unlocking the power of customer loyalty - neccf...sep 25, 2015 · unlocking the power of customer...
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![Page 1: Unlocking the Power of Customer Loyalty - NECCF...Sep 25, 2015 · Unlocking the Power of Customer Loyalty by Dianne M. Durkin Loyalty Factor™, LLC dmdurkin@loyaltyfactor.com](https://reader034.vdocuments.net/reader034/viewer/2022042319/5f08ce017e708231d423cdc9/html5/thumbnails/1.jpg)
All Rights Reserved Copyright 2015 Loyalty FactorTM, LLC
Unlocking the Power
of Customer Loyalty
by
Dianne M. Durkin
Loyalty Factor™, LLC
(603) 334-3401
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All Rights Reserved Copyright 2015 Loyalty FactorTM, LLC
Dianne Durkin
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All Rights Reserved Copyright 2015 Loyalty FactorTM, LLC
Loyalty Factor, LLC
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All Rights Reserved Copyright 2015 Loyalty FactorTM, LLC
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My Mission
“To be the best I can be and help
others be the best they can be.”
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Agenda
• Defining Customer Loyalty
• Business reasons for building loyalty
• Loyalty trends
• What some of the best companies do
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What is
Customer
Loyalty?
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Customers Want
• To be cared for
• Individual attention
• Customization to their unique needs
• Timeliness of resolution
• A positive, upbeat sendoff
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Creating Loyal, Engaged
Customers
is More Important
and More Challenging
Than Ever
Source: Mark Johnson - CEO of Loyalty Marketers Association
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Key Customer Loyalty Trends
• “Getting closer to the customer” is a top
business strategy and area of focus over the
next 5 years.
• 88% of the CEO’s surveyed said this was a
key area of focus.
Source: Loyalty 360
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• Goal of customer loyalty initiatives will be to
engage customers. Customer engagement is
the holy grail for loyalty initiatives.
• With engagement comes:
• Loyalty
• Advocacy
• Trust
• Passion
Key Customer Loyalty Trends
Source: Loyalty 360
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of all buying
experiences are based on
how the customer feels
they are being treated.
70%
Source: McKinsey
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Engaged customers represent
a premium in terms of
share of:
• Wallet
• Profitability
• Revenue
• Relationship growth
23%
Source: McKinsey
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Retail Banking
A 37% increase in annual revenue
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Insurance
22% increase in insurance
products purchased
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Hotels
46% more spending per year
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You Must Create Connection, Passion and Engagement with People
70% Emotional 30% Rational
Decision Making is:
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Loyalty is Not a Program,
It’s a Journey and a
Strategic Business Goal
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What’s the Journey
and Strategic Business Goal?
• Build true loyalty based on
total customer experience.
• Engage customers in
strategic direction.
• Build relationships for the
long term.
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Loyalty will focus on
emotions,
Not
Incentive-Based Initiatives
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Building Rapport
Techniques in establishing rapport:
• Mirroring and pacing body language
• Matching and pacing voice elements
• Matching process verbs
•Visual
•Auditory
•Kinesthetic
•Key Words and Phrases
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Components of Communication On the Phone In Person
In Person
On the Phone
Words
Voice
(Volume/Pace)
Physiology
7% 15%
38% 85%
55% 0%
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40%
Listening
35%
Talking
16%
Reading
9%
Writing
Communication Techniques
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Levels of Listening
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1. Listen Empathically = (Identify feelings and positive
intentions.) “It sounds like you are ...”
2. Provide a helpful transition statement = “I hear your
need and I am going to help you achieve your goals.”
3. Ask questions to gain additional information =
“I’m going to have to ask some questions to get some
additional details.”
Handling Difficult Situations
Empathetic Listening Techniques
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Background Questions
Process Questions
Detail Questions
Action Questions
Inverted Pyramid Approach
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• The ultimate rapport and loyalty builder
is working the solution and providing
recommendations.
• Enthusiasm and excitement are no
replacement for finding reasonable and
satisfactory solutions.
Building Rapport & Loyalty
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How to Acquire Unified and Integrated
Customer Views • Pull together customer data from all touch points
and channels across your organization.
• Create accurate customer segments using
demographic, geographic, attitudinal, and
behavioral data to group customers with similar
attributes, needs and wants.
• Understand that it’s not just demographics.
It is understanding the customers
perceptions and behaviors.
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• Regularly survey your customers
• Gather data directly from your customers
• Pull information from all customer touch points
• Mystery Shoppers
• Written Survey
• Focus Groups
• One-on-one Interviews w/high profile
customers
Voice of the Customer
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• What are the top three strengths
of working with our organization?
• What are the top three areas needing
improvement?
• What should this organization do so you would
increase the business you do with us?
• If you could give one message to the senior
management of this organization, what would
it be?
Cross Sectional Focus Groups
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Cross Sectional Focus Groups
What things are we
doing now that we need
to stop doing?
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Engage Your Customers – Partnerships
• Strategic Planning Sessions (about them)
• Relevant Deals for Them
• Customized Loyalty Programs
Ask, Listen, Engage, Take Action!
Voice of the Customer
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Cause Related Marketing
• Develop Social Responsibility Programs that
are Aligned with Your Organization’s Goals
Source: IPSOS Mori & The Logic Group
Voice of the Customer
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20 – 35 Years Old
• Social & Green
• 85% will switch brands
• 73% say they will try a new brand
Millennials
Sources: IPSOS Mori & The Logic Group, Forbes
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• Those who buy a lot and don’t talk about you or
market you. (Affluents)
• Those that don’t buy much but are very good sales
people for you. (Advocates)
• Those who do both, buy a lot and are good
advocates. (Champions)
• Those who do neither (Misers)
4 Types of Customers
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Differentiate & Be Relevant
The magic is not in the HOW,
The magic is
in the WHY.
