Industry leaders such as Apple realize that customer loyalty is one of the main factors that contribute to stock performance. In this FOXBusiness.com interview with Tracy Byrnes and Chris Cotter, Mark Johnson, President & CEO, Loyalty 360 discusses the bottom line value of customer loyalty.
A sneak peak:
Chris Cotter: Why does Apple do (loyalty) better than anyone else? Why do others try and aren't as successful?
Mark Johnson: Loyalty is a complex idea. You have behavioral science, stats, creative. The most important facet of customer loyalty and engagement that Apple does very well is that they listen to their customers. They have panels, they listen to their market, and they try to be creative. They vet all of their products with the market to create customer loyalty and customer engagement. So it almost feels like the individuals who are buying the products had a say in the development them. They work together; there is a seamless transition between Apple products. Customers buy one product at an entry level and then they go upstream to buy higher, more expensive, more profitable products. Getting that higher share of wallet, higher share of mind, and increased ROI for the stockholders.
Tracy Byrnes: Is there any chance that Apple will lose its luster?
Mark Johnson: I don't think so, not for a while. Their products are seamless. The scores from customers who have bought and used (Apple products) are very, very high. Apple assimilates this customer data. The behavioral data that comprises effective loyalty/engagement marketing programs is the paramount key for success. And Apple does that as good as anyone in the market… always listening to customers and making sure their products are customer centric. This is very, very important.
Watch the full FOXBusiness.com interview with Mark Johnson, President & CEO, Loyalty 360.
The interview aired April 6 at 12:50pm ET on FOXBusiness.com LIVE hosted by Tracy Byrnes and Chris Cotter.
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Your Comments2 Comments
by nnwalker on April 7th 2010 at 12:23pm
Great job Mark. Very interesting interview on even the basics of Loyalty.
by Savitha Nallasamy on April 21st 2010 at 2:14pm
Mark - Great Interview. I liked your comment on how small businesses can foster loyalty. I agree that loyalty card programs in itself do not generate long term loyalty ; the use of behavioral analysis of loyalty data and delivering relevant and personalized experience will go a long way in accomplishing that.
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