Comments on: What’s Your Plan? http://blog.hanifinloyalty.com/2009/06/22/whats-your-plan.html Straight talk and opinion about Customer Strategy, Loyalty Marketing, and Measurable Marketing Mon, 15 Mar 2010 20:01:50 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Tim C http://blog.hanifinloyalty.com/2009/06/22/whats-your-plan.html/comment-page-1#comment-8869 Tim C Tue, 23 Jun 2009 22:16:03 +0000 http://blog.hanifinloyalty.com/?p=1217#comment-8869 Every business is always trying to minimize expenses and maximize their investments. This is especially true in a tough economy. The plan is to make sure that our programs [our clients' programs] are viewed as investments rather than expenses. Calculating customer lifetime value and measuring the impact of your [loyalty] promotions on lifetime value is still one of the most powerful tools to keep your program in the "investment" column. Your entry last month on "Back to Basics" was right on point -- identify, retain and grow your best customers. Rewarding best customers is an investment that will pay dividends. Wasting budget on non-productive customers will land you in the "expense" column (or the unemployment line as you say.) The impending shake-out of programs and vendors may not be a bad thing. If the last Loyalty Census is accurate, over half of the programs in the U.S. could disappear and nobody would care. (The most recent Loyalty Census published by COLLOQUY shows that the average U.S. household now belongs to more than 14 loyalty marketing programs, yet is active in only 6.) This process of natural selection will accelerate innovation and give loyalty progams the kick in the butt that they desperately need. Every business is always trying to minimize expenses and maximize their investments. This is especially true in a tough economy. The plan is to make sure that our programs [our clients' programs] are viewed as investments rather than expenses. Calculating customer lifetime value and measuring the impact of your [loyalty] promotions on lifetime value is still one of the most powerful tools to keep your program in the “investment” column.

Your entry last month on “Back to Basics” was right on point — identify, retain and grow your best customers. Rewarding best customers is an investment that will pay dividends. Wasting budget on non-productive customers will land you in the “expense” column (or the unemployment line as you say.)

The impending shake-out of programs and vendors may not be a bad thing. If the last Loyalty Census is accurate, over half of the programs in the U.S. could disappear and nobody would care. (The most recent Loyalty Census published by COLLOQUY shows that the average U.S. household now belongs to more than 14 loyalty marketing programs, yet is active in only 6.) This process of natural selection will accelerate innovation and give loyalty progams the kick in the butt that they desperately need.

]]> By: Brian http://blog.hanifinloyalty.com/2009/06/22/whats-your-plan.html/comment-page-1#comment-8867 Brian Mon, 22 Jun 2009 20:13:25 +0000 http://blog.hanifinloyalty.com/?p=1217#comment-8867 Aloha Mike Hasselhoff! I am at Hawaii’s North shore surfing. Caught a big one and been riding it for awhile. Question is how far will the ride take me, or will I fall and be consumed by the big wave? I think the goal is to ride the wave until another one comes along, but most importantly, make sure you catch it and ride it hard. You need to be in the water neck deep in order to keep catching the waves, for they come fast and furious. Aloha Mike Hasselhoff!

I am at Hawaii’s North shore surfing. Caught a big one and been riding it for awhile. Question is how far will the ride take me, or will I fall and be consumed by the big wave? I think the goal is to ride the wave until another one comes along, but most importantly, make sure you catch it and ride it hard. You need to be in the water neck deep in order to keep catching the waves, for they come fast and furious.

]]>