How do you make money when people share things socially? Eight Takeaways – SES London 2011 (#SESUK)
In one of the first sessions of SES London John Butler, Fromer Global Head – Communications & Media, dunnhumby shared some of his experience in ‘Loyalty Marketing’.
To be honest the session did not really what the headline title of the session “Monetising Social Comerce” suggested but some interesting take aways none the less.
1. Provide a disproportionate benefit – give a lot away and suddenly people don’t mind sharing personal details.
2. Loyalty is far more complex than most of us give really realise, and do your loyalty programmes build loyalty or just
3. Truth is loyalty programmes aren’t really about building loyalty its actually about capturing data and gaining insight
4. Demography and market research is dead actual buying data is much more useful, even if the sample size is much smaller
5. Good data is what people ‘do’ rather than what they think
6. Use your data on loyal customers to understand them, you want them to become Mavens and Evangelists using these seven steps
- Identify Loyalists (people who buy frequently)
- Thank your loyalists by sending them an offer
- Ask them whether they’d be prepared to share the offer
- Measure who redeemed the vouchers, who are the most influential loyalists?
- Capture what offers worked
- Which loyalists are Mavens? You’ll want to build a strong relationships with these people
7. If you offer come from a friend rather than a company the open rate can be as high as 93%
8. This kind of data tends to be used in offline in big retailers but imagine if Google managed this data in analytics?