Managing Director of Business Development Dawn Michalak shares One North’s latest research report, which explores how professional services organizations earn loyalty that keeps their clients coming back – and spending more. She uses her favorite brand as a case study to bring loyalty to life, and shares strategies for marketers to add to their arsenal.
3. Experience Lab 2017 | 11.08 – 11.10 2017
What Does it Mean to Be Loyal?
! Faithful
! Unfaltering
! Reliable
! Constant
! Dedicated
! Devoted
! Unwavering
! Resolute
! Steadfast
! Staunch
! Tried and true
! Devout
4. Experience Lab 2017 | 11.08 – 11.10 2017
Definition of Loyal(ty)
Loyal
adjective loy·al !l"i(-#)l unswerving in allegiance: such as
! a: faithful in allegiance to one's lawful sovereign or government
were loyal to the king
! b: faithful to a private person to whom faithfulness is due
a loyal husband
! c: faithful to a cause, ideal, custom, institution, or product
a loyal churchgoer
5. Experience Lab 2017 | 11.08 – 11.10 2017
Thinking About Loyalty in Business
! Trust
! Quality
! Consistency
! Partnership
! Collaboration
! Experience
! Relationship
! Going Above & Beyond
! Making It Right
! Trusted Advisor
! Respect
! Track Record
! Smiling
! Drinks
! Old Men
! Cable Knit Sweaters
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Disclaimers
! I promise, I am not totally crazy.
! This may get a little intense.
! I may get a little over-excited.
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I Tapped (Back) My Network
I love my #soulsisters
In the summer of 2016, I was looking to
change up my workout. I was in a rut.
As part of the research process, I
tapped my network of trusted sources
and was told to try SoulCycle. On
8/3/16, I took my first class and never
looked back.
19. Experience Lab 2017 | 11.08 – 11.10 2017
What Initially Drove My Loyalty?
! Scheduling is easy (#12noon)
! Available when I need it (#Roosters)
! Available where I need it (#businesstrip)
! The 45-minute class flew by (#aroundtheworld)
! I had FUN (#woohoo)
20.
21.
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Beyond Tablestakes
! SoulCycle Theme Rides
! Soul Survivor/Challenge
! Turn It Up
! Pop Up Soul
! Soul Annex
! Soul Tribe/Community
! Soul Retail
! And that Soul Smell! #grapefruit
23. Experience Lab 2017 | 11.08 – 11.10 2017
And There Is More….
Experience Lab 2017 | 11.08 – 11.10 2017
24. Experience Lab 2017 | 11.08– 11.10 2017
SoulCycle Is Not Just
About a Bike … or a
Workout
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It Is a Real Testament of Client Loyalty
! No hard sell of products or services
! Hospitality and responsiveness
! Digital access to client-centric information and services
! Understanding of their target market
! Personalized communication from the brand and the practitioners
! Sense of network and community
27. Experience Lab 2017 | 11.08– 11.10 2017
One North Loyalty Survey
90Survey respondents
Of respondents are
Director level and above
Respondents utilize accounting,
consulting, engineering &
construction and law firms
83%Of companies with
$1B in revenue
59% 100%
28. Experience Lab 2017 | 11.08 – 11.10 2017
There Is Loyalty Opportunity for PSPs
70%
of respondents engage 5
or more PSPs in a year.
Client loyalty to PSPs is the exception,
rather than the rule. While more than
70% of respondents engage 5 or more
PSPs in a year, 55% said they were
loyal to only two or three.
29. Experience Lab 2017 | 11.08 – 11.10 2017
PSPs That Have Earned Loyalty: Common Traits
! Responsive
! Reliable
! Quality
! Honest
! Transparent
! Provide relevant information
! Understands my business
! Accountable
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Strategic Responsiveness Is Key
3/4
Of respondents said that delivering
timely, relevant business information
can play a crucial role in building
loyalty for incumbents.
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Demonstrate a Deep Understanding
72%
Of respondents indicated
they appreciated emails
from incumbent PSPs on
issues they faced
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Emails on product updates15%
Being invited to sports events
(tickets to games, golf outings, etc.)
11%
Select the Top Three Efforts that Positively Affect
Your Opinion of a PSP that You Currently Use.
61%
Emails on the trends
in the market
45%
Seeing the partnerʼs name
positively in the media
40%
Participation in industry
trade shows or conferences
13% Holiday, birthday or special occasion gifts
or messages from your point of contact
75%
Emails from the company that relate
to your business or daily work
0%
Advertisements in relevant
publications or websites
Don’t Underestimate the Power of Email
33. Experience Lab 2017 | 11.08 – 11.10 2017
Access to Benchmarking and Personalized Content
1/5
Of respondents said PSPs are
already offering dedicated
web portals and reporting
dashboards as a means of
building client loyalty.
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Loyal Clients Are Willing to Pay More
76%
of respondents are willing to pay a
premium to PSPs that demonstrate
traits of loyalty.
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D
PSPs Shouldn’t Rest on Their Laurels
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Key Takeaways for Marketers
! Create content that offers a unique and helpful point of view
! Put a “wrapper” on it
! Illuminate your clients’ “blind spots”
! Benchmarking and competitive analysis
! Signal that you are truly embedded in your clients’ business
! Understand their view and language by spending time with them
! Cultivate internal coordination to optimize thought leadership
! Marketing strategy adoption by the practitioners
! Have a strong editorial eye for your target market
! Understand your audience segments