The Art & Science of Loyalty
The fastest growing and best performing businesses always have two key ingredients in common; they have highly engaged employees and evangelically loyal customers. The two ingredients are intrinsically linked and WILL lead to increased profitability and commercial success. This is the power of rewarding relationships.
The Incentivesmart loyalty sequence establishes relationships between profitability, customer loyalty, employee satisfaction and loyalty, and productivity.
- Great Leaders communicate mission, purpose and values with gusto. They balance challenge and support to encourage high performance and ownership.
- Committed and productive employees feel inspired by great leadership and are driven to deliver outstanding internal service quality and results.
- Sales channels are the external face of your business and when they align with your values and have a greater understanding of your business will deliver outstanding external service quality to your customers.
- These ingredients should help inspire a loyal customer base, who return to you time and time again, spend more and recommend you to their friends and colleagues.
- Complete all the links in the sequence effectively and you will enjoy increased profits and commercial success.
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Snog, Marry, Avoid?
Loyalty vs Manipulation:
As you've seen from our loyalty sequence, creating rewarding relationships is essential to the success of your business. But if your customer don't view your business in the right way, the sequence is broken.
We use the snog, marry, avoid concept to analyse how your customers truly view your business.
Do you want to be the kind of business that creates an unwittingly and promiscuous environment? Offering discounts, rebates or sexy promotions drive short- term sales, but that’s what it is - short termism. But remember the kind of customers that respond to this form of marketing are often mercenaries – “I’m loyal because you pay me to be loyal.”
These businesses are trusted and reliable. They form long-term and more profitable relationships with their customers. People are looking for trusted brands to provide them with safety and security in testing times. They want to be assured that the brands they choose are transparent and trustworthy.
There are a lot of businesses out there who don’t think enough about customer loyalty, as long as the new business comes in. You might think to yourself that you have loyal customers and you probably do, but is it the right kind of loyalty? You want customers who are loyal because they're emotionally connected with your brand values.
Check out the webinar from our CEO, Rich, where he explains our snog, marry, avoid concept in more detail. (20 min watch)
Delve into the four areas that are crucial to building rewarding relationships with your customers;
- Customer service vs customer experience
- How to provide relevant reward and recognition
- How to communicate and educate effectively
- The secret ingredient
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loyalty and engagement
The biology of loyalty
95% of our purchasing decisions are unconscious urges, which are driven by emotion. We make many decisions with our hearts, not our minds - well metaphorically speaking! What really drives our emotions are our brain chemicals.
Three in particular - Dopamine, Oxytocin and Serotonin. These chemicals influence our mood and define whether we feel motivated and rewarded.
Oxytocin is released when you form strong and long-lasting emotional connections, and is the most important chemical when it comes to long-term loyalty. In fact, we believe in the power of Oxytocin so much, sometimes it’s part of our logo!
Serotonin is the ‘wellbeing’ hormone. It flows when you feel proud, significant or important. People get a boost of serotonin when they achieve a gain in status or are praised for a job well done.
Dopamine is the ‘reward’ hormone." This one feel great! It’s the high we get when we are rewarded or achieve a goal. It motivates us to set new goals because it’s an addictive feeling.
In order to form long-term relationships with brands (and people for that matter), people need positive experiences whenever they’re interacting, and to feel like their personal values are being reflected with the relationship.
The art of engagement
Our award-winning SaaS platform gives you the tools to create consistently outstanding experiences and WOW moments for customers and teams. By rewarding, recognising and reinforcing positive behaviours we open the door to two-way communication and learning on a platform that people WANT to use.
Employees go the extra mile to get results when they’re invested in your success. The platform aligns people to your purpose for improved employee satisfaction, retention and productivity.Learn more