Ajay Row, Founder & Chairman, Customer Capital
- He is the Founder and Chairman of Customer Capital.
- He has launched loyalty programs for a lot of companies.
Podcast
Overview
Marketing has become more important in today’s age of business as the market is becoming more and more competitive. Implementing loyalty programs is one of the marketing tactics that is being used by companies to create lasting customer relations. A lot of the time companies mistake loyalty programs for discounting schemes which tend to overlook the purpose of these programs. Today we have with us Ajay to tell us in detail about loyalty programs.
About Ajay Row
- He is the Founder and Chairman of Customer Capital.
- He has launched a lot of loyalty programs for a lot of companies.
- He has spent 11 years working on CRM projects globally.
- He also founded a company named Litmus World.
04:13- What are some key elements of an effective loyalty program?
- A loyalty program alone doesn’t represent loyalty. It is a means to an end, not the end itself.
- It has mainly five components: data, communication channel, unique currency, ability to treat customers differently, and ability to attract valuable partners.
- The ability to attract valuable partners has become the most dominant reason for implementing loyalty programs these days.
08:03- How important it is to integrate loyalty programs in today’s age of business?
- We don’t really have much choice in today’s age of business. Every customer has a need to feel special.
- If the customer is making efforts to stay loyal to you, and you are ignoring them in your marketing campaign then shame on you.
- We have to spend in the right manner and integrate a proper loyalty program to maximize our profit and customer satisfaction at the same time.
15:59- What are some common mistakes companies make while implementing loyalty programs?
- We tend to believe we know certain things, but we actually don’t know that much. The key is to acknowledge that we don’t know something.
- It involves a lot of steps that need to be done right such as using data effectively and not many people know how to do that.
- One other mistake is turning the loyalty program into discounting schemes which sometimes overlooks the purpose of these programs.
RESOURCES:
You can connect with Ajay Row | LinkedIn
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Profile
- He is the Founder and Chairman of Customer Capital.
- He has launched a lot of loyalty programs for a lot of companies.
