CX Insights: LM CEO, Emil Sarkissian Chats with Kathy Ireland about Successful CX Solutions May 14, 2015

Loyalty Methods CEO, Emil Sarkissian visits with Kathy Ireland, on Worldwide Business with Kathy Ireland, to discuss the keys to developing a successful Customer Experience (CX) solution. CX projects can become quite complex, Emil said, however, by zeroing in and focusing on three critical areas companies can help resolve the complexity of these initiatives:

  • Pick the right strategy that will resonate with your target customers and one that will leverage the uniqueness of your business model.
  • Ensure that your technology solution is comprehensive and spans every touch point that your customer has with your brand.
  • Establish processes to measure your program and learn more about your customers consistently.
Check out the video for more of Emil’s insights into CX solutions.

The Value of Loyalty Data Apr 17, 2015

When people think of loyalty programs, it often brings up the issue of purchase frequency. So much so, that the pioneers of loyalty – the airlines – called loyalty programs FFPs, or Frequent Flyer Programs. The idea was to give people a reason to come back and purchase flights more frequently by accruing virtual currency value such as points or miles.

While repeat purchases drive revenue in a big way, the value of the data provided by loyalty systems is often overlooked, and yet this data often can be leveraged to drive relationship marketing and effective customer experience (CX) strategies.

Why is data collected from a loyalty program so valuable? Because the program incentivizes customers to maintain the same identity in their dealings with the brand, which in turn presents opportunities for understanding individual behavior, personalizing brand communications and generally driving a much more intimate dialog with customers than is otherwise possible.

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The Concept of Audience Consolidation Apr 17, 2015

An effective CX program often depends on the ability of a brand to centralize and manage data about its customers. Much like a real person, a brand has different circles of people involved with it at various levels of “closeness” and “interest”. For example, the following can be considered:

  • Anonymous people who browse online or physical properties.
  • People who signup for just the newsletter, but do not engage further, preferring to passively receive information.
  • People who create an online account or sign up for a store credit card.
  • People who have shopped the brand one or more times.
  • People who have signed up for the brand loyalty program.
  • People who have created content in relation to the brand, in the form of reviews, social posts, Instagram, Pincherest, etc.

This is just one example of how the different strata of engagement can be classified in order of increasing levels of engagement with the brand. At Loyalty Methods, we see the creation of such a taxonomy as a central framework for deriving effective CX strategies to move people from lower levels of engagement to higher ones.

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