Loyalty Program Insights & Quick Win Sales

loyalty284x200Your Loyalty Program Is Betraying You by Joseph C. Nunes and Xavier Drèze in the Harvard Business Review laid out numerous key insights related to why many rewards and incentive programs fail and why many win.

To summarize what I thought was the biggest challenge described in the article, how do we [companies] find incentives good enough to change behavior, but not so generous that they erode margins?

And it’s not that companies have a hard time understanding this concept, it’s that they have a hard time sticking to it and evolving with it in a manner that doesn’t sway from the vision.

How often do you think executives coming to the end of a fiscal quarter or year ask a marketing manager to come up with a lever they can pull for a quick win in terms of an increase in sales and revenue? In the tough  retail environment, it is probably more often that we would like to admit. And facing this situation one of the simplest levers to pull is to inundate your best customers with a strong offer or incentive to buy now. It’s this type of short term thinking, I think adds to the erosion of a lot of loyalty programs and marketing managers need to manage it carefully.

2014 New Year’s Resolutions

Making new year’s resolutions can seem frivolous. According to Forbes, just 8% of achieve them.

Today I’ve decided to post mine here in hopes that it will help me keep them. Some simple rules I tried to follow include:

  • Keep it simple.
  • Keep it tangible.
  • Keep it attainable.
  • Share them with others, so they can help you.

Family

  • Make memories
  • Create the family culture we desire (fun, learning, experiential)
  • Date night every 3 weeks

Health

  • Work out 2x/week
  • Reduce sugar treats to less than 1 serving per day
  • Reduce weight to under 200 lbs, but increase lean muscle
  • In bed by 10 pm as much as possible

Finances

  • Keep a log of spending
  • See a financial planner
  • Save $x/month for Ben’s college
  • Save $x/month for Dad’s college

Professional

  • Instagram/Tweet 1x/day
  • Blog 1x/mo
  • Complete at least 50% of MBA Program (29 of 57 credits)

House/Random

  • Reduce clutter in the house
  • Throw out old clothes, only buy really nice new clothes
  • Keep organized in the office