Going Out On A Limb
With the economy in the dumps, companies appear to be doing one of two things to survive. They are either retrenching to fight off the bad times or they are trying new things to stand out from the crowd. Very few if any are sitting still and not doing anything. For the companies retrenching, who can really blame them? Everyone keeps talking about how difficult these economic times are and how very few people still alive today can recall economic conditions this bad. Not since the Great Depression have we seen this level of corporate failures and stock market woes. Perhaps cutting back and looking for things to improve before one spends money will be a wise course of action. I however prefer the more adventurous approach – to try some new things and see if you can actually grow your business. Some people are even using the difficult economic times as an easy excuse if something they try doesn’t work. Instead of blaming a failed strategy or a bad idea, one can easily point to the bad economy and have some justification for failure.
Many people in news articles and blogs have already pointed out that companies like Kellogg and Proctor and Gamble were created during the Great Depression and used advertising to grow their companies. Kellogg overtook Post Cereals through creativity and a new approach and has never looked back. Some of the keys to success for these companies were their approaches around advertising. Spending may have been down and some people may have truly been struggling but some spending was still happening as it is today. The questions decision-makers at companies need to ask themselves are what new things are worth trying and how will we judge success?
One area receiving a lot of attention is customer Loyalty. There are many ways to address Loyalty and how it impacts your business. There have been numerous articles over the years giving the “inside secrets” on how to make your Loyalty Program successful. Personally I find this “one size fits all” approach disturbing. Sure there are certain tenets that are relevant for most businesses. But your business is not the same as your neighbors so your Loyalty Program shouldn’t be the same either. You need to focus on what makes your business unique and find specific solutions that address your customer’s needs. Spend a few hours talking through your ideas with a Loyalty consultant. A small investment now could save you a lot of money in the long run.
For some resources that may be helpful, see the following articles:
- Rewards That Reward
- Differentiating Loyalty Schemes by Customer Needs (registration required)
- How to DIY…Loyalty Programs
Or if you have questions and want to talk to a consultant, please Contact Us.