The first strategy is giving reward. Give your customers a thank you. In exchange, you could gain insights into
what they value as consumers. This is
also known as a "hard benefit."
The second strategy is to give recognition. In addition to issuing
a loyalty card and giving loyalty discounts, you recognize your valued
customers with gestures that go beyond the dollars and cents. This could be complimentary upgrades,
preferred booking status or front-of-the-line access to special events. This is known as a "soft
benefit." Today's "best
customers" have a higher expectation of recognition, and they have come to
expect to be acknowledged for their continued loyalty.
The third strategy is what most major retailers are working
to gain - relevance. As traditional
means of communication are increasingly replaced by mediums like social media
and mobile, connecting with the consumer has become a challenging task. Today’s consumers are bombarded by competing
messages in every form possible from market competitors. The challenge is to reach out to consumers
with information that pertains to their needs.
These three strategies may seem simple and many retailers
are already implementing them. Again,
the key to success is to “listen” to your customers and measure their
satisfaction beyond the “hard benefits”.
This could be achieved with a well-designed customer feedback system and
the incorporation of mobile and social media to create a customized shopping
experience for each consumer. This will
allow each consumer to create what’s important to them and allow the retailers
to fulfill their needs and beyond.
