Looking Beyond the Transaction: Loyalty In The Time Of The Social And Mobile Consumer Tuesday August 28 1:30pm ET
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[ALEX] Welcome everyone to today’s webinar on the topic of Loyalty in the Time of the Social and Mobile Consumer. �We will get started in just a moment, at 1:30pm ET.
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Emily Murphy Analyst
Richard Robins VP
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[ALEX] We are pleased to introduce today’s speakers Emily Murphy is an analyst with Forrester Research, Emily serves Customer Intelligence Professionals, focusing on loyalty trends, technologies, services, and analytics. She helps marketing clients navigate the evolving customer loyalty landscape and develop data-driven loyalty strategies and programs. Emily will share recent research on the state of loyalty programs today and talk about how marketers can take advantage of emerging channels such as mobile and social to achieve program differentiation. Richard Robins Richard is the VP of Client Success at RewardStream, Richard has over 12 years of marketing and business development experience and held roles at TD Canada Trust, Citibank, Vancouver City Savings, and Maritz Inc. Richard led the launch of Canada's first credit card loyalty program to enable participants to redeem points online for travel, merchandise, financial products, and charitable donations. �Richard will be speaking on
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We’d encourage you to submit your questions through the presentation … Use the Chat Window in GoToMeeting Use hash-rewardstream to submit your comments or questions on twitter Use hash beyondthetransaction to be part of the webinar conversation on twitter during the webinar With that, I’d like to turn the mic over Emily Murphy. … next slide.
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[EMILY]
Program stats
Loyalty program members make up 35% of a company’s total customer base'
32% of loyalty program members redeem rewards
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[EMILY] To start out with some basic program stats, on average, the loyalty program membership makes up 35% of a company’s total customer base. And, of that 35% -- approximately one-third redeem rewards. According to our data, US online consumers belong to an average of 4 programs with 82% of consumers belonging to at least 1 program. In Canada, these numbers trend a bit higher with 90% Canadians participate in at least one loyalty program and an average of 11 programs per household.
Responsibility for loyalty falls on the
marketing team
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[EMILY] From an organizational perspective, Marketing usually, but doesn’t always, own loyalty.
Loyalty in the organization
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[EMILY] 68% of our survey respondents told us that marketing has the most responsibility for the loyalty program. In some cases, loyalty occasionally acts as a standalone business function or falls under other departments like sales, operations, eCommerce etc. Program leadership typically falls on a Director, VP, or SVP level executive. No matter what department or what role is responsible for loyalty, it touches and has applications throughout the organization. It’s a best practice to establish enterprise-wide alignment to ensure that insights from the loyalty program are accessible and actionable across the entire enterprise.
Budget support for loyalty programs is
strong
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[EMILY] Regardless of team size, budget support for loyalty programs is strong. The actual numbers ranged from $0 to $100 million, but regardless of what a company is willing to shell out, 83% of respondents said they expect their budgets to hold steady or increase in 2012.
Most programs are supported by small teams
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[EMILY] In terms of dedicated support for loyalty, as you can clearly see, team size runs the gamut. And, while a few of our respondents reported large teams upwards of 100 people, 66% of the marketers we surveyed have less than 5 employees dedicated to supporting their loyalty program. So, even though we see financial support for loyalty strengthening, from a people and skills standpoint, many programs are strapped. To that end, I hear from a lot of loyalty program marketers that they just don’t have time to think about innovative strategies because all of their time is spent making sure the program stays up and running.
Marketers rely on loyalty programs to improve customer relationships and
experiences
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[EMILY] Marketers rely on loyalty programs to improve customer relationships and experiences
Customer retention and revenue drive loyalty efforts
Source: Q3 2011 Global Loyalty Benchmark Online Survey
Base: 81 loyalty program marketers (multiple responses accepted)
58%
48%
37%
33%
30%
26%
25%
14%
10%
5%
1%
Customer retention
Profitability/revenue
Engagement
Customer lifetime value
Customer acquisition
Customer data collection
Customer experience
Customer satisfaction
Customer centricity
Customer service
Competitive threat
"What are the top three business objectives for your customer loyalty program?"
