Prior to launching a loyalty program, smart marketers build ROI models…
…that forecast incremental profits based on anticipated lifts across three key customer revenue variables: average order size, yearly purchase frequency, and yearly retention rates. These models make assumptions on funding, breakage, and participation rates to estimate results.
- How can you tell what loyalty members would have spent if no program existed?
- New customers are a particularly good segment to break out for high-level comparison.
- The purest way to measure incremental lift is to randomly assign every existing and new customer to a control group.
For example, “Compare Members versus Nonmembers” section, we performed the following analysis:
• Identified every shopper, loyalty program member and nonmember that made at least one purchase over first three months of loyalty program. For the member group, the purchase had to be made within 24 hours of registering for the loyalty program.
by Mariann McDonagh. Follow Mariann @incontactCMO
Social media is becoming a mainstay, mobile marketing is surging, and voice-of-the-customer (VoC) research programs are in vogue. Marketers are even setting up command centers to track and analyze online customer feedback. We’re learning how to listen, relate, adjust, and respond to customers in ways we never imagined.
The contact center presents a unique opportunity to hear the real voice of the customer.
Actual customer conversations are potentially more authentic than research gleaned from controlled studies.
Your contact center is on the front line of customer service
Social engagement, social content, and storytelling
Social advertising – there are about another 10 metrics to follow here
Influencer marketing – influence measurement & building framework
Social listening – there are many metrics to measure here
Social customer service
Via socialbakers Social Media Statistics
Whirlpool opened its Facebook wall and now responds to 82.42% questions! Worth it!
In 2013 we see the smart brands focusing on the quality of relationships, competitive analysis and the consistency of data.