72% of businesses say optimising customer loyalty is a top-five priority for them over the coming years
In this first-in-a-series, entitled The Fine Art of Loyalty, Stephen Gilbert, EMEA Loyalty Solutions Director for Salesforce at Collinson, explains how to get the loyalty magic just right, so you have the perfect balance between the six dimensions of a successful loyalty programme.
He defines loyalty as a customer choosing to have an ongoing preference and/or advocacy for a particular product or service over substitutable competitor offerings and he is clear that the value exchange scale must finely balance affordability at one end and desirability at the other and illustrates several other areas where balance must be achieved to bring about strategically effective loyalty.
Loyalty he argues, is not merely a tool but a toolbox and a strategy. At its best, it’s a key pillar for long term commercial success and a top five priority for 72% of businesses over the coming years in a market projected by industry experts to reach £10Bn by 2027.
Collinson manages over 500 million loyalty transactions every day and based on this experience, Gilbert sets out six design dimensions a loyalty programme needs to be a masterpiece. These are Value, Data, Experience, Delivery, Commercial and Technology – and a deep dive into each is provided in the series which follows this foundational piece. Read more