' different motivations.
2.Modularity is the Key to Success: An effective loyalty program offers modularity, enabling participants to mix and match aspects to their own likes and dislikes. Rather than a total customization and tailor made program, modularity helps create a personalized program for an effective customer relationship management. Key aspects of the program, like member qualification, can be developed with several alternatives, and customers can be offered a set of guided choices to select from. In addition, modularity also allows a loyalty program to integrate partners and co-sponsors with more ease.
3.Flexibility Can Take you a Long way: Consumers appreciate openness. They desire a service or program that works in harmony with other programs. The more open your program is, the more beneficial and desirable it will be to customers. Transferable points and rewards offer the customer the greatest flexibility in using program earnings. Openness is inevitable in loyalty marketing programs and CRM implementation, and companies must choose whether to lead the charge, or to react to it. If your competitors' points are available for purchase on the open market (as is the case with many airline frequent flyer programs, for instance), you may even want to allow your best customers to redeem the points you issue for prizes offered by your competitors! Think about it: if you run an airline, don't you want to know what competitor airlines your best customers also like to fly on?
4.Customer is King... Period: A loyalty management program or a customer relationship management program should be managed around customers, not products. Support the organization of your program around certain pre identified groups of customers, and then gauge your marketing managers by the effect they have on customer behaviours within these different sets. This is the most straight way to make advancements in each customer segment, and to improve the loyalty (and lifetime values) of the individual customers in each segment.
5.Keep it Simple: The fewer rules and restrictions you have, the more engaging your program will be for the customer. It's better to narrow your offers to those you can deliver repeatedly, rather than adding elements that can't be trusted upon. Airline CRM Implementation programs frequently suffer, for instance, when they advertise high-value redemptions that turn out not to be very readily available. Such offers often do more harm than good, by unnecessarily raising customer expectations and then not delivering. The whole brand is at stake if delivery is not done as expected.
----------------------------------------------------
HCRM Services Mumbai offers modularity, enabling participants to mix and match aspects to their own likes and dislikes. Rather than a total customization and tailor made program, modularity helps create a personalized program for an effective customer relationship management. Go now
http://www.hcrmservices.com/solutions-customer-relations.htm to find out more.
EasyPublish this article: http://submityourarticle.com/articles/easypublish.php?art_id=288882
No comments:
Post a Comment