How to Properly Leverage Loyalty Programs to Boost Customer Loyalty // Derrick Fung — Drop

Quotes

• “Get consumers to love your brand. Make the experience awesome so that they tell others. I think that is what should drive loyalty, the value you are giving to your consumers because in today’s world you compete with a fact that there are a lot of options.” -Derrick “It’s harder these days to compete purely on price. Brand has become more and more important especially in the world of D to C. (direct-to-consumer).” -Derrick“Consumers these days will buy based on a very powerful story and brands like Equinox, Everlane, and Casperhave done a phenomenal job of articulating their story.” -Derrick“Why are brands spending more and more on influencer marketing is that it goes back to the story. Gone are the days of big, mega-celebrity.” -Derrick“Ten years ago, the product-market fit was such an easier thing to measure. Fast forward to today, there is a whole slew of different things to look at and some of them are out of our control.” -Derrick“Product market is ultimately, ‘does your consumer love your product’ and if yes, do they love it more than all their competitors out there.” -Derrick“Consumers want things that are easy. Everything seems to triangulate over seamlessness.” -Derrick“The reason why we did not opt for a cashback is we want to highlight the brands and the experiences that the consumers can get access to. You are not redeeming for a gift card, it’s redeeming to fund your lifestyle.” -Derrick“I think why gamification is important is, when you think about the most popular apps out there, they are all games, Tinder, Snapchat, and I think Facebook is the biggest game especially when you’re trying to get your likes up. This is something to consider when you’re building out an engaging loyalty program.” -Derrick“With personalization, research shows that if you give a consumer what they want, at the right point in time, at the right place, then they love it.” -Derrick“Drop is different from our competitors because one, we are built on top of financial APIs and because of that, we have a much more 360 view of the consumer and we can better personalize. We also exclusively focus on mobile.” -Derrick