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Create
“The WOW Factor”
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• I felt listened to.
• The person had a direct interest in me,
my situation and my needs.
• The person I was working with cared more
about me than they did their own personal
interests.
• The person followed up with me to ensure
that I had a great experience.
Best Customer Experiences
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• They followed up with you within a week,
within 20 days, within 30 days – soon after –
to ensure that you were content and happy.
• Next they followed up within 3-6 months after
to ensure that you remained satisfied and
everything was going well.
How Did They Do This?
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It is not just the initial interaction
that works.
It’s the follow up that counts.
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When you start following up on a
regular basis, what messages does it
send to that customer?
• We care.
• We value you and your input.
• We appreciate your business.
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Each & Every
Customer Interaction
Communicates Value!
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Have
Everyone Use
WOW Statements
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• “We at _______ are all about providing a
positive experience for you, our customers.”
• “ We at _______ are committed to meeting our
customers’ unique needs.”
• “ We at _______ are committed to helping you
and your business grow.”
• “ Thank you for doing business with _______.”
“WOW Factor” Value Statements
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WOW Statements Create Positive
Customer Experiences.
WOW Statements Create Loyalty.
WOW Statements Bring in
Additional Customers.
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• Individuals continually praising the organization
internally and externally.
• Individuals recommending the organization to
families and friends.
• The organization is known for meeting and
exceeding customer needs and following
through on commitments.
• The organization is known for incredible
value for their products and services.
Have you Achieved Loyalty?
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• It costs 10 – 20 times more to acquire a new
client than it does to keep an existing client.
• A Forum Corporation study shows over 60%
of customers who changed brands did so
because of poor services or lack of personal
attention.
Business Reasons for
Building Loyalty
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Tom Peters:
• On average, a customer with a poor
experience will tell 9-10 people
• 13% will tell 20 or more closest friends
and associates
Business Reasons for
Building Loyalty
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• 91% of those who complain won’t come back
(doesn’t matter how much they spent, $2 or
$2,000.)
Business Reasons for
Building Loyalty
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Employee Loyalty
Vision
Values
Positioning
Brand
Loyalty
Customer
Loyalty
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• Companies in the Upper Half on Customer
Engagement and Lower Half of Employee
Engagement, or vice versa
• Companies in the Upper Half with Customer
Engagement and Employee Engagement
= 70% Boost to Bottom-line
= 240% Boost to Bottom-line
Source: Gallup
Customer & Employee
Engagement
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• Loyalty is a fundamental element of their
business vision, growth, and success.
• Management is dedicated to
understanding employee, customer
and shareholder needs.
Fortune’s Annual “Most Admired,”
Best to Work for,” and “Best Run” companies:
Business Reasons for
Building Loyalty
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Fortune’s Annual
Publication:
The 100 Best
Companies to
Work For
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Fortune’s Top 10 Best Companies to
Work for in 2015
1. Google
2. Boston Consulting Group
3. Acuity
4. SAS Institute
5. Robert W. Baird
6. Edward Jones
7. Wegmans Food Markets
8. Salesforce.com
9. Genentech
10. Camden Property Trust
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Wegmans treats its customers really well and it treats
the employees even better.
#7 on Fortune’s list of Best Companies to Work For in
2015, and has been ranked on the list for 18
consecutive years.
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• Articulates a shared purpose and vision
• Recruiting
– Hire for the values of caring and trust
– Live those values every day
• Philosophy: The more we invest in training, the
more it comes back to the bottom line
• The company spent $1mm in training for 2 new
stores in VA
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“Everything is a Learning Event
for our employees. It’s just part of
doing business.”
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#3 on Fortunes List of Best Companies to
Work for in 2015
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#11 on Fortunes List of Best Companies to
Work for in 2015
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“To inspire and nurture
the human spirit – one person, one cup
and one neighborhood at a time.”
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• Employees are called “partners”
• Medical benefits and profit sharing for full
and part-time employees
• “Bean Stock” program for full and part-time
employees
• Health benefits for same sex partners
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Disgusted with Washington’s
dysfunction, ceased making campaign
contributions to either party.
Joined by CEO’s at:
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Create Jobs for USA
Opportunity Finance Network®
that will make loans
to small businesses in underserved markets
across the country.
$5 red/white/blue wrist band.
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Stores in Harlem
and Crenshaw, LA
Share profits of local stores with
community, annually $100,000.
“We are agents of change.
With each cup we help the neighborhood.”
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We are not in the Coffee Business,
We are in the Experience Business.
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“We bring humanity to the air.”
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• Everyone is a “Crew Member”
• Established Shared Value System:
– Safety, Caring, Integrity, Fun and Passion
• Hire for their Culture and Attitude
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Created Five Principles of Leadership
• Inspire Greatness in Everyone
• Treat People Right
• Do the Right Thing
• Communicate with Your Team Consistently
• Encourage Initiative and Innovation
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• Ask
• Listen
• Engage / Empower / Enrich
• Create a Positive Environment
Call to Action!
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The difference between a
professional and an amateur is…
Patience and
Respect to
Build Rapport in order to
Identify and meet
the other person’s needs
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Thank You!
And Watch Your Earnings
Grow!
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Thank you!
Thank you!
Thank you!
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Books by Dianne Durkin
These books
are available
on Kindle!