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[EMILY] We recently surveyed loyalty program marketers across industries. They told us that Customer retention and revenue drive loyalty efforts. Not surprisingly, in a continually down or recovering economy, marketers focus on loyalty as a retention strategy. Something that directly drives profitability and revenue and improves engagement. Also up there on the list? Engagement and acquisition – something that I’ve been hearing more and more in conversations with clients.
When it comes to program rewards, it’s all about the
discounts
SAVINGS I
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[EMILY] Historically, loyalty programs have primarily revolved around discounts. And that hasn’t really changed. When it comes to program rewards, it’s all about the discounts. For both consumers and marketers…
Source: Q3 2011 Global Loyalty Benchmark Online Survey
6%
22%
23%
25%
27%
32%
38%
42%
51%
Other
Partner networks
Cash-back
Shared products, services, and currencies with partners
Instant wins and sweepstakes
Service-based rewards
Coupons
Experience-based rewards
Discount-based rewards
"Thinking about your customer loyalty program, which rewards mechanisms do you utilize?"
Base: 81 loyalty program marketers (multiple responses accepted)
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[EMILY] We wanted to know what types of capabilities and components marketers use in their programs, and discounts are king. Half of respondents said that their program has discount-based rewards. Looking down the list, other types of rewards – like experience-based and service-based rewards – get much less traction.
Consumers are most interested in programs that offer discounts
Source: North American Technographics Retail Online Benchmark Recontact Survey, Q3 2011 (US)
17%
33%
40%
55%
63%
Affinity programs that donate money to my favorite charityor cause when I make a purchase
Points programs that let me redeem my points byspending them in an online shopping mall
Programs that offer printable coupons
Points programs that let me redeem my points for productsand services
Programs that offer instant discounts and savings
"How interested are you in joining the following types of loyalty programs if it were offered by a company you enjoy doing business with?"
(4 or 5 on a scale of 1 [not at all interested in joining] to 5 [extremely interested in joining])
Base: 3,847 US online adults
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[EMILY] From a consumer perspective, they are most interested in signing up for programs that offer instant discounts, savings, and points. Compare that to only 17% of consumers that are interested in signing up for programs that have an charitable element to them. When we looked at this data from a participation angle – so from those who never use the programs they join to those who regularly participate in the programs they join – the story is much the same – their interest increases across all categories of programs. For those that regularly participate in programs, 81% are interested in programs that offer discounts and savings. So, if budget support for loyalty is strong, companies are prioritizing retention and loyalty efforts, and marketers are giving consumers what they want, then we’ve got this loyalty thing figured out, right?
Consumer attitudes towards loyalty programs are
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[EMILY] Not so fast. Even though consumers are interested in signing up for discounts, and marketers generally provide them with discount-based offerings, the data we track on consumers shows a decline in their attitudes towards loyalty programs.
Consumers limit their participation in loyalty programs
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[EMILY] Most consumers belong to at least 1 loyalty program. But, participation is another story. Over half of loyalty program members participate in only a handful of the programs they sign up for.
The perceived value of loyalty programs is changing
Source: North American Technographics Retail Online Benchmark Recontact Survey, Q3 2011 (US) *Source: North American Technographics Marketing And Mobile Internet Online Survey, Q3 2008
15%
31% 22%
37%
54%
21% 22% 29% 33%
50%
Most loyalty programsdon't offer any real
value
I tend to buy more fromthe companies whose
programs I join
Loyalty programs don'tinfluence my purchases
When choosingbetween two similar
products or services Itend to buy from the
one with a loyaltyprogram
Loyalty programs saveme money
"Which of the following describes your attitudes towards loyalty programs?"
