THE LOYALTY LEAP
TURNING CUSTOMER INFORMATION INTO CUSTOMER INTIMACY
Most consumers don’t trust companies as much as they used to. So how has Bryan Pearson convinced 99.99 percent of his ten million customers in LoyaltyOne’s AIR MILES Rewards Program to willingly share their personal information?
Pearson shows readers how to build the unwavering consumer loyalty needed for long-term relationships and how to do so without infringing on the privacy of their consumers.
The Loyalty Leap arrives at a crucial time, illuminating the best practices for responsibly selecting, collecting, and employing customer data—the raw material of today’s marketing industry. Supplemented with compelling corporate stories and the results from an extensive 2011 consumer survey, it provides a snapshot of consumer attitudes about privacy and the use of personal information for marketing and business purposes.
Four Forces Are Reshaping Marketing: Can You Ride the Wave of Change?
he north shore of Oahu is known as the surfboarders’ paradise, but there are waves so great that they exceed the skills of even the most experienced surfers. These waves, some larger than fifty feet, were long a force that both beckoned to and bedeviled the best athletes in the world. These surfers knew that simply attempting to “catch” these monsters meant dancing with extreme danger and possible death.
And so for decades the untamed waves rolled in, until technology and creativity inspired a man-made solution called “tow-in surfing.” It requires a Jet Ski, which is fast and maneuverable enough to launch the surfers into these waves while assuring the safety of the driver. To see something as small as a surfer taming these giants is a testament to our resourcefulness and our urge to conquer challenges in the face of adversity.
We in the business community today find ourselves in a conundrum similar to that of these extreme surfers. Our “oceans” are changing, and the waves are growing bigger and more challenging to ride. Powerful forces in our markets are profoundly altering the landscape in which we compete as marketers and leaders. They are combining in a way that will either yield incredible creative energy or sink shareholder value.
These forces include: the rise of consumer connectivity via social media and the Internet; the fragmentation of media; and limits to growth imposed by severe cost cutting, which has supplanted our core purpose of providing our customers differentiated and compelling products and services.
How organizations respond to these forces and how they leverage a fourth—the incredible wealth of enabling technologies—will define those that survive and thrive. Those companies that fail to respond risk being crushed beneath the enormous waves of change we’re experiencing now.
For instance, this fourth force of enabling technologies—and
the consumer data they yield—requires that marketers continuously
increase their investments in computing power, targeting
tools, predictive models, and expert statisticians. These resources
certainly expand what is possible for marketers...
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Bryan Pearson is the president and CEO of LoyaltyOne Inc. He leads all of the enterprises organized by Alliance Data under the LoyaltyOne umbrella: LoyaltyOne Consulting, the AIR MILES Reward Program, COLLOQUY, Direct Antidote, and Precima. He regularly speaks at industry events and is widely regarded as an expert in his field. He lives in Toronto.