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Gartner Reveals Two Actions Customer Service Leaders Must Prioritize To Increase Customer Loyalty And Mitigate Disloyalty - MarTech Series

Gartner Reveals Two Actions Customer Service Leaders Must Prioritize To Increase Customer Loyalty And Mitigate Disloyalty - MarTech Series | The MarTech Alert | Scoop.it
Customer service interactions are far more likely to lead to disloyalty than loyalty, according to Gartner. This means the battleground for customer loyalty must also include actively mitigating disloyalty. Gartner research shows customers who experience a low-effort service experience in resolving their issue are 61% more likely to stay with the company. On the other hand, a high-effort customer service experiences drops that probability to only 37%. “Most customers buy based on a product’s quality or value proposition, but they will leave or stop purchasing from a company because of service failures,” said Mr. Schott.

While low-effort resolution helps to ensure customers remain loyal, about 40% of customers will still leave a company even if they get that high-quality service experience. To avoid leaving that 40% on the table, customer service needs to focus on “value enhancement” – or impacting customers’ perceptions of the product or offering. Customer service organizations that focus on “value enhancement” can increase the probability a customer will stay with the company to 82%. Even more, “value enhancement” helps to increase the probability customers will deepen their wallet share to 85% and spread positive word of mouth to 97%.
CYDigital/marteq.ios insight:

Isn't value enhancement one of the basic tenets of marketing? How did we get to the point where this foundational item needs to be called out as an action item?

 

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Customer loyalty: The new generation | McKinsey

Customer loyalty: The new generation | McKinsey | The MarTech Alert | Scoop.it
Thomas O’Toole: Travel, retail, and financial services have been at the forefront of loyalty programs since their inception, but we now see them expanding into other categories, such as healthcare. Why is this happening, and what other categories do you see adopting loyalty programs?

Jess Huang: We’re hearing more and more healthcare clients asking us about loyalty, as well as insurance clients. Some B2B clients are asking about it, too, which is a little bit unusual, because there are fewer programs to point to. I think this goes back to the trend of increasing access to the consumer and consumerization. So now everyone is thinking, “I’m expected to take advantage of all of these consumer touchpoints that I can access, but how should I be doing it?”

The bar for the customer experience and how you develop a relationship with the consumer has been raised by digital and other trends. So companies in industries that traditionally didn’t build one-to-one relationships with the consumer now feel like they need to. Healthcare providers are thinking, “How do I actually continue to engage with my consumer in between visits and make sure that they come back to me?” That’s something they’re not used to wrestling with. It’s the same with B2B companies. There’s more consumerization in terms of access, so it’s no longer just about the salesperson’s relationship with the person on the other side. There’s a lot more access and more ways to get in touch with them. So I think loyalty naturally pops up as a topic they start thinking about.
CYDigital/marteq.ios insight:

An excellent post on today's loyalty requirements. 

 

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Marketing technology provider Aqilliz and telecoms giant MyRepublic create blockchain-based loyalty programme - Crypto-Reporter

Marketing technology provider Aqilliz and telecoms giant MyRepublic create blockchain-based loyalty programme - Crypto-Reporter | The MarTech Alert | Scoop.it
Aqilliz, a technology company that specialises in blockchain-powered solutions for digital marketing, completed a loyalty programme pilot in partnership with multinational internet service and telecommunications provider, MyRepublic. Entitled MyRewards, the blockchain-based loyalty programme application was developed as part of the IMDA Blockchain Challenge which looks to explore the applications of blockchain to drive greater operational efficiency and business model innovation in the telecommunications sector.

As part of this pilot, post-paid MyRepublic subscribers received an invitation to download the MyRewards mobile application, available on both the Google Play and iOS app store. From February to April 2020, MyRepublic customers could earn points based on their monthly bill which could be redeemed at any of the company’s 19 retail outlets islandwide through an in-app QR code system. In addition, MyRepublic users also had the option of earning points by connecting to over 20,000 Wireless@SG hotspots islandwide at locations including shopping centres, libraries, community centres, and other public venues. MyRewards points could then be spent on in-app purchases for retail vouchers and other branded offers, rewarding consumers for their participation.
CYDigital/marteq.ios insight:

Loyalty programs are a natural sandbox for blockchain and crypto, and this is a great use case.

 

Follow us on LinkedIn and qualify to use the Marteq platform at no charge! https://www.linkedin.com/company/marteq-io #martech #marketing

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Making blockchain real for customer loyalty programs | Deloitte US

Making blockchain real for customer loyalty programs | Deloitte US | The MarTech Alert | Scoop.it
Loyal customers are one of the primary drivers of any for-profit business. By building loyalty rewards programs, companies aim to heighten the customer experience. In many cases, however, the opposite has occurred. The implementation of blockchain can drive the customer experience to the next level, and here’s how:

Reducing costs
Enabling a frictionless system
Making the process near real-time
Providing a secure environment
Creating unique business opportunities
CYDigital/marteq.ios insight:

It's a no brainer!

 

Learn why blockchain is the next step for MarTech and AdTech. Read the white paper: https://www.marteq.io/#7 #martech #marketing

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Building Customers Rewards Program With Blockchain - FinExtra

Now blockchain and mobile wallets are disrupting the way companies do rewards. Blockchain is cutting out 3rd parties and giving full control directly to businesses. Blockchain is a new technology that is creating decentralized and encrypted programs. It is much faster, much more secure, and transparent; everything that the current rewards system needs. Blockchain also has brought us smart contracts which, in simple form are encrypted digital contracts.

Why Blockchain is perfect for the rewards industry.

Secure. Blockchain is more secure than any previous technology. With the use of smart contracts and blockchain; customers data is protected like never before.
Fast. Blockchain, if implemented correctly cuts transaction times down to mere seconds, allowing for more accurate reward programs.
Efficient. Reward programs have billions of transactions and very large amounts of data that needs to be stored. Blockchain brings efficiency unlike anything we’ve seen before and this means huge cost savings.
CYDigital/marteq.ios insight:

It's an excellent use case, although we believe secondary to the huge advantages provided by blockchain in the realm of advertising. Learn why blockchain is the next step for MarTech and AdTech. Read the white paper: https://www.marteq.io/#7

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iCashRewards Explores use of DigitalBits Blockchain - Marketing Technology Insights

iCashRewards Explores use of DigitalBits Blockchain - Marketing Technology Insights | The MarTech Alert | Scoop.it
iBank Digital Asset L.P. (“iBank Digital”, “iBank Exchange”) and iCashRewards (“iCash”) announced today that it is exploring use of the DigitalBits blockchain to tokenize iCashRewards loyalty points.

iCashRewards’ recipients will be able to use the iCash loyalty token as a form of payment on iBankEx and iCash Ecosystem, allowing users to benefit from reduced exchange and transaction fees.
CYDigital/marteq.ios insight:

Another example of how blockchain supports loyalty programs. Blockchain solutions for the marketer: https://www.marteq.io.

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