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Chapter 5
Loyalty Management
Introduction
Learning Objectives
Loyalty Management
Definition of Loyalty
How to Manage Loyalty
Ideology of Loyalty Management
Architecture of Loyalty Management
Loyalty Programs
Planning and Managing Loyalty Programs
Types of Loyalty Programs
Success Drivers of Loyalty Programs
Recap
Chapter 5: Loyalty Management
After going through this chapter, the students will be able to:
Understand the concept of Customer Loyalty
Explain Loyalty Management
Understand the design and implementation of Loyalty Management System
Understand the design and implementation of Loyalty Programs
Learning Objectives
An organization cannot survive by only focusing on acquiring more customers; rather it needs to find out the ways and means of recurring purchases from the existing Customers.
The organization has to closely examine its engagements with the customers and study the customer experiences with its products and services.
Earning loyalty of the existing customer is the ultimate purpose of Customer Relationship Management.
For sustaining the long term relationships with the customers, organizations implement special reward policies, which subsequently strengthen this relationship.
The loyalty programs are the initiatives and strategies in this direction. implemented by various companies.
Introduction
Loyalty Management is a tool for rewarding customer engagements leading to long term relationships and improved profits
Highly effective in preventing customer churn in current competitive environment
Today customer is becoming more demanding and less prone to loyalty
Generating loyalty of the customers always has a propensity to be on the forefront of any organization’s strategies.
Loyalty Management
The term loyalty is used to describe the post purchase behavior of customer, wherein customer is indulging in repeat purchases of the same brand/service offered by an organization over a period of time.
The objective is not to just seek repurchase; the objective is to seek positive word of mouth and a strong bond between customer and product.
Customer Loyalty
Graduation of Customer Organization Relationship
Customer Loyalty Management is a continuous process, a program, or a group of programs, designed with the objective of keeping a customer satisfied so he or she will provide more business.
The ultimate objective of customer loyalty program is to create highly satisfied customers who will be motivated to return to purchase again and persuade others to use that company's products or services.
Customer Loyalty Management
Pre-requisites of Association of Customer
Ideology of Loyalty Management
Architecture of Loyalty Management
Loyalty programs are structured marketing efforts that increase retention rate and encourage repetitive buying by the customers.
Primarily, an organization can never take existing customers for granted, specifically in the competitive environment, where customers are prone to attraction by multiple promotional and aggressive campaigns.
In most of the cases, a well planned loyalty program can lead to higher customer retention, subsequently leading to better brand/product visibility, recall value and recurrent purchases resulting into the higher revenues.
Loyalty Programs
Well planned and effective executed Loyalty Management programs enable companies to:
Build long term continuous relationships with customers who contribute the most to profitability, and capture a larger share of their business;
Generate sales growth by increasing referrals from customers and employees;
Improve long-term financial performance and shareholder value.
Benefits of Loyalty Programs
Planning and Managing Loyalty Programs
Outline Objectives
Prepare Budget
Determine Eligibility
Select appropriate reward methods for the customers.
Explore partnerships
Design and prepare organizational structure and processes
Integrate the program
Monitor the implementation of the program
Take corrective action depending on feedbacks.
Steps to Buildup Loyalty Scheme
Integration of Loyalty Programs
Appreciations
Rewards
Partnership
Rebate
Affinity
Types of Loyalty Programs
Poor Design
Insufficient /Unattractive Reward Policy
Poor Implementation of the program
Program not communicated properly
Program not integrated with organizational policies and procedures
Reasons of Failure of Loyalty Program
A Customer can be said to be a loyal customer, if he/she is willing to repurchase the product/service and recommend it to other prospective buyers.
Loyalty Management is a continuous process of orientation of the Organization Structure, Policies and Procedures with the objective to earn Customer Loyalty.
Loyalty Program is the specific scheme/pricing plan/integrated efforts meant to encourage repurchase by the customer.
It is essential to integrate the product strategies, policies and procedures in an organization with Loyalty Programs and Retention Strategies.
Recap

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