When I recently came across the article “You Gotta Believe” by COLLOQUY Partner Jim Sullivan, I was intrigued. According to a recent COLLOQUY Loyalty Practitioner Study, an online survey of loyalty marketers, it was discovered that lack of belief in program ROI is the mother of all pain points.
This survey, with nearly half of the respondents being senior level executives (SVP or higher) came from a variety of industry segments, including, Financial Services, Retail, Travel and Hospitality and Telecommunications.
What was discovered―and what many seasoned loyalty professionals should know by now is― an average strategy with great execution trumps the best strategy with poor execution.
The study identified 10 top challenges across four keys to an effective execution. Those four keys discussed in the article are; Prioritization, Misalignment, Processes and Systems and Metrics.
As Jim points out – none of the first three problems stand the slightest chance of being solved until the fourth―effective, convincing ROI measurement― is addressed, and this article addresses this topic in detail. A must read for any loyalty marketer, despite the maturity of the program.
We recommend that you read this article and discover how to: Block and Tackle, Measure the Right Things, Gain Control of Controls and Create True Believers.
While issues around the quality of the customer experience have been providing luxury brands with challenges in brand loyalty and customer retention, there are opportunities to re-engage customers and win a stronger degree of loyalty from them long-term. Learn More.