State of the Industry: Ivan Frank
By: Ivan Frank, ePrize LLC
June 29
Glory Days
The loyalty marketing industry is at an inflection point driven by three forces: the Internet/mobile web, the panacea of tools available to marketers, and yes – the recession. In hindsight looking back 10 years to 1999, it is now obvious what retailer marketers should have been doing about the Internet retail inflection point. ePrize CMO, Ivan Frank takes a look at how brands can respond to the situation today so that 10 years from now, we are not looking back with regret.
If loyalty marketing were personified, he'd likely be found standing at the water's edge, reflecting on days gone by as well as his plans for the future. He may even try to skip a stone or two. Before judging where we've been and where we're headed, we usually start with where we are today. That intersection could be marked by acknowledging the presence of the Internet, the panacea of tools available to marketers, and an economic market with a sign "Recession" hanging overhead.
The Internet and related technologies have put consumers in the driver's seat. We are all spending our time more wisely - in full control of the media we choose. We spend over 30 hours a week online - not to mention the third screen: mobile.
As marketers, we are trying to crack the code of digital and engagement marketing. The good news? There are more tools than ever. The bad news? There are more tools than ever. It may be difficult to prioritize among all the choices. While the tools exist to create and extend loyal relationships, reaching the next level of loyalty and engagement remains elusive to many brands. In loyalty, as in life, setting the right priorities is more than half the battle.
The recession has also changed the way we make decisions – possibly forever. From now on, consumers will spend more wisely. From now on, credit will be different. From now on, businesses will act differently. From now on, our culture will be different.
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State of the Industry: Ivan Frank
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