Remember, you want your strategy to be strong enough to pull in the ‘swinging voters’ – the people who don’t really care where they buy from, or feel equally loyal to two or more outlets. There are a number of factors that determine the success or failure of any loyalty strategy … Offer: Success is reliant on how strong your offer is. For example, every 6th meal free, or every 6th haircut free will probably be strong enough to keep people coming back. On the other hand, 10% off your 10th purchase is probably not. It needs to be appealing enough for people to say ‘wow, that’s a good deal, I’ll remember that’. Satisfaction: People need to be happy with your service to begin with. If they were not satisfied with their first interaction with you, it’s unlikely they’ll come back any- way. It sounds obvious, but it’s a reminder to get the little things right before worrying about a loyalty campaign. Convenience: If people find it easy to keep the loyalty card handy, there is a better chance they will use it. If, for example, it’s too big to fit in their wallet, they’ll probably throw it away. ‘ Promotion & Exposure: If you treat your loyalty card like it’s nothing special, your customers will too. Ask them every time they buy, ‘do you have your loyalty card handy?’. Make sure that every person who comes in knows that it’s available, and is offered one
For a company to rise to this level of appeal requires an intentional effort to personalize each transaction and aspect of the customer service relationship. Rather than offering a preferred customer a standard discount coupon, for instance, a business owner might instead offer them tickets to a golf tournament or symphony, deliver flowers or a gift basket to them, or pamper them in other special and memorable ways. The investment in service should be calculated based on the value of the business that the raving fan brings to the company. Customer service is thus elevated to become an incentive and rewards program tailored to the individual client. When others who are advocates witness this kind of VIP treatment they will likewise become inspired to rave about the business in order to enjoy the exclusive benefits of this preferred customer relationship.
Your team is probably fired up about grabbing more market share this year. But if you want to achieve that goal, it’s time to look at your operation through a fresh lens.There are some great ideas brewing in the global community that will help you outdistance your competitors.
One of the most important business concepts of the century is “return on luck” (ROL) which Verne discussed in his last column. As Jim Collins explains in Great by Choice, all business leaders are being bombarded with both great luck and bad breaks. The smartest CEOs learn not to squander sudden opportunities and figure out how to turn dismal news to their advantage—multiplying the benefits of whatever hand they’re dealt.
Maximizing your “ROL” should be top of your list, every day. But your ROL is just part of the picture. Here are some vital ideas that will help you achieve great results in 2013 and beyond.
There’s no excuse anymore for not having the latest information about your market at your fingertips. For the first time, even tiny companies can search the vast information on the web that corporate giants use to uncover brand-new opportunities, using inexpensive cloud-based technology.
To feel the power of what big data can do immediately for your business, try SIZEUP. Within seconds, this free site will tell you how many competitors exist in a specific locale, how your revenues stack up against theirs, and where to hunt for new business.
It’s time to forget the days when innovation flowed one way—from rich nations to poor ones. There’s a lot we can all learn from entrepreneurs and organizations working with scarce resources, says Dartmouth professor Vijay Govindarajan. He points to a hospital in India that specializes in heart surgeries, achieving better outcomes with its $2,000 procedures than U.S. hospitals that charge $20,000 or more.
How does the hospital get such amazing results? By specializing in a niche, it runs more efficiently. For instance, while a general hospital typically needs to buy a vast array of equipment to perform every operation under the sun, this hospital needs equipment only for cardiac operations. And it gets a great return on its investment in the equipment it does buy, because it puts these tools into service all day long.
Expect to see this idea coming soon to the shores of the U.S. Meanwhile, we all need to comb the globe for other ideas from the world’s most resourceful innovators in our industries.
In today’s teeming marketplaces, you need a savvy approach to public relations to stand out from the crowd. As marketer David Meerman Scott points out in his book Newsjacking, you don’t have to bankroll a massive PR campaign to propel your company into big news stories.
By offering journalists a fresh, interesting perspective on big developments in your industry, you may be able to “hijack” media reports that are in progress and turn their focus to your company. For instance, a reporter who is looking for a colorful way to illustrate a particular trend might welcome an anecdote about your company to put in the lead of his story.
Of course, you’ve got to know what stories reporters are covering at any given moment to do this. To connect with journalists about stories they’ve been working on, sign up for HELP A REPORTER OUT, a free crowd sourcing tool. Reporters from major publications send out alerts each day seeking sources for their stories. I recommend that you monitor HARO daily to see if there are any stories where you can lend your perspective—and get your name into the headlines.
Robots per capita
I’m fascinated by the ability of this simple metric to predict the prosperity of a country (and a company). It’s a great indicator of a nation’s economic efficiency and potential future growth. Thus, it didn’t surprise me to learn recently from the Institute of Electrical and Electronics Engineers that Germany, with its thriving economy, has doubled the robots per capita of the U.S. — Germany has 163 robots for every 10,000 workers, while the U.S. has only 86, just above Spain.
However, I was surprised that Japan, which has suffered a slow economy for decades, has double the robots per capita of every other country. This may indicate that the country is likely to experience a resurgence. And countries like Singapore and South Korea are showing sustained economic growth from their already high robot per capita ratios.
It’s a key performance indicator worth considering when looking at your own company. Are you leading the rest of the competition in dramatically automating your business?
About Monte Wyatt:
Monte is one of the most experienced, most effective and award winning executive coaches in the world. He recently won 2013 EXECUTIVE COACH OF THE YEAR at the ActionCOACH Americas Conference and ranks in the top 5% of Action coaches in the world by achieving the level of Platinum Business Coach. He helps CEO’s and executives through executive leadership development to improve their communication, develop processes, and improve their company’s financial performance. YOU CAN LEARN MORE ABOUT MONTE BY CLICKING HERE.
The bottom line when it comes to integrity is that it allows others to trust you. And without trust, you have nothing. Trust is the most important factor in any relationship, personal or professional. It’s the glue that holds people together. And it’s the key to becoming a thought leader and influencer to your peers.