Not because they aren’t a great idea, but because most marketing types assume customer loyalty can be bought.
As we covered in part 1 of Why your Social Business will be a hit, the future is not about more ways to connect with your customers. The future is about building a synergy between your products/services, your customers, and your employees. The future is about building a business that defines a social ecosystem build on mutual innovation, insights, and real-time feedback. Make your customers happier, engage your staff to new levels, and shift a company into a community.
Contests and sweepstakes may have been your parents weekly routine along with buying cigarettes and catching a ballgame but today they are one of the most savvy marketing tools businesses have available. Even more important, contests and sweepstakes can act as the most cost-effective customer insight, loyalty, and social media tool within your corporate retention strategy.
The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value
by Frederick F. Reichheld,Thomas Teal
It’s an amazing read on the business science supporting the integration of Loyalty strategies across any industry. Considered by many the white paper that supported many of the Loyalty & Retention programs that have come online since it was written, it details so many business analysis tools and logical requirements of a successful loyalty & retention program, that today still remain often ineffectively implemented.