(image created by AI) An interesting study by the New Columbia Business School finds that…
“Investing in growth”
That’s how Deloitte presents their advice for retailers in 2019. While the market is at an inflection point of a switch between good years and maybe not-so-good years ahead, retailers that want to make a difference should focus on investing in their customers, with ‘loyalty’ as the main strategy to go for.
We like the practical, yet strategic, approach that Deloitte advises to its audience:
- Determine why you matter
- Win with convenience
- Understand the utility of data
- Attack adjacencies
- Look outside your four walls
From purpose to process to possibilities, is how we would present it at VEMT. Using the CX-flows that our platform offers, it would be easy to keep the purpose in mind, while creating a flawless process and make use of the possibilities that you create, like collecting multiple types of behavioral data about your customer’s behavior.
Deloitte also touches the importance of converting the transactional loyalty – that many programs are capable of generating very well – into an emotional loyalty attraction for customers that actually stay with you a bit longer. It is vital to personalize rewards, use ‘exclusivity’ as part of your strategy, make value easy to redeem (as many times as the customer wants it) and create connections between people.
The referral-feature of the VEMT platform will help you to do just that latter aspect: create connections, monitor these relationships and act on them, rather than only look at individuals and see them as ‘accounts’. We see that our most successful clients use the relationships between members to grow and enrich their program, with relatively little effort and costs.
Would you like to discuss your 2019 retail Strategy and turn it into something tangible? Let us know.
Check out deloitte.nl for the full report (registration required).