Base: 3,847 US online adults *Base: 4,802 US online adults (multiple responses accepted)
2008 2011 2011
2011 2011
2011
2008
2008
2008
2008
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[EMILY] Worse, the perceived value of loyalty programs is changing. What does that mean? Every few years we ask consumers how they feel about loyalty programs. And across every category we evaluate, sentiment declined. So, right now half of consumers feel that loyalty programs save them money, but that’s down from 54% in 2008. The number of consumers who feel loyalty programs don’t influence their purchases increased 30% in three years. And, in 2011 40% more consumers feel that most loyalty programs don’t offer any real value at all. Loyalty programs are losing clout and as more programs enter the marketplace, this is only bound to get worse.
Source: Q3 2011 Global Loyalty Benchmark Online Survey
25%
26%
27%
27%
28%
Ensuring member awareness/understanding of theprogram and its benefits
Delivering offers with a high perceived value
Maintaining customer data quality
Understanding customer interactions across all touchpoints
Differentiating our program from similar efforts in themarketplace
"What are the greatest challenges facing your customer loyalty program today?"
Base: 81 loyalty program marketers (multiple responses accepted)
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[EMILY] When we asked loyalty marketers about the greatest challenges facing their customer loyalty program today, they told us that creating differentiation tops their list. And with everything I just talked about relating to discounts and consumer attitudes, that really isn’t surprising. Three out of their 5 top challenges relate to creating value and ensuring that consumers understand the value and benefits they receive. The next greatest challenges relate to customer data – both collecting and connecting customer interactions across channels and maintaining data quality. Other related challenges include delivering valued offers, ensuring that members understand the programs – and at a basic level understanding and analyzing customer data across channels. And while creating differentiation is a challenge for marketers, it also presents an opportunity for experimentation and innovation.
Loyalty programs turn to social channels for rewards, conversation, and awareness
More than 80% of US online adults participate socially.
Brands look to social to increase
awareness. Some programs incentivize
social interactions.
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[EMILY] Let’s talk about social channels first: Loyalty programs largely turn to social channels for rewards, conversation and awareness… More than 80% of US online adults participate socially today. Of course, there are varying degrees of participation but whether they actively interact or passively monitor, loyalty program members are joining the conversation. Of course, what this means is that social channels provide loyalty programs with additional access to their existing loyalty program members. But it also means that they have access to their member’s networks. There’s an interesting data opportunity there. Nearly half of loyalty marketers we survey are already using social channels, but most loyalty programs are still in the testing and discovery phase. They are looking to social channels to increase awareness. They have social networking pages to start a conversation with members or allow them to enroll in the program. Some provide more interactive functionality allowing members to pool points with other members and earn and burn together. To a lesser extent, programs incentivize social interactions. This could be as simple as awarding a small discount for a “like” on facebook and points for social referrals and product recommendations. Or, as complex as providing a single sign-on and direct integration with twitter/facebook.
Regular loyalty program participants are more likely to engage
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[EMILY] And while many marketers are still in the test and learn phase when it comes to social, our consumer research shows that regular loyalty program participants are ripe for social engagement. While non-transactional engagement certainly isn’t hitting mainstream levels, loyalty program members are more likely than non-members to engage with brands online and in a social manner. They’re more likely to become a fan of a retailer on their social networking page, post product reviews, visit social networking pages, share information with friends and followers, and participate in an online forum. Social channels take loyalty programs beyond singular transactions and makes them, well, more social.
Mobile allows brands to meet the new terms of consumer engagement
Empowered consumers expect more from brands Mobile technologies increase the number of opportunities to engage members. Location-based services lead to non-transactional rewards.
