Welcome to an ongoing series of blog posts where we’ll will discuss ‘Loyalty Marketing’ and its importance in general, but more specifically to an industry we are heavily invested in – the Vacation Rental Industry. We hope that you will enjoy and learn from the posts, as we think that Loyalty Marketing is one of the greatest challenges facing the Vacation Rental Industry today. We hope to work with our partners to plan and implement their own loyalty marketing programs going forward. Please feel free to comment or contact with any questions.
Before we can discuss loyalty marketing as an endeavor, let’s discuss a definition for loyalty. For the purposes of this discussion, we will consider loyalty in terms of business to be, ‘when a client/customer chooses your product again (and again) when other options are mostly equal.’
What do we mean when we say ‘mostly equal?’ We mean that the consumer has choices besides the product you offer that in general terms of type, location, and pricing is the same.
With that definition in hand, can now discuss loyalty marketing as a practice and give it a definition. For our purposes, we will paraphrase one give to us by Colloquy and define loyalty marketing as: “the effort to identify, maintain and increase sales of loyal customers through a long-term, interactive, value added relationship that is beneficial to both the client and the business.”
So, in a nutshell – Loyalty Marketing is about bringing value to the relationship beyond your product/service to people who have already purchased from you at least once. With loyalty marketing you want to make sure that your brand is the one they associate with the product they need or want. In the vacation rental industry, this would be associating your brand as the only choice when they opt to vacation in the area you service. In the current online world, what you want to achieve from Loyalty Marketing is to get past customers never to Google again when they are choosing a vacation rental in your area; what you want is for them is to go directly to your website.
How do you achieve this? Look for our next post about the importance of Loyalty Marketing in the Vacation Rental Industry. From there we will move on to discuss expanding your marketing sphere of influence and to adding value that differentiates you from your competition.