Brand Management 02
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Brand Management 02
Brand Management
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The New Generation of Loyalty Marketing

The New Generation of Loyalty Marketing | Brand Management 02 | Scoop.it
As the customer loyalty landscape shifts, marketers have to adjust how they reward customers. Learn more about how marketers are adjusting their loyalty programs.

 

Many brands think little about loyalty. Why? Is loyalty management stale? That’s not to say loyalty programs no longer work, or consumers are no longer loyal. While they are definitely more fickle, today’s consumers have simply come to demand more from loyalty programs, which would explain why only 46% of program members are active.

 

Loyalty management does not deliver consistent results: 41% of the marketers are not happy with the results of their loyalty program. Marketers struggle to identify key metrics they need to track, evaluate the effectiveness of their current efforts, and design tests to calculate the incremental value of the overall program without a process for prioritizing and analyzing loyalty data. Additionally, small teams and limited budgets mean that loyalty marketers don’t have the time or skills required to establish a measurement strategy. Finally, for many loyalty marketers, obsolete technology platforms, relationships with multiple vendors, disparate databases, and batch updates add to their measurement frustrations. Combined with poor data hygiene, these hurdles make customer management both complex and time consuming.

 

Consumers have assumed control over relationships with brands. This fundamental change has a direct influence on the design of loyalty programs. Customers want to be courted and rewarded during each interaction with the brands they choose. And they want more immediate rewards.

 

Consequently, traditional loyalty marketing strategies have to evolve from the “transactional” model marked by “earn and burn” towards an “emotional” model where interactivity, personalization and differentiation merge to deliver truly remarkable experiences.

 

In order for customers to be loyal to brands, brands must first be loyal to customers – surprising and delighting them with personalized, relevant experiences. These experiences have to be in real time with the help of a 360-degree view of customers.

 

Furthermore, in light of the rapid adoption of smartphones, mobile apps, and social media, brands have to incorporate these channels and devices into their loyalty programs to drive a strategy of conversational marketing that orchestrates 1:1 messages seamlessly across channels.

 

It’s time to introduce loyalty marketing into the day-to-day brand strategy in order to fully capitalize on loyalty management! With comprehensive customer profile management and efficient, personalized promotional actions directed to appropriate client groups, brands can reduce customer retention costs, increase sales profits, and gain long-term customer loyalty.

Azhar Mohammed's insight:

Essential part of brand management would be to keep the existing customer returning while acquiring new customers and a crucial tool used by markets is brand loyalty. This article focuses on how marketers use brand loyalty to manage and promote their brands. Having loyalty and reward programmed not only keeps your existing customers engaged and continually attached and intrigued with your brand but also enticing new customers to try your brand out because of the benefits.

Brand loyalty is quiet an old marketing tool which has been around for a while and as this article illustrates that most marketers either aren’t happy with the brand loyalty performance or aren’t correctly applying brand loyalty techniques. It is essential to measure success and gains your loyalty programme is returning to your brand and its effectiveness.

http://b2bdigital.net/2012/08/14/crm-retargeting/ this is another article I found that talks about customer relationship management tactics or CRM as it’s commonly known as. According to this article rejuvenating your CRM programme with time it’s essential and will reset your loyalty programmes and reconnect you with your existing customers. 

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Winina Tan's comment, March 20, 2013 7:57 PM
having a good consumer loyalty can do wonders for a company. a company's brand is of the utmost importance. like the article from my scoop it page (http://www.mcngmarketing.com/branding-and-marketing-a-perfect-marriage/#.UUpMQ9e3qKw), it says that- "Your brand is a marriage, and the messages your produce are your children. The children you produce will ultimately tell you how awesome you are as parents."
it is also cheaper to create new programs or ideas to retain your old customers, rather than to advertise and market to search and gain new customers.
Brad McMahon's comment, March 21, 2013 1:35 AM
Consumer loyalty can be one of the hardest things to achieve. Getting your consumer to return more than once, means focusing solely on their needs, and want from a particular product or service from a company. I agree with the above reference to a "marriage". Creating consumer loyalty needs constant attention as behaviours of consumers can change so rapidly. Focus on the existing customers first, as sometimes you can lose loyalty through trying to bring in new consumers.
Penny Liu's comment, March 21, 2013 4:28 AM
nice article about consumer loyalty, totally agreed with Brad, consumer loyalty can be one of the hardest thing to achieve. it is hard to achieve the consumer loyalty and also balance consumer's demand at same time. consumer loyalty is more a long term commitment but consumer flip their needs and demand too fast.
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Brand Management & Product Management: A ... - Brainmates

Natalie Yan-Chatonsky, Head of Consulting Practice at Brainmates, has a great interest in fleshing out the emotional needs of the market in the Ideation stage.
Azhar Mohammed's insight:

Real food for thought article which makes us realise the importance of Brand Management and how it is closely related to Product Management. The importance and link between the needs of the market and the communication process at the product level is shown which is frequently misjudged by firm when a new product is launched. Communication to your target audience is essential especially if your product is a market first.

The article also showed how product manager can use synergy from brand management or vice versa to promote and market their products. This shows how integrated marketing communications come into play in the real world.

The article also shows how some products may cause the reverse effect of synergy if the product is not in line with the brand image which suggests that a product manager should always try and align the attributes of their product with their brand image and take a macro rather than a micro perspective while marketing their products.  

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Winina Tan's comment, March 20, 2013 8:13 PM
this was a very interesting article, in the way of how it made me think after reading it. when reading this article and reading your comment and views about it, the first thing that i thought of, and what i kept on thinking about was Apple. when watching the documentary about Steve Jobs, they had gone into detail about what the product Apple meant, and what the vision was. i believe that Steve Jobs was one of the greatest minds of the industry. in how he managed the brand, and how he could see what it was that the consumer, and market wanted, and he was able to exploit it, and produce a product that changed people.
Penny Liu's comment, March 21, 2013 5:11 AM
love this article! really specified. i love the parts that shows how IMC play an important role in the real world. and how important for marketer to make decision by using synergy from brand management or vice versa. it is really interesting that Brand Management is closely related to Product Management but still so much different!