what's the buzz
TRANSCRIPT
Bing.com has done a great job trying to attract new customers by developing ads and placing
them in media to reach new prospects.
Potentials - conceivably have an interest in buying the company’s product or service but may not have the means or intention to buy
Prospects - people with the motivation, ability and opportunity to make a purchase
Clients - people whom the company gives very special and knowledgeable treatment
Members – belong to a program that offers benefits to customers to join
Advocates - customers who enthusiastically recommend the company and its products and services to others
Because Bing is interested in retaining customers once obtained, it has created and implemented a customer loyalty rewards program.
Last Wednesday, Bing launched a preview of their new loyalty program, dubbed Bing Rewards. The program offers redeemable credits to people for conducting searches. The program rewards users for what they are already doing online - searching, exploring and discovering.
Download the Bing Bar (www.bing.com/rewards) Sign in with Windows Live ID (registration is free) Complete the registration process
Start earning credits by: Using Bing for searches Setting browser search defaults to Bing Trying new Bing features
Redeem credits in site Redemption Center
Two types of Customer Loyalty Programs: Frequency Programs – designed to provide rewards
to customers who buy frequently and in substantial amounts
Ex: Grocery store discount cards, frequent traveler programs
Club Membership Programs - can be open to everyone who purchases a product or service, or can be limited to a small group. A membership fee and certain conditions are usually involved, so these programs might only appeal to certain people.
Ex: Costco, Harley-Davidson
Only search engine that is currently offering a rewards program to users
FPs are typically very successful for the first company in a specific industry to utilize them
FPs can become financially burdensome after a long period of time, therefore, Bing is limiting its rewards program to one year.
The program expires 9/30/11. This will allow Bing to analyze the results and determine the success of the program without breaking the bank.
Bing Rewards Preview 1-Year Test Run Replacing Bing Cashback, which expired in
July 2010
Bing currently has a market share of 13.9%, a growth of 30% over the past year, according to Nielson. Further increase in market share and overall
success of program is TBD