How to simultaneously attract new prospects and retain loyal customers

Biznology

If they chose you above a competitor because you provided a higher-value service or product, don’t use a price reduction tactic to entice them to renew their contract or purchase additional products. Instead, figure out how you can provide their business even more value for a fair price.

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New Developments in B2B Loyalty Marketing

Biznology

Let’s look at the traditional approaches to retention marketing in B2B, plus some new developments in loyalty marketing being adopted by B2B marketers today, including social media and gamification. . New developments in loyalty for business markets. Photo credit: Wikipedia.

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Trending Sources

Loyalty Programs Might Cost Your Business More Than You Bargained For

grow - Practical Marketing Solutions

Loyalty programs seem like Marketing 101. A retailer or other local business offers consumers a loyalty card that entitles them to free goods or services if they visit the store X number of times or refers X number of friends, etc. First, are loyalty programs legal in your state?

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10 most inspiring digital marketing stories of 2016

Biznology

Best known for their functional cars that offer amazing price-to-value ratios, the customer market grew by 60,000 cars in the last three years.

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A Loyalty Program Becomes a Retention Hub

Hubspot

Simple economics tell us that these prices are on an upward trend. The solution is to use a loyalty program as a hub for your retention marketing tactics. Loyalty as a Retention Hub. A loyalty program ties all of your marketing efforts back into your retention marketing strategy.

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7 Customer Loyalty Programs That Actually Add Value

Hubspot

If you’re like 65% of marketers, your company has implemented a loyalty program. According to the 2011 Colloquy Customer Loyalty Census , of the $48 billion worth of perceived value in reward points and miles distributed by American businesses annually, one-third goes unredeemed by consumers. It’s time for marketers to look beyond convoluted rewards systems and offer actual value to customers using their loyalty program. For them, loyalty happen organically.

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Brand Loyalty isn’t Dead – Don’t “Buy” the Hype

Modern B2B Marketing

The Changing Face of Brand Loyalty. Because I had no loyalty to Fitbit or to Jawbone, neither brands carried any special power. So as I researched, I wasn’t worried about the brand of my new step/calorie counter – I just wanted the best functionality at the best price.

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Five Strategies for Improving Customer Experience

Webbiquity

However, dialing into customer loyalty and determining what it takes to improve customer retention isn’t always easy. Price and Value. With this in mind, price your products so that the perceived value is high. Loyalty Programs. Guest post by Brooke Cade.

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How customer values are transforming brands today

Biznology

In the 1980s David Aaker described brand equity, which is all about value, as “a set of brand assets and liabilities linked to a brand name and symbol,” and had four dimensions: brand loyalty, awareness, associations, and perceived quality.

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How customer experience supports brand loyalty through relationships

Biznology

In fact, it’s the nature of nearly every industry where major purchases are driven by emotion and fashion over utility and price. The post How customer experience supports brand loyalty through relationships appeared first on Biznology.

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3 Ways B2B Brands Should Use Membership To Grow Advocate Loyalty

Influitive b2b

Organizations like it for obvious reasons: recurring revenue and long-term loyalty ! SurveyMonkey successfully transitioned from a single monthly fee to a three-tiered pricing model so they could cater to large enterprise companies and keep their loyal core of smaller customers happy.

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11 inspiring case studies of digital transformation

Biznology

Features include: free two-day shipping on orders of $49 or more, exclusive price discounts, hundreds of millions of products, purchasing system integration, tax-exempt purchasing for qualified customers, shared payment methods, order approval workflows, and enhanced order reporting among others.

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Discover 3 Types of Marketing Automation Engagements for Agencies

Marketing Action

The economy has recovered a bit, but it’s still a very competitive environment for marketing agencies, with thin margins … and thinner client loyalties. Agency Marketing Automation agency marketing automation pricing

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How to Find The Best Influencers for Your Company

Act-On

This is another complete influencer marketing solution, complete with the price tag (it starts at $350 per month). Advocacy & Loyalty influencer marketing influencersWhat’s the hardest thing about influencer marketing? Is it defining the strategy? Tracking the results?

