Course Preview: Customer Loyalty: Strategy and Application at Northwestern Kellogg
19 October 2022
[Video Transcript] Customer Loyalty: Strategy and Application at Northwestern Kellogg
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During the next six weeks, we'll cover the following. First, we will talk about what we mean by a customer-centric approach to business. What do we mean by a customer strategy? We will talk about customer differentiation, customer targeting, and determining customer value in deciding which customers to target; that's week one.Â
Then in week two, we'll talk about the customer lifecycle, the customer journey, customer acquisition, how to grow customer value and customer retention, plus, customer relationship management, customer data, and customer data analytics. Then in week three, we'll really get into customer loyalty, and we'll talk about what are the types and different definitions of customer loyalty?Â
What are the different ways to measure customer loyalty, and how do you determine the drivers of customer loyalty for your target customer segments? Plus, two of my favorite subjects, personalization, and triggered marketing. Then, we're going to start putting it all together into an enterprise strategy for customer loyalty.Â
Then in week four, we'll talk about the economics of customer loyalty and how to build the business case for a loyalty program, and decide if there is a sound business case that can deliver a compelling customer value proposition while at the same time producing sound, sustainable, profitable economics, and business value for your company.Â
Then in week five, we're going to talk about how to actually design a loyalty program. We're going to start with actually two different definitions of a loyalty program, and then explain from a very practical viewpoint, the three dimensions of loyalty program design.Â
Explain how to structure the earning and redemption sides of a loyalty program if we're using a points currency mechanism. We're going to talk about operational requirements for loyalty program functions, organization, and accounting. Then in week six, finally, we'll talk about some special cases for applying loyalty programs, including consumer products, CPG businesses, B2B business-to-business, and extending loyalty programs to new industries and startups.Â
Plus, we'll explain how loyalty programs can be extended beyond your company through partnerships, and even become businesses themselves. And then we're going to conclude by talking about why loyalty programs fail, and the future of loyalty programs in the digital era, where loyalty programs are headed in the digital era. That's week six.Â
Along the way, we'll use examples from a wide range of businesses all over the world, a wide range of business categories. I approach all of the subjects that we're going to talk about from the viewpoint of a practitioner, from the viewpoint of being the person who is actually responsible for doing what we're going to discuss in a real business, in actual practice; that's what I spent the bulk of my career doing.Â
My aim for you is that when we get done with this course, if you need to or want to develop a strategy for customer loyalty and build a loyalty program, you'll think Tom talked about that, and you'll know how to approach it and have frameworks for doing so in actual practice.Â
Recently a reporter from the New York Times called me, and she said, "I see lots of companies starting new loyalty programs or relaunching their established loyalty programs. Is this really happening? Or is it my imagination? And if it is really happening, why is it happening?"Â
And I said, "No, it's not your imagination. It is really happening." In answering her second question, why is it happening? Is what this whole course is about. During the next six weeks, we're going to answer her second question.
[End of Video Transcript]
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