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[EMILY] Now, moving to mobile and location-based services – these channels allow brands to meet the new terms of consumer engagement. Empowered consumers have heightened expectations for how brands communicate with them. They demand more personalization, customized content, timeliness, and relevancy. Basically, they want to talk to companies when they want to and where they want to. Mobile web and applications increase the number of opportunities loyalty programs have to engage members: The growth of wireless-enabled devices makes it easier for loyalty programs to deliver offers and coupons directly to the consumer in real time. Our research shows that active loyalty program members are more likely to interact with brands through their mobile phones. These devices also increase the opportunities for consumers to engage with a brand — through direct applications or the mobile web. For example, Starbucks' loyalty application, Starbucks’ application, allows consumers to find starbuck locations, reload their loyalty cards, pay with their phones, check reward status, and create and share their favorite drinks virtually. Location-based services lead to nontransactional rewards. By offering small incentives for check-ins on Facebook or foursquare, loyalty programs encourage members to interact with a brand outside of a purchase experience. For example, Walgreens has specials for customers that check-in on foursquare. Instant coupon that can be scanned directly from the phone
“How would you describe your adoption of the following emerging touch points for loyalty marketing activities?”
Planning to pilot/adopt Currently using
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[EMILY] From a planning standpoint, mobile is top of mind. From mobile applications, to tablets, to messaging, more marketers are including mobile in their plans for the next 12-24 months.
•Loyalty is increasingly a strategic imperative for brands and budget support is strong
•Discounts are king, but marketers struggle to create programs that stand out
•Social, mobile, and location-based services provide loyalty marketers with a greater opportunity to provide relevant offers and real value to consumers
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What can you do now? Up Next: Richard Robins on Practical Ways to Achieve Loyalty Program Differentiation Through Acquisition and Engagement
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[RICH] Thank you Emily… now we are going to talk about some practical and achievable opportunities for differentiation…
• The value of loyalty programs, as perceived by
consumers, is declining.
• Market differentiation of their program is the greatest challenge for loyalty marketers.
• Loyalty marketers have pegged mobile and social as key emerging tactical areas for their loyalty programs.
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[RICH] Let’s start with three assumptions from Emily’s presentation The value of loyalty programs, as perceived by consumers, is declining.� Market differentiation of their program is the greatest challenge for loyalty marketers.� Loyalty marketers have pegged mobile �and social as key emerging tactical �areas for their loyalty programs.
“How can you create a differentiated offering and positively impact perception of your loyalty program?”
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Now let’s boil that down into a simple question “How can a marketer create a differentiated offering and positively impact consumer perception of their loyalty program?”
• Focus on different objectives from competitors’
programs, or
• Aspire to accomplish the same objectives using different methods
… BE DIFFERENT
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There are two main ways to achieve differentiation: BE DIFFERENT - Focus on different objectives from competitors’ programs, or BE DIFFERENT Aspire to accomplish the same objectives using different methods
Forrester asked what the top three business objectives were for customer loyalty programs. Let’s take the top five…
1. Customer retention 2. Profitability and revenue 3. Engagement 4. Customer lifetime value 5. Customer acquisition
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So how can you be different? Well, an obvious way is to broaden your focus to include different business objectives … Remember, when Forrester asked what the top three business objectives were for customer loyalty programs, these were the top five. Customer retention Profitability and revenue Engagement Customer lifetime value Customer acquisition �
…now flip them around, and focus on the top three:
1. Customer acquisition 2. Customer lifetime value 3. Engagement 4. Profitability and revenue 5. Customer retention
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Why not look a the ones that aren’t being focused on …. And consider broadening your program to include these? For example, …flip them around, and focus on the top three:� Customer acquisition Customer lifetime value Engagement Profitability and revenue Customer retention This doesn’t mean focusing less on retention and profitability, but if we ACCENTUATE goals that are further down the list, we are bound to stand out.
• Increase your customers’ value by incenting them to
do more than just purchase from you. Extend your program to include other valuable behaviors, like social sharing, reviews, comments—and more.
Look Beyond the Purchase
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Increase your customers’ value by incenting them to do more than just purchase from you – extend your program to include other valuable behaviors, like social sharing, reviews, comments ….
