10 ways to deliver loyalty & customer lifetime value

Wednesday, May 9th, 2018

Thankfully ‘loyalty’ has moved on from the concept of ‘points mean prizes’. Loyalty encompasses every aspect of customer interaction from the product, the price, the distribution, the online community and the customer service.

Here are 10 ways you can increase brand loyalty as discussed by our Retail Hive members from our recent ‘Engaging the Connected Customer’ meeting:

1. Move your KPI measure from NPS to Brand Momentum.

2. Don’t build a brand on transactional customers as this is not going to grow your brand. Spend higher share of effort on top customers.

3. Use credit card info to track unregistered user purchases.

4. Brand momentum as a KPI for loyalty and brand health.

5. Offers aren’t always the best way to incentivise customers and there is a move towards content engagement.

6. How do you engage/ re-active old customers for the next purchase? Invest in time.

7. Focus on service, product quality and elevated experiences. Less about loyalty programmes.

8. The idea of using social and content to drive loyalty as an alternative to traditional discounted loyalty programmes.

9. Loyalty has shifted up the funnel from purchase to consideration so it is down to us as retailers to wow them!

10. Loyalty is a strategy covering your entire customers not just a program; it must start post-purchase and focus on the value you bring to the customer NOT the value they bring to the business.

Our Retail Hive meetings are a source of invaluable advice and insight enabling you to connect with senior Retail peers to exchange ideas and discuss the challenges at the heart of the Retail industry.

We’re always looking for new members, so if you’re a senior Retail leader then register your interest here or email Paul Kehoe at paul.kehoe@thehive-network.com

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