The Science & Art 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 above, creating rewarding relationships is important to the success of any business and how your customers perceive your business is critical. Have you ever heard of, or played, "Snog, Marry, Avoid?" or one of its variations? The concept of the game can also be used to distill down how your prospects or customers view your business. So what kind of business do you want to be?
Some businesses don’t treat their customers well at all, nor their employees for that matter. Not necessarily on purpose, but so many companies are laser focused on driving new business that they don’t give a thought for looking after and nurturing existing customers.
Better businesses create an unwittingly promiscuous environment. Offering discounts, rebates or sexy promotions to drive short-term but, ultimately, fickle sales. This behaviour attracts mercenaries who are only loyal because you are paying them to be in that moment… what happens when your competition offers a sexier promotion?
The best businesses are trusted, reliable and form long-term profitable relationships with their customers. They reward and recognise the right behaviours, engage in two-way dialogue and share beliefs and values.
Check out this webinar by our CEO, Rich White, 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 - Serotonin, Dopamine and Oxytocin. These chemicals influence our mood and define whether we feel motivated and rewarded.
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.
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, our logo and branding is inspired by the chemical structure of the Oxytocin hormone! Read more about how Oxytocin and trust are linked in this fascinating article from Harvard Business Review.
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