What if your airline knew that you were traveling for three days, so it made a reservation for your dogs at your pet daycare and initiated paperwork for pet insurance at your bank?

That’s how collaborative commerce could create true loyalty for the airline.

In this episode, Jed Schneiderman, SVP, Industry Practice Lead, Media and Telco at Kognitiv Corporation, talks about fostering customer loyalty.

Join us as we discuss:

• The full potential of data for collaborative commerce
• The relationship between privacy and loyalty
• Achieving a personalized experience while respecting your privacy

Want to learn more about creating truly engaged customer evangelists? Let’s dive deeper!

Valuable brand experiences

When asked about his most exceptional experience with a brand, Jed shares a story about waiting to snag a coffee at Starbucks. 

In the early days of their loyalty app, Jed had a stored credit card for quick payments, but it had unfortunately expired. A savvy barista quickly overrode the payment issue and then comped his order for enduring the hassle.

That 7-second customer service ordeal solved in moments by a knowledgeable front-line worker heavily impressed Jed. It’s the perfect example of how tech and digital know-how blended with human interaction can elevate the customer experience. 

Jed believes that the biggest opportunity for brands to drive loyalty is to collaborate with other brands to form a value ecosystem that not only offers multi-level support for consumers but also drives up revenue. 

Collecting data across a landscape of touchpoints via company partnerships offers massive benefits for both the customer and the multiple service providers. 

A fine line

However, as online crimes like fraud and hacking become more prevalent, consumers are rightly more reluctant to become data cows. 

Behemoths like Facebook, Apple, Instagram, and Amazon all collect customer data in order to deliver more deeply targeted ads. It’s gotten to the point where if you just think about buying a new toaster, you’ll begin to see ads about it on social media. 

There’s a fine line between your privacy and the things brands want to know about you so they can solve your pain points. There’s also a lot of haze as Big Tech fights with the government over the safety of your data. 

Advertising has always been slightly suspect, and now people are especially sensitive to any sign they might be getting cheated or otherwise taken advantage of. They want to be given a say in how much data they want to share with their favorite brands.

More meaningful relationships

Ironically, while customers are less willing to share more information now, they also yearn for the kind of personalized experiences that can only be manifested by utilizing an immense amount of data.

What path does Jed suggest for brands that want to form deeper customer engagement without sacrificing their privacy? It’s simple, really:

• Ask more questions to inform better decision-making.
• Determine real, known values for your loyalty programs.
• Create valuable bundles through collaborative commerce.
• Post-purchase follow-up is crucial. 

And instead of focusing solely on capturing information from people visiting your website and “converting leads,” you should instead work towards building a dynamic relationship with your potential customers — and reassure them that you’re protecting their data. 

How, exactly?

• Make the privacy policy highly visible and easy to understand.
• Deliver on the promises you make.
• Build a brand people like. 

We’ve become practically numb to email marketing these days, so brands that want to survive and thrive are going to need to take a new, holistic approach to develop customer loyalty that lasts. 

I also asked Jed about his worst experience with a brand. He went shopping in a men’s high-end clothing store dressed like your normal grubby college student and was absolutely ignored by a snobby sales clerk — who was then mortified to lose out on the commission from Jed’s huge purchase.

Don’t judge a book by its cover. Challenge your own beliefs. 

In order to build a sense of trust and grow your customer relationships, you should be crystal clear about your integrity from a privacy perspective. Put in the work to ask the questions, do the unexpected, and go above and beyond, and you’ll foster long-term consumer loyalty that really pays off. 

To hear this interview and many more like it, subscribe on Apple Podcasts, Spotify, our website, or simply search for Now Brands Talk in your favorite podcast player.