Loyalty Forum
Presented by True Fit
April 14th, 2021
4:30 PM - 6:30 PM BST
11:30 AM - 1:30 PM ET
8:30 AM - 10:30 AM PT
Improving Retention, Loyalty and Customer Lifetime Value Right Now
The accelerated shift to e-commerce has given shoppers exposure to brands they weren’t familiar with previously. Some 37% of consumers say they shop with more brands than they did one year ago, however only 5-6% of first time shoppers have made repeat purchases with new retailers during the pandemic.
So how can retailers turn this influx of first time shoppers into repeat customers, and ultimately, loyal customers? Explore the opportunity that retailers have to improve retention and loyalty RIGHT NOW.Agenda
| 11:30 - 12:00 |
The Changing Nature of Retention & Development in a Customer-Centric World Peter Fader, Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania
|
| 12:00 - 12:45 |
So Emotional: Establishing Emotional Consumer Connections Consumer emotion is driving more purchases. We heard Neiman Marcus’ CEO talk about luxury as comfort food during NRF, for example. And while consumers' choices have never been greater due to a major shift towards e-commerce, share of wallet is shrinking. At the same time, over 70% of emotionally engaged consumers report a 2X higher spend with brands they are loyal towards. How can retailers bridge the gap between shrinking share of wallet and opportunities for retention? What strategies should they consider to foster emotional connections with shoppers, making them more engaged and loyal? Hear how retail and consumer experts are working to foster emotional connections between shoppers that drive brand affinity, retention and ultimately, loyalty. MODERATOR: Michele Love
PANELISTS: Anna Cole, Director of Global D2C Digital Platforms, Carhartt Ken Fenyo, President, Research & Advisory, Coresight Research Michael Solomon, Professor of Marketing and Consumer Behavior Expert
|
| 12:45 - 1:30 |
Next Level Loyalty Roundtables (Invite Only)
|
Peter Fader
Frances and Pei-Yuan Chia Professor of Marketing at the Wharton School of the University of Pennsylvania
Keynote:
The Changing Nature of Retention & Development in a Customer-Centric World
So Emotional:
Establishing Emotional Consumer Connections
Consumer emotion is driving more purchases.
We heard Neiman Marcus’ CEO talk about luxury as comfort food during NRF, for example. And while consumers' choices have never been greater due to a major shift towards e-commerce, share of wallet is shrinking.
At the same time, over 70% of emotionally engaged consumers report a 2X higher spend with brands they are loyal towards. How can retailers bridge the gap between shrinking share of wallet and opportunities for retention? What strategies should they consider to foster emotional connections with shoppers, making them more engaged and loyal?
Hear how retail and consumer experts are working to foster emotional connections between shoppers that drive brand affinity, retention and ultimately, loyalty.
Michael Solomon
Michael is a marketing professor, consumer behavior expert, author, and speaker.
Michael is passionate about the extraordinary world of the ordinary consumer. He helps managers get inside the heads of their customers so they can anticipate and satisfy their deepest and most pressing needs – today and tomorrow.
Ken Fenyo
Ken is President, Research & Advisory at Coresight Research, which delivers data-driven insights at the intersection of retail and technology.
Ken was previously a senior consultant at McKinsey & Company where he led McKinsey’s startup practice, and also served leading retailers, brands, and private equity firms on loyalty, personalization, and the future of retail.
Anna Cole
Anna is the Director of Global D2C Digital Platforms at Carhartt. During her nearly 20 years at Carhartt, she has established herself as a talented and accomplished e-Commerce professional with a proven ability to successfully lead and grow e-Businesses.
Michele Love
Michele has had a renowned 32-year career at Nordstrom, serving in several leadership capacities where she launched Designer Footwear and then spearheaded the rapid expansion of Nordstrom Rack.
In 2017, Michele joined Designer Shoe Warehouse and served as Executive Vice President and Chief Operating Officer. Currently, she serves as an executive management consultant for Sunrise Brands.
Loyalty Resources
Make First Time Shoppers Repeat Customers
An outstanding shopping experience leads to repeat shoppers and brand loyalty, and puts you ahead of your competition. Listen to experts discuss what strategies and tactics will drive repeat purchases now and in the future, and how to improve the most meaningful retention metrics.
The Customer Centricity Playbook
In The Customer Centricity Playbook, Wharton School professor Peter Fader and Wharton Interactive’s executive director Sarah Toms help you see your customers as individuals rather than a monolith, so you can stop wasting resources by chasing down product sales to each and every consumer.
Fader and Toms offer a 360-degree analysis of all the elements that support customer centricity within an organization. In this book, you will learn how to:
- Develop a customer-centric strategy for your organization
- Understand the right way to think about customer lifetime value (CLV)
- Finetune investments in customer acquisition, retention, and development tactics based on customer heterogeneity
- Foster a culture that sustains customer centricity, and also understand the link between CLV and market valuation
- Understand customer relationship management (CRM) systems, as they are a vital underpinning for all these areas through the valuable insights they provide
The New Chameleons
How to Connect with Consumers Who Defy Categorization
Order Now
Consumers are changing but the marketing categories used to identify them have not. Engage with this new generation of consumers who increasingly take for granted that products and advertising will blend their multiple brand identities rather than market to them as a specific subculture.
Male or female, work or play, online or offline. These and other market categories are no longer relevant as modern consumers defy traditional boundaries and identify as members of multiple subcultures. The New Chameleons reveals how to engage with this new generation and how to stand out among the competition.
Personalizing the Customer Journey
Watch the video series featuring Retail Leaders from Forrester, Google, and The Wharton School as they discuss how to beat the competition for customers' attention with connected data that extracts the most valuable conclusions and encourages customers to return and purchase again.