Growth and Loyalty Loops — Will Fraser // SaaSquatch

Quotes

• “The first thing that we look at in the loyalty loop is that it’s gonna start with an existing customer. I know that sounds super basic but it is amazing to me how often, if we were trying to build a really effective loyalty loop for people that are yet to buy into the company’s vision, product and mission. That’s the big thing we like to start with. Let’s find where those happy customers are, and let’s figure out how to bring more people to them, to that same state.” - Will“When we’re thinking about the loyalty loop, we’re really looking at this idea of what are the key actions that you want someone to take inside of your business, inside of your product or service and how are we gonna get them to do that again. So this goes back to what we’ve discussed on positive reinforcement.” - Will“So what are those ideas that we need and how are we gonna prompt you to go ahead and take that behavior and what am I gonna do that is actually going to convert you to do that. Loyalty loop is all about what is the key behavior that you’re trying to drive, how are you going to engage that customer to do that again and what are you going to give them as a reason to complete that loop.” - Will“Loyalty is a euphemism for revenue optimization at its core when you break it down.” - Will“When we think about loyalty, we think about what? Our credit card? These loops are almost always exclusively focused on the checkout. So what is it that crosses the tail? How much money does the car cost? Loyalty in its simplest sense is really triggered by spending for most organizations. Historically speaking, that was the point that companies could track.” - Will“What’s really interesting, for me at least, is now loyalty loops have so much ability and broader range that can apply them. You can look at this as product usage, such as, ‘How am I gonna encourage you to log in, everyday?’” - - Will“The biggest thing we see is, today you have the opportunity to create loyalty loops that encourage behavior that even ten years ago or five years ago was just untrackable. So how can you build a loyalty loop that drives you through every stage of your customer lifecycle instead of just the checkout.” - Will“You’re talking about moving the loyalty loops essentially up the marketing funnel. Most of the digital business is how do I get you to re-engage.” - Ben “We call it the ancillary to revenue that will go right into revenue. For a lot of the organizations, the more they know about someone, the more they are able to tailor the revenue offers. So how to drive a loyalty loop that gets you to keep telling us more about you. How do I encourage you to fill out that part of your profile. How do I encourage you to set the setting that then in turn allows us to recommend the right product to you, allows us to drive your renewal rates?” - Will“When you wanna go straight to the revenue, I think one of the coolest things that you can see in a loyalty loop at a revenue point, is just how granular you can get. It’s how do I continue to reward you for your months? Think of streaming services.” - Will“I think there’s a lot of ways to get creative and my takeaway for all of the referral marketing, rewards program is, the amount of data that is in app that we can collect to use, the triggers and the signals that are created are not just useful from a marketing perspective in terms of customer acquisition.” - Ben “Most of us marketers think about collecting data in terms of who the customer is and we don’t think enough about what the customer behaviors are and try to mirror back from that.” - Ben “One of the biggest things you gotta look at today is you have all these usage data and usage data is exciting to the product team but I think it’s ignored a lot by the marketing teams.” - Will“In all honesty, a lot of marketing teams, they are lacking the tools and the ways to drive those results, to drive those actions from there. So we can look at this simply, we can track who is your best customer from a behavioral perspective or revenue perspective. We want to track what exactly that is engaging them and how do we spin those around and bring those customers back in.” - Will“You might have three different offers that you’re trying. You might actually find the people that take Offer A tend to be a better group for a long term value than Offer B. So you learn that by targeting your existing customers you already knew about, you know their history and now what you’re doing is you’re taking that same approach and you’re bringing that out to the new acquisitions.” - Will