Buyer Behaviors along the Loyalty Continuum
Awareness • Marketing & Advertising
• Referral from a satisfied customer
•Recommendations through a trusted network
Research • Advice from Friends, Family
• Visit brand website
• Read reviews & consumer opinions
• Join a fan page
Consider • Sign up for a trial
• Visit competitors’ sites
• Price/Service comparison
Activation • Make purchase
• Sign up for service
• Promotional offer
• Become a member
Engagement
• Loyalty and advocacy
• Referrals
• Share
• Comment on a social network
• Repeat Purchase
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So what are some of these behaviors …
• Increase customer acquisition with a customer
advocacy or referral program delivered via social media
• Trust is the new currency: Get people talking about you—if it’s something they’re excited about, moved by, passionate about make it easy for them to share that with friends and family
Advocacy, Referrals and Recommendations
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So let’s talk about customer acquisition and how a customer acquisition program can differentiate your existing offering: Most programs today are still focused on the purchase transaction. Many fail to engage existing happy customers in sharing their experiences despite the proliferation of channels for social sharing; most still don’t ask their customers to share their brand with friends and family through referrals. Adding a simple social referral program to an existing program is a quick and easy way to drive sharing and increase customer acquisition. The benefit to customers is that it offers you a way to acknowledge them for something they might be already doing – which is always a good thing! And the benefit to you is your brand is being “talked” about and you’re getting new customers via an existing platform – your own customers.
• Launched a social referral program to reward existing customers for recommending the company to friends and family
• Customers share coupon offers over social channels – it’s easy
• In the quarter after launch, the program was responsible for …
Top 100 eTailer: Customer Acquisition Increased by 98%
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Rich note: may be an opportunity to touch on the intrinsic motivator most of us have as humans to want to help those who we care about This Top 100 e-Tailer of health and wellness products credits 98% growth YOY in the quarter after launch in large part to the success of Refer-a-Friend Members earn rewards – and so do their friends Reward coupons delivered via email Fully trackable – from referral to response to activation to redemption Again, as with the other program, we see that customers acquired through the referral program are more valuable – they make larger purchases and purchase more frequently – than customers acquired through other methods. We have discovered that there is a real “birds of a feather” phenomenon at play – valuable customers tend to refer customers who will be as valuable as they are …. It’s still early days but results are very promising for this etailer
• Leverage mobile devices to facilitate customer
product recommendations, 80% of which happen offline.
• By taking advantage of mobile, you can allow your customers to refer your brand whenever, wherever they are “in the moment.”
Take it on the Road.
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Mobilizing your social referral program may be as simple as making it possible for your customers to refer a brand to a friend whenever and wherever they are “in the moment” – and making it easy for the friend to accept the referral and “close the loop” again, while they are “in the moment.” Research shows that 80% of brand conversations take place offline, in face-to-face conversations. Don’t let the moment get away from you – help your customers to share their recommendations with friends – you can count on the ubiquity of the mobile device to ensure that the recommendation can be made and acted upon when it’s top of mind.
• Acquire new customers through customer and employee referrals
• Mobile and web-based social sharing program
• SMS, email, in-store and in-pack awareness
• Building relationships with prepaid customers
• Lower attrition rate over other acquisition methods
Top Telecom: Lowering Attrition Rates through Social & Mobile Referrals
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T-Mobile uses their refer-a-friend program to address a number of business challenges � Help existing satisfied customers share qualifying postpaid and prepaid solutions with friends to create a new source of new customers; Make it possible for non-commissioned T-Mobile employees to share qualifying T-Mobile products and services with friends and family and earn rewards for doing so They allow customers to interact with the program online or on their mobile devices – they generate ongoing awareness through SMS and email campaigns and in-store communications. Additional benefits beyond activating a new source of customers relate to CI, or customer intelligence. The prepaid marketing team, for example, is able to build their CRM with prepaid customer information … the majority of whom give no personal information when they activate a prepaid plan. And the sales team is able to understand which employees are referring friends and family, which retail outlets are making more of an impact with referral activity, etc. These are some of the ancillary benefits that come with a customer referral program. Program managers have also learned that customers acquired through referrals have lower attrition rates than customers acquired through any other channel …
• Aspects of their program include: incents and rewards purchases, sharing with friends, referrals, participating in polls, surveys, contests.
