Dennis Armbruster, Chief Revenue Officer
There are several industries making serious inroads toward a step-change in the world of promotions. Instead of being content with the traditional “one and done” approach to rebates, enter-to-win and refer-a-friend activities, they’re looking at ways to leverage interactions from one promotional interaction to drive “next best action” through additional value exchanges and engagement activities. With it, they are able to amplify what they’ve learned to create meaningful solutions that lean forward into entirely new opportunities to drive acquisition, retention, winback and brand ambassadorship.
Lifecycle management: Then and now
Cable companies and wireless carriers have long understood the value of promotions in their highly compressed and competitive sector. But in the past, they viewed each consumer touchpoint as a discrete activity. Sign a contract? Get a gift card. Refer a friend for the same service? Another card. Time to renew or upgrade? Guess what. Or worse yet, they resort to bill credits. On the surface, those credits may appeal greatly to customers, but are usually forgotten when the promotional pricing period ends. The result is an increased risk of churn and decreased satisfaction and/or Net Promoter Scores.
Within our Subscription Services vertical, we’re finding more clients who are interested in a holistic approach to promotions, and who see them as a key element in a more inclusive lifecycle management strategy. We’ve been exploring the development of next-generation loyalty platforms that can allow customers to extract incremental value by exhibiting profitable shifts in behavior, such as engagement with the product itself, conversion to auto bill pay or the purchase of incremental services.
This allows our clients to add value any time there’s an opportunity to deepen the relationship: in the “ramp up” phase to renewal, at the anniversary of a customer relationship or as a method for service recovery in the event of a billing dispute or other service issue. Instead of doling out one “carrot” at a time, we’re offering them a basket for keeping all their carrots in one handy and virtual place.
How we approach “Next Generation Loyalty”
Here at YA, we understand that the ability to leverage each interaction we have with our client’s customers is an opportunity to drive improved business results for our clients. We mine the volumes of data received during each promotional program and offer brands entirely new avenues for creating more engaged relationships with their customers.
Our mobile-first approach, coupled with innovative engagement tactics, provides a new approach to loyalty that’s gained traction in many other verticals beyond Subscription Services. The result is solutions that are flexible and impactful for our clients and relevant and meaningful for their customers.
If this sounds intriguing, we’d love to talk with you. We run 3,500+ digital promotions and programs that reach tens of millions of consumers annually, and we’re experts at turning even first-time customers into loyal brand advocates. If you’re interested in hearing more about how YA can help you acquire new customers, retain the ones you have and encourage everyone to spread the word about your brand, please contact me to begin the conversation.