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Beanstalk Data Adds Service to the Marketing Automation Recipe

Customer Experience Matrix

Pricing is starts at $1,500 per month for a complete marketing automation system, although clients who want just email and lead scoring can start for as little as $600 per month. The company also has a loyalty system marketed under the Beanstalk Loyalty label.

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Study Finds Brand Reputation More Important to Consumers than Price

Content Standard

Everyone knows price matters to consumers, but a new study suggests the lowest price doesn’t always win. Even more important to consumers is the reputation of retailers—and how prices correlate to that brand reputation. Price Still Matters.

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5 Easy (and Affordable) Ways to Show Customer Appreciation

Vertical Response

Customers also have more options to choose from when it comes to purchasing – whether it’s supporting a local business, shopping for the best price, or shopping online for convenience. Try out some of these tips and start earning more customer loyalty.

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Make the most of your CRM this year

Biznology

When used correctly, it can help improve customer retention with better service and more personalized marketing, which leads to customer loyalty. Customer service is expected to be the key differentiator , even over price, by 2020. Customer Loyalty.

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Why Word of Mouth Should Be a B2B Marketer’s Top Priority

Marketing Action

This can be an excellent way to get more out of price negotiations, especially when you’ve reached the limit of what a client is willing to spend. Advocacy & Loyalty B2B Marketing referral Word of mouthWord of mouth is the original marketing channel.

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The Anatomy of a Profitable Ecommerce Rewards Program [Infographic]

Hubspot

But competing on price is a race to the bottom. Loyalty programs can drive high margin repeat business, but most programs fail to add value to the customer experience. To get real value from your customer loyalty program, you need to go beyond the discounts.

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The 10 Best Customer Service and Customer Engagement Platforms

Webbiquity

Pricing: free or $20/$40 per user per month. Pricing: five levels from $5 to $199 per agent per month. Pricing: free or $15 per agent per month. Pricing: $20/$60/$100 per agent per month. Pricing: free or four levels from $19 to $89 per agent per month.

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Show Some Love – Inspiring Customer Appreciation Ideas

Vertical Response

We’ve compiled some of our favorite customer appreciation gifts, ideas or loyalty programs from various companies to inspire you: Car Dealerships. Apps have even been created to keep track of all these loyalty cards with a popular one being Key Ring.

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Is customer satisfaction really important in B2B?

The B2B Research Blog

Customer loyalty is critical to any business. After all, the logic goes, if customers are happy then they won’t feel a need to change supplier – satisfaction leads inexorably to loyalty. Offering a price advantage.

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The 2 Reasons Why You Really Lose a Sale

Sales Intelligence View

“Our product is inadequately priced,” you may say, or, “The prospect has no money.” So is loyalty to a competitor of yours and a prospect’s inability to understand your products. It’s a rare sales rep who’s never lost a deal.

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Leo Suarez, Toshiba’s SVP Marketing & Strategy: Omni-Channel Retailing—A New Paradigm of Product Marketing

Crimson Marketing

They compete with endless aisles and endless comparisons of products and prices online. Special pricing, special selection and a special connection that comes with understanding an individual shopper’s behavior make for a powerful marketing system.

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Debunking the 80/20 Rule…and 4 Other Sales Force Myths

Marketing Craftmanship

Myth : Price, quality and perceived value are the most important factors influencing customer loyalty. Reality: 39% of customer loyalty is based on sales force performance, before and after the sale; 22% on perceived quality / value; 20% on breadth of offering; and 19% on price.

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The Customer Experience Story: Seamless and Not So Seamless

Modern Marketing

These perceptions affect their behaviors and build memories and feelings and may drive their loyalty. Customer experience is a key differentiator between brands Research predicts that customer experience will overtake price and product as the key differentiators of brands by 2020.

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Why Your Ecommerce Promotions Fail

Hubspot

When planning giveaways, discounts, coupons, promotional events, and any other special pricing for your ecommerce company, you’re probably already counting your profits in your head. If you can’t show that your products are worth the price tag, then you haven’t done your job.

