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DEFINITION & DESCRIPTION

Why bother with the time and trouble of setting up and running a referrals programs, reward programs, frequent purchase incentives and other special privileges to your customers? The answer: to earn both repeat business and customers referrals.

Referral and reward programs are a crucial component of any loyalty marketing strategy. Loyalty marketing combats customer tends to endless browse for the best deal, price shop, and incessantly 'store hopping'.

Impact of Loyalty Marketing on Financial Performance

"In recent years, the competition for high income customers has led many of these loyalty marketing program providers to provide significant perks that deliver value well beyond reward points or miles. Both American's AAdvantage program and Starwood Hotels' Preferred Guest program have received industry awards, called "Freddie Awards" by Inside Flyer Magazine and its publisher Randy Petersen for providing perks that customers value highly. These perks have become as important to many travelers as their reward miles according to research.

In his book, Loyalty Rules!, Fred Reichheld details the value to customer referral on the growth and financial performance of dozens of leading US firms. Reichheld purports that the measurement of company advocates, or promoters, is the strongest single measurable correlation between customers and corporate performance. Similarly, Chris X. Moloney has presented new findings ((Loyalty World London 2006)) that showed a magnetic value to a company to promote and measure customer referrals and advocacy via research and marketing."*

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ABOUT MARKETING MARKSMAN™

Marketing Marksman™ is based in Calgary, Alberta, Canada and also serves Edmonton, Alberta (AB); Vancouver, British Columbia (BC); Toronto, Ontario (ON); all across Canada and internationally including the United States, Europe, Asia, Australia, and Russia. See our Client List for more information. We provide a full range of marketing services including Referral / Reward Programs.

There are plenty of marketing aces, advisers (advisors), agencies, authorities, businesses, companies, consultants, counsellors (counselors), experts, firms, freelancers, organizations (organisations), planners, professionals, pros, specialists and others marketing service providers; but only Marketing Marksman™ hits the target every time by creating marketing that is precise, persuasive, practical, and profitable.

* Text reprinted from 'Wikipedia, the free encyclopedia' with permission http://en.wikipedia.org/wiki/Wikipedia:Copyrights
* Marketing Definition and Information Source Link http://en.wikipedia.org/wiki/Loyalty_marketing