The very significant revenue and bottom-line benefits produced by a loyalty-centric
“For clubs,
business are the result of a number of factors:
1.
It’s far less expensive to keep a current member than to acquire a
that ‘magic
new one.
moment’ occurs
2.
Positive word-of-mouth by loyal members generates more customers than when a satisfied
cold-calling or other lead-generation efforts… and it’s free.
client becomes
3.
A negative member experience will be communicated to at least 10 people
a loyal customer.
and, sometimes, many more, resulting in the loss of viable prospects.
But only you
4.
The lifetime (financial) sales value (LSV) of a loyal member can last for as long as
20 years, and be compounded by the cumulative LSV of all of the new members
can target
they refer.
the effort.”
And, today, given the incredible, not yet fully realized, potential of the digital envi-
ronment, the ramifications involved in creating loyal customers become even more
important. In this new social-networking environment, individuals who find a
loyalty-oriented club that consistently exceeds their expectations will spread the
word virally to hundreds, if not thousands, of potential new members via e-mail,
YouTube, Facebook, and Twitter.
In his multimillion-copy best-seller, The Tipping Point: How Little Things Make a
Big Difference, Gladwell makes a strong case that there’s “… a magic moment…
(when an) idea, trend, or social behavior crosses a threshold, tips, and spreads like
wildfire… So, too,” he writes, “can a small, but precisely targeted push cause… the
popularity of a new product…” to explode.
For clubs, that “magic moment” occurs when a satisfied client becomes a loyal
customer. But only you can target the effort. —|
Howard
– Howard Wasserteil can be contacted at 952-288-5567 or hwasserteil@gmail.com.
Wasserteil
www.ihrsa.org | MARCH 2010 | Club Business International
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