Sunday, 20 Sep 2020
Category: Business
MoviePass

AMC theaters attempt to compete with MoviePass business model

MoviePass allows members to watch several movies a month for a subscription. The business has been struggling for a while due to the increased cost of their business model.

MoviePass leaders have continuously made changes to their business model to decrease the cost of the program. It started by ending the unlimited watch option, which enabled its members to watch an unlimited number of movies every month. read more

Loyalty Guy

Our leader is an international loyalty expert who has worked in loyalty and retention for 15 years. He has designed over 5 loyalty programs from scratch, revamped 3 loyalty programs and launched several programs for fortune 500 companies to help them increase retention and loyalty of their customers. His experience is well diversified across several industries which makes him unique in the knowledge he can share with everyone around.

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Steps before Loyalty Development

First Steps in Building a Loyalty Program

How To Build a Loyalty Program?

In this article we will cover the guiding principles for Building a Loyalty Program and if companies should invest in developing one or not!

let’s start by mentioning that in the US alone consumers have more than ONE billion rewards memberships…Imagine how many companies were able to take the steps needed in building a Loyalty Program! read more

Loyalty Guy

Our leader is an international loyalty expert who has worked in loyalty and retention for 15 years. He has designed over 5 loyalty programs from scratch, revamped 3 loyalty programs and launched several programs for fortune 500 companies to help them increase retention and loyalty of their customers. His experience is well diversified across several industries which makes him unique in the knowledge he can share with everyone around.

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Loyalty

Amazon Prime Shows Loyalty to customers that are on $99 annual plan

Amazon used a different approach this time to show loyalty to existing annual paying members. But also decided to make this decision a profitable one as they always do.

Amazon announced on Friday announced that it has raised the monthly Amazon Prime membership rate from $10.99 per month to $12.99 per month, an increase of 18%. Amazon was quick to note, however, that the $99 annual membership fee for Amazon Prime will remain the same. Students who were paying $5.49 per month for access to Prime will now be charged $6.49.

Loyalty Guy

Our leader is an international loyalty expert who has worked in loyalty and retention for 15 years. He has designed over 5 loyalty programs from scratch, revamped 3 loyalty programs and launched several programs for fortune 500 companies to help them increase retention and loyalty of their customers.

His experience is well diversified across several industries which makes him unique in the knowledge he can share with everyone around.

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How to Create True Loyalty

If you want to create customer loyalty you must appeal to true human emotion. Follow your heart in building customers’ loyalty not strictly based off numbers and what some companies would label as  “best practices.”

Plato once said  that “only a man who is just can be loyal, and that loyalty is a condition of genuine philosophy.”

As a loyalty expert myself  I look at creating loyalty from the lens of human relationships.

Take the relationship we have formed with family and friends for example. Loyalty to our loved ones and those most dear to our hearts is earned or acquired  often times over a span of years and not simply given.

This emotional bond is based off a series of interactions and experiences that had shared values like integrity and respect.

That right there, that sums it up.  A series of interactions and experiences…and this is what our customers’ loyalty is  truly all about.

Customers are loyal to the brands that focus on their user experience not only their monetary value.  To develop a long sustainable brand, the marketing team must study each interaction with the customers clearly and make it joyful and an integral moment for the customer.

Let’s look at an example: If you are buying an iPhone from Apple. Do you think abut what it is that truly differentiates this brand from the almost identical competitor? It doesn’t often cross our minds as the brand has successfully, time and time again  provided (you ,) the customer with a product  or more so a service that’s reliable. They also ensured that the user experience from the moment you considered buying to the moment after purchasing is full of joy and trust.

Today many brands have created what they deem a necessity in building customer loyalty; a rewards program. This can be the ultimate error in judgment.

Companies should be more concerned with the overall user experience.  They must try to put themselves in their customers shoes and truly learn what it is that makes them get out of bed in the morning. Think of these customers as your best friend and your most prized possession. Learn what they are passionate about and what fuels them to purchase your product.  Work really hard on every touch point that will impact the customer . Put all of the touch points together and build a journey for the customer. Don’t treat each touch point in isolation from the other,as mentioned it is a journey that marketers should be ready to explore alongside with the customers.

Customers are expecting integrity and respect, these are the same values that built this emotional bond between you and your family or friend.

Therefore companies that focus on understanding everything about their customers succeed in delivering upon their needs and expectations.

Rewards programs are an essential player in the multitude of items that will create loyalty. But true loyalty i

Remember to always relate your loyalty journey to that of human emotional intelligence

Loyalty Guy

Our leader is an international loyalty expert who has worked in loyalty and retention for 15 years. He has designed over 5 loyalty programs from scratch, revamped 3 loyalty programs and launched several programs for fortune 500 companies to help them increase retention and loyalty of their customers.

His experience is well diversified across several industries which makes him unique in the knowledge he can share with everyone around.

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Lesson #2 from T-mobile’s Success

Lesson #2: Creative thinking can open new doors for you!

I always say there is a room for improvement, a room for innovation. Recently in the past few years T-Mobile proved to one of the biggest wireless markets in the world that shaking up the market is possible.

For so long the wireless carriers were locking in customers with 2 year contracts. Customers didn’t have a choice to move from one company to the other if the service was not up to their expectations.

T-mobile went through tough couple of years specially when the deal with  AT&T Inc fell through and they had to work on plan B.

At that point they have raised enough money to work on rebranding themselves to become the “Un-carrier”.

Remember when you used to pay per minute rate, then the carriers would allow you to call from 6 pm for free then they would ask you later to commit to a year contract. They simply would lock you in and you can’t get out of that contract. I was one of those customers who would have a good network at work and bad network at home. Being locked in for two years didn’t give me any choice but to keep my service.

Wireless carriers lived the best years of their lives enjoying low churn rates, high revenue per customer with their high price matched plans. You simply can’t go anyway and you are their slave!!!

T-Mobile came and in at a time where customers were frustrated but no one was listening to them and this was the golden opportunity. It is a golden opportunity in many business or industries. But it takes a lot of understanding and also courage to simply do the right thing.

How T-Mobile has changed the market in the US and proved to other carriers that there is a room for creativity in a well established market.

HOW T-Mobile Changed the Market

Never think a mature market is TRULY mature!

Loyalty Guy

Our leader is an international loyalty expert who has worked in loyalty and retention for 15 years. He has designed over 5 loyalty programs from scratch, revamped 3 loyalty programs and launched several programs for fortune 500 companies to help them increase retention and loyalty of their customers.

His experience is well diversified across several industries which makes him unique in the knowledge he can share with everyone around.

More Posts

Continue Reading