In this week's customer engagement recap:
- Loyalty programs could feel Target data breach fallout
- Consumers Eye Cobranded Rewards
- Sears: Mobile-Offer Redemptions Skyrocket
- Sears Launches Fitness Loyalty Program
- How Millennials Are Changing the Face of Marketing Forever
- Five ways Millennials will change your marketing
- Experian Marketing Services identifies six categories of deal-seeking consumers
- Smarter Couponing: Getting Behind the Counter
- Loyalty programs could feel Target data breach fallout (NBC News)
With millions of customers' data exposed in the recent Target hacking, could there be a backlash against loyalty programs that rely on that information? This article posits that card-based programs, such as Target's REDcard, could feel the most pain. (On a side note, our gigantic collection of loyalty stats shows that 32% of Americans believe that the privacy of their personal information is an important attribute of a loyalty program.)
- Consumers Eye Cobranded Rewards (Mercator Advisory Group)
In a survey that predates the Target breach, financial services research firm Mercator says that participation in bank-issued credit card rewards programs has declined by 10% in the past year. Consumers are opting for retail-based programs and card instead.
- Sears: Mobile-Offer Redemptions Skyrocket (Mobile Commerce Daily)
We're big into mobile coupons and have blogged a few times on their potential for customer engagement and merchant growth. Retailer Sears recently jumped into the fray, seeing an 1100% increase in redemptions since sending out personalized mobile coupons through Shop My Way.
- Sears Launches Fitness Loyalty Program (FitStudio)
In other Sears and Shop My Way news, they also launched FitStudio, a program that rewards members for exercising.
- How Millennials Are Changing the Face of Marketing Forever (Boston Consulting Group)
According to a new report, U.S. millennials (those aged 18-34) account for around $1.3 trillion in annual spending, which means we'd all better get comfortable with their unique quirks and habits. The report focuses on "The Reciprocity Principle," or that millennials expect a two-way dialog with brands.
Executives and marketers must embrace the new reality: marketing is an ecosystem of multidirectional engagement rather than a process that is controlled and pushed by the company.
- Five ways Millennials will change your marketing (Wise Marketer)
And a nice recap, with stats, of the BCG report on the Wise Marketer. (registration required)
- Experian Marketing Services identifies six categories of deal-seeking consumers (Experian)
Data marketers Experian outline the six types of deal-seekers, from the "Deal Seeker Influential," or very vocal (and influential) penny-pinchers, to the "Deal Rejector," who is basically your grandpa that doesn't care how much that new putter costs, he just wants to get it as easily and quickly as possible.
- Smarter Couponing: Getting Behind the Counter (Access Loyalty Blog)
One of the key points of emphasis in Experian's data is that merchants should not tread lightly in the art of discounting, which dovetails nicely with Dave Bona's ongoing blog series on Smarter Couponing.
A poorly crafted coupon with a deep discount for everyone looks great for the marketer that landed it and will likely bring in a crowd, but it may not help the merchant move more wool socks or inspire folks to come in on notoriously slow Tuesday evenings – in other words, the actions that really make a difference in the margins.