Enterprise Loyalty: Relationship Marketing Use Case

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This is a podcast episode titled, Enterprise Loyalty: Relationship Marketing Use Case. The summary for this episode is:
Relationship marketing in one visual slide
01:33 MIN
What is Enterprise Loyalty?
01:09 MIN
Vands and Fleet Feet use emotional loyalty
01:00 MIN

Tim Glomb: Welcome to Enterprise Loyalty. This is a very important Stage Four relationship marketing video and you're going to love it. Patrick Tripp, SVP of Product Marketing here at Cheetah Digital, thanks for joining me.

Patrick Tripp: Thank you.

Tim Glomb: All right. One thing I think we should share right here is our visual matrix for how relationship marketing actually happens. At the top layer, you have use cases. These are the common use cases that marketers need to solve for. We've refined this through our product and also our clients over the last few years. These are the most common ways marketers are trying to activate the market. Below that, you actually have product offerings. Now, we have three big buckets for our offerings, acquisition and enrichment, that is one bucket, real time engagement, and then loyalty and retention. Below the offerings, are what we like to call our B2C CRM Solution. This is the technology. At first, we have advanced decisioning, machine learning, all kinds of integrations with other platforms. That is a very important layer in the technology. Below that, lives our data management, batch data, streaming data, et cetera. It's also where the single view of the customer comes together, see all of your data in one place. Then, of course, all of your analytics, all the great work that the platform is providing up through these offerings and ultimately into the street on one of these use cases. This matrix right here summarizes exactly how technology is the foundation, with product offerings and then common use cases. Very simple. Okay, let's move on. I'm very excited about this because over the years I've talked to so many amazing clients that love our loyalty platform. When we talk about Enterprise Loyalty, unlike retention marketing, which is kind of loyalty light, right?

Patrick Tripp: Yeah.

Tim Glomb: Using multiple channels and offers and this and that, this gets into not just a loyalty program in whole but emotional loyalty, not having to transact to create that loyalty and relationship with a brand. But why don't you give me your spin on Enterprise Loyalty?

Patrick Tripp: Yeah. This really brings together all the elements of Cheetah and what we provide across the platform, whether it's journeys, whether it's loyalty programs, whether that's loyalty management, loyalty marketing, tiers and rewards, community, really building loyal advocates through emotional loyalty, as well as analytics and machine learning, really bringing together a full picture for marketers to really drive world class loyalty programs.

Tim Glomb: Yep. Let's break it down because everybody's familiar with the term loyalty. We know this through hotel and airline points typically of like, okay, you spend, you get some points, you redeem the points for something. We can do that, we do that.

Patrick Tripp: Oh yeah. For some of the world's largest brands, we help them build out their entire points programs and their redemption programs and help deploying, whether through mobile wallet or through offer management or through coupons or punch cards or even at the point of sale, we can really manage all those elements.

Tim Glomb: Yeah. But then you can go beyond that and what I love, being still a skateboarder at age 48, Vans. The Vans Family App and Loyalty Program is something that speaks to me on an emotional level. The idea is, I don't always have to reach in and pull out my credit card and spend to get value inside of that program. I can open the app. I can watch videos. I can vote for artists or local surf or skate or snowboard shops, and that gets me points but those points aren't necessarily redeemable for discounts. It's not a points for purchase discount program and it allows me to engage with the brand, literally every day of the year, without having to spend money and still get value from it.

Patrick Tripp: Yeah, or even another running shoe company like Fleet Feet where we help build out communities there of like- minded weekend warriors that want to get together and form races and just competitions. It's beyond the transactions and beyond the discounts and the coupons and really building of a community to really get them passionate, make them advocates around the brand.

Tim Glomb: Yeah, and look. When you implement a strategy that's beyond just straight points, a dollar equals 10 points, equals a 10% discount, now you get into true relationship marketing. I mean, loyalty, emotional loyalty equals relationship and that's what I love about what we've built here in the platform. What are some other features and capabilities inside of this that people should be aware of when they think about enterprise level loyalty inaudible?

Patrick Tripp: Yeah, absolutely. Points engine. Again, we have a robust environment, a very customized ability to create rules- based and machine learning oriented rules programs, rewards, being able to reward in different incentives based on different tiers. Challenges, creating challenges and things that consumers can go after for tiers, a lot of rules, gift cards is another example, punch cards, redemptions, including the point of sale and being able to integrate into any of the systems that support the in- store experience.

Tim Glomb: Got it. Now, we all know, and we talked about it in retention marketing, you can generate a lot of revenue from a smaller amount of effort when you start to retain and loyalty really does kick back. If you look at this graph here of the four stages of relationship marketing, basically taking an unknown consumer, turning them into known, enriching their profile, engaging them in real time and personalized, now at the loyalty stage this is still a data capture opportunity, so the things that people engage with, what they care about. The actions that they take in your emotional loyalty strategy continue to progressively profile and enrich their actual profile in your relationship marketing data record.

Patrick Tripp: Yeah, that's a great point. Loyalty points, and redemptions, and transactions, and purchases all contribute to that single customer view that we constantly are aggregating through what we would call a B2C CRM for marketers, but really building out that better enriched view of the consumer and using that for, again, better targeting and better following up and that value exchange carries through.

Tim Glomb: It totally carries through. Now, we may be at the tail end of our video series on relationship marketing but by no means is this a linear end point, this is a cycle, it continues on. Everything we've talked about to date in this video series are things that are always on and always moving. You mentioned the B2C CRM concept. We have another video on that that you should definitely check out to really understand the high level view of how all of this works together.

Patrick Tripp: Yeah, look forward to that.

Tim Glomb: Okay. We could talk for hours about loyalty, this is a high level overview. We have tons of case studies, resources on our website. You should check out great interviews from Vans, the North Face, inaudible Group.

Patrick Tripp: And Pizza Attune. Yeah.

Tim Glomb: We can keep going. Browse our site, get those resources, but now you know where you stand and why all of these parts, use cases and best practices, come together under one relationship marketing strategy. I think we've closed it out.

Patrick Tripp: Great. Awesome job. Appreciate it.

Tim Glomb: Okay, awesome job. We appreciate you sticking through our whole series and, if this is the first one or only one of them, you should go back and watch all the videos in this series because, stitched together, they really tell a bigger tail. Also, check out that B2C CRM concept that we have, that's another video. Patrick, I appreciate your time, energy, and information. Your knowledge has been incredibly helpful as we round out our relationship marketing strategy series.

Patrick Tripp: Pleasure as always, Tim. Thank you.

Tim Glomb: All right. We'll see you soon.