What is the meaning of customer loyalty today? Is loyalty the focus in the new world of personalized marketing? Brand ambassadors focus on recruiting new customers, but attracting and keeping customers means on-going engagement with consistently providing them with meaningful content and offerings. At VentureBeat’s GrowthBeat event this week, marketing experts noted that growth comes from centering the strategy and execution on the customer experience and not on loyalty.
Matt Marshall, VentureBeat CEO, interviewed Jon Potter, CMO & EVP Brands, from Moet Hennessy USA. Potter said that his company is focused on certain key markets in the U.S. and not on winning everyone as a customer. Connecting with the culture of your target customers will help produce relevant content. To do so, Moet Hennessy is putting efforts into personalized content. Examples include the promotion of products (wines and spirits) in selected clubs, thinking about packaging deals, pairing complimentary products of other brands (like clothing or cosmetics), and more, which all center on creating an entire experience. Potter talked about creating unique content that is true to the brand as crucial for growth. Changing people’s perception of various products keeps them engaged, opens doors to new experiences and enhances the conversation. For example, Westerners celebrate with champaign, but we can also toast with cognac; We get alerts by email or phone reminders of an up-coming doctor’s appointment, but we can also get notifications via text-messaging.
Today, in order to find out what works and what doesn’t, companies use A/B Testing tools. A/B testing is not just a task done by technologists or product mangers – it’s essentially a marketing discipline and the entire team need to be aligned. Potter highly recommends testing everything marketing plans to do, since testing gives us valuable information as well as saves precious marketing resources.
PriceLine learned that bookings on mobile are about 30% of sale’s transactions and that people prefer desktop bookings. Yet, most travel searches are done on mobile. Further, 60% of the company’s bookings are on ApplePay, AndroidPay, and Google Wallet. PriceLine also found out that there is much travel related conversation on social media, but actual bookings are’t mainly done through social platforms.
How can brands produce personalized content in light of competition?
A strong brand presence is key for PriceLine. Past and existing customers are aware of this travel service, however PriceLine found out that first-time spectators have discovered the site via mobile.
In the long run, as time goes on, technology shifts behaviors as it continues to rapidly change. Even complex scenarios, like travel, that start with challenges, often become easier with technological advancements. Building trust with customers and putting efforts into ‘doing business’ easier will keep them coming back.
Read more on VB Insight, VentureBeat research organization, offering timely analysis, perspective and context from analysts and industry insiders linking executives to current insights.
Reports are categorized under ‘Marketing Technology’, ‘Mobile’, ‘Gaming’, and more.