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5 Assumptions That Sabotage Your Marketing

Act-On

Yet the company lost nearly 800,000 subscribers in the immediate Qwikster aftermath and experienced a stock price decline of 77 percent over four months. After the launch, customers started hoarding older versions of Coke, selling it on the black market for inflated prices.

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It pays to provide Support with Social Media

Buzz Marketing for Technology

1) Customers prefer a good customer experience over price – being the low cost provider in any industry is never a safe place to play. But in a recent survey by Forrester customers in every major industry preferred good customer service to price.

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How to Boost Brand Loyalty (Please Stop Bragging)

Content Standard

When a consumer feels they are being sold or pushed into buying a product, they are more likely to find another brand to pay attention to, with little mind to brand loyalty. Connecting with consumers establishes brand loyalty. Braggers are the worst.

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How the Internet of Things Is Changing Marketing Forever

Act-On

In fact, the customer experience is expected to overtake price and product as the key differentiator by 2020. This process saves time and is great for companies, because they earn repeat business and generate higher customer loyalty. Shaking Up Pricing: Product-as-a-Service. IoT is transforming the customer experience, but it may also transform the way marketers price and offer their products. This model could transform pricing for all different types of products.

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Here's Why Airlines Treat Customers Poorly

Customer Experience Matrix

Indeed, when the survey explicitly asked about priorities, 51% rated improving operations as the top priority, compared with just 39% for aligning operations, marketing and IT, and only 35% for building customer loyalty.

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3 Secrets To Having A Two-Way Conversation With Your Brand’s Customers Online

Buzz Marketing for Technology

However, brand loyalty online can be much more fleeting than it is offline. Stop and think about some of the online brands that have your devoted loyalty (no matter what sins they may occasionally commit).

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SAS by the Sip: SAS Viya Offers Open APIs to Individual Services in the Cloud

Customer Experience Matrix

But the triumph of SAS’s pricing approach has been accompanied by new challenges to SAS’s business. Subscription pricing notwithstanding, SAS has largely sold its software for on-premise operation by its clients and required them to purchase a large stack of core technologies. This greatly reduces implementation effort and allows volume-based pricing, both of which lower entry costs to the client.

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Role of digital in driving customer engagement

Opentopic

Customer engagement is the holy grail of marketing; creating an emotional attachment to a brand can create loyalty which means longer-term, less price sensitive and therefore more profitable customers. The customer has always been king. Customer engagement can make a significant financial difference: research from Gallop in 2014 found that customers who are fully engaged with their bank bring 37%. The post Role of digital in driving customer engagement appeared first on Opentopic.

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A New Generation of Marketing Metrics & the ROI of Better Data

DiscoverOrg

In addition to lowering the cost of database maintenance by decreasing unnecessary bloat, marketing teams can consolidate vendors and negotiate lower pricing with fewer parties. Consumer trust and loyalty erode when segmentation is based on old data; for example, sending the wrong message to an existing customer. Revenue growth is only possible with a solid understanding of our prospects – and no one knows that better than B2B marketers.

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5 Things Spotify Can Teach You about Content Curation

ScribbleLive

It has similar pricing and a nearly identical music catalog to the other streaming music services, so how does Spotify set itself apart? With a business model that allows customers to start and stop service at their leisure, Spotify is doing an amazing job of keeping them around.

130

Customer Experience Simplified

Modern Marketing

97% of global consumers cite customer service as important in their brand choice and loyalty. I am a firm believer that we humans have a penchant for making (something) more complicated than necessary, a.k.a. overcomplicating everything. And we marketers take it to a whole new level.

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Sometimes you don’t need community. Sometimes you just need a hamburger

grow - Practical Marketing Solutions

But he HAS earned my loyalty. There are still a lot of products out there that we buy due to price, placement, promotion and the nature of the product. But he HAS earned my loyalty. Occasionally in the marketing space we drink too much of our own Kool Aid.

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