Our Blog is dedicated to spurring conversations about our industry. Every week our Brand Architects will share their views on an array of marketing topics. We’re glad you’re here, and hope you’ll keep coming back.
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John specializes in developing marketing initiatives to build relationships and alter customer behavior for increased profitability and reduced churn. He’s a frequent speaker on the subject of marketing and management, serves as a faculty member for the Loyalty Marketing Workshop offered by the DMA and is contributing editor to COLLOQUY, a global loyalty marketing publication. Connect with John on Linkedin and Twitter.
.Loyalty marketing as we know it is dead.
I’m not recommending the basic premise and what we know as the 4 P’s is dead. However, the time parameter that we have to analyze, understand and react has completely changed and thus requires loyalty marketing to evolve. This time parameter has gone from weeks to minutes, even seconds.
Equipped with mobile devices, consumers now have the power to search for and find the best deals. Retailers received a shock back in 2011 when they began to notice consumers entering their brick-and-mortar stores to view products, only to then purchase them for lower prices on their smartphone from competitors or other online retailers.
I recently attended Loyalty World 2012 in Las Vegas. Now in its third year, Loyalty World continues to gain traction and produce in-depth and innovative conversations around the state of loyalty marketing.
Evolving channels are leading to evolving expectations by loyalty members. Your loyalty members now expect your brand to communicate with them across the channels in which they spend their time. In order to do this, marketers need to know everything they can about their customers. The more we know about our members, the more value we can provide them. This simple truth makes seeking and applying data the key to success.
According to LoyaltyOne’s Colloquy Talk Report the average household is a member of 18 loyalty programs, but only engages in 8.4.