• Catalog offers items that customers LOVE (and keep coming back for).
• Utilizes badges and leveling as a way to keep customers engaged long-term.
• Leverages surveys and polls to improve CI.
“This program is a great example of how a brand took the basics of traditional loyalty and married in some new elements – such as sharing, referring and badging – to create a highly engaging program that is exceeding both its member and its business owner’s needs.”
CPG of Food Products: Gathered Invaluable CI
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This Leading provider of prepared food products for the diet conscious / weight management launched a playful loyalty program that rewards customers for a wide range of behaviors – beyond just the purchase transaction. They avoid the discount trap by incenting customers to record their purchases through the loyalty program interface – customers are rewarded with points that can be redeemed for a items including gift cards, physical goods, experiential rewards and badges. Consumers can also earn points through sharing the program with friends, referring friends to the program, participating in polls, taking surveys, among other things. This program stands out for its simplicity and its consumer relevance … it is a CI goldmine for the brand who are building up valuable data about their end customers, who, previous to this, they could only “meet” through promotions. This program is a great example of how a brand took the basics of “traditional” loyalty and married in some new elements – such as sharing, referring and badging – to create a highly engaging program that is exceeding both its member and its business owner’s needs.
Kula Causes makes the act of donating talkable.
Socialize Your Program to Drive Awareness
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Kula Causes is a great new entrant to the loyalty space. Kula Causes is a portal for making charitable donations – Kula is the world’s largest charity aggregator, with over 2 million charities around the globe. Members log in and can purchase KULA or redeem KULA that they have earned through other loyalty programs … KULA can be redeemed for charitable causes. The act of donating is a highly share-worthy activity, so Kula makes it easy for members to share their experiences over Facebook and Twitter. Members can invite friends to join through social channels .. These are just a few examples of sharing and engagement behaviors that add pizzazz to loyalty programs … making them engaging, fun, and social.
Get your members talking to increase awareness and engagement.
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They can also make comments in KULA that can be shared out through their facebook account – comment streams can live inside the portal and be socialized through Facebook, breaking down the barriers between the loyalty program and the member’s social activity.
• Don’t stop what you’re doing, massive change scares
away customers.
• Accentuate your program with fresh ideas. Utilize initiatives like a social referral program, social sharing and comments to name a few.
• Use polls and surveys to increase customer intelligence on your website and social properties.
• Experiment. Take a step-wise approach. Change doesn’t have to be massive to move the needle.
What are your next steps?
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Don’t stop what you’re doing. Massive change may be off-putting for customers … but it also requires huge resources - human, I/T, financial, etc so makes most sense to take a step-wise approach Accentuate your program with fresh ideas. Like a social referral program. Like social sharing. Comments. � Use polls and surveys to increase CI on your website and social properties (blog, facebook, etc)� Experiment. Take a step-wise approach. Change doesn’t have to be massive to move the needle.
Spark™ is a viral marketing & social referral solution powered by the trusted recommendations of happy, satisfied customers. • Makes it fast and easy to recommend a brand
through referrals and generates interaction with customers
• Delivers insight into the recommendation lifecycle. Track impressions, referrals, shares, referrals by channel, conversions and more
About RewardStream
Since 1999, RewardStream has been a leading provider of viral marketing, social referral, social loyalty, traditional loyalty and engagement solutions for some of the world’s most esteemed brands.
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[ALEX]� Thank you Richard and Emily for sharing your insights. I hope you all found some practical ways to consider how you can begin to change how your customers perceive your loyalty program. Just a quick note on RewardStream: Since 1999, RewardStream has been a leading provider of viral marketing, social referral, social loyalty, traditional loyalty and engagement solutions for some of the world’s most esteemed brands. �Spark™ is a viral marketing & social referral solution powered by the trusted recommendations of happy, satisfied customers. Makes it fast and easy to recommend a brand through referrals and generates interaction with customers� Delivers insight into the recommendation lifecycle. Track impressions, referrals, shares, referrals by channel, conversions and more�
