Bond Brand Loyalty
Bond Brand Loyalty
We tend to think about loyalty from the customer standpoint and we envision points cards and mobile rewards apps—but this view can be narrow and does not fully encompass the enterprise benefits associated with an effective loyalty strategy. Enterprise Loyalty isn’t just a consumer value proposition, but a management proposition that offers up organization-wide tools and mechanics that can help your business rationalize and optimize technologies, operations and expenditures; all the while better understanding and engaging your consumers.
Consolidation of Technologies This might be surprising to those who have yet to move away from a legacy program, but a loyalty platform is not far removed from an enterprise management system. A loyalty platform can do much to bring disparate sources together, rationalize databases and create a single view of your customer across all channels.
Data, big and small. Loyalty programs not only collect data, they also create new data elements that an organization may not have had a means of generating. Data management and strategies are the great equalizer. The biggest player on the block can outspend the smartest player, but that doesn’t necessarily mean they will win. This year's State of Marketing global benchmark study from the CMO Council underscores the need for enterprise loyalty with only 6% of CMOs claiming to be leaders in big data management.
Rationalization of marketing and discount budgets. A well designed loyalty construct has levers and mechanics that allow organizations to shift spend from acquisition, retention, basket size, frequency and channel to focus on tactics and applications that generate the largest ROI. The investment in a loyalty program itself is an overt action to allocate marketing dollars to a much more profitable retention strategy.
Enhanced focus on consumer behavior and attitudes. With an enterprise consumer loyalty strategy, many departments become more aligned around the common goal: loyal and satisfied consumers. Marketing and product development teams along with operations and finance have tools and common ‘language’ to deliver upon.
Enterprise Loyalty is much more than what brands serve up to their customers. It is an Enterprise Value Proposition that creates efficiencies and allows for your business to make smarter decisions and to well, stay in business. This is because businesses who adopt this view of loyalty can react and engage the marketplace faster and more deftly than their competition.