Experience Lab 2017 | 11.08 – 11.10 2017

BY DESIGN

#1NResearch

Earning Loyalty as a PSO

Experience Lab 2017 | 11.08 – 11.10 2017

Dawn Michalak@dsmichal

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

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 governmentwere loyal to the king

! b: faithful to a private person to whom faithfulness is duea loyal husband

! c: faithful to a cause, ideal, custom, institution, or producta loyal churchgoer

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

Experience Lab 2017 | 11.08 – 11.10 2017

Experience Lab 2017 | 11.08 – 11.10 2017

Experience Lab 2017 | 11.08 – 11.10 2017

D

The Relationship Cycle

Experience Lab 2017 | 11.08– 11.10 2017

Hypothesis: Marketing has a big impact on loyalty in the PSO space.

Experience Lab 2017 | 11.08 – 11.10 2017

Experience Lab 2017 | 11.08 – 11.10 2017

D

Loyalty: A Real Life Story

Experience Lab 2017 | 11.08 – 11.10 2017

Disclaimers

! I promise, I am not totally crazy.

! This may get a little intense.

! I may get a little over-excited.

Experience Lab 2017 | 11.08 – 11.10 2017

Experience Lab 2017 | 11.08 – 11.10 2017

https://youtu.be/BH9jP_2zmbU

Experience Lab 2017 | 11.08 – 11.10 2017

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.

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)

Experience Lab 2017 | 11.08 – 11.10 2017

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

Experience Lab 2017 | 11.08 – 11.10 2017

And There Is More….

Experience Lab 2017 | 11.08 – 11.10 2017

Experience Lab 2017 | 11.08– 11.10 2017

SoulCycle Is Not Just About a Bike … or a Workout

Experience Lab 2017 | 11.08 – 11.10 2017

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

Experience Lab 2017 | 11.08 – 11.10 2017

D

Preview of the Survey Results

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%

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.

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

Experience Lab 2017 | 11.08 – 11.10 2017

Strategic Responsiveness Is Key

3/4Of respondents said that delivering timely, relevant business information can play a crucial role in building loyalty for incumbents.

Experience Lab 2017 | 11.08 – 11.10 2017

Demonstrate a Deep Understanding

72% Of respondents indicated they appreciated emails from incumbent PSPs on

issues they faced

Experience Lab 2017 | 11.08 – 11.10 2017

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 relevantpublications or websites

Don’t Underestimate the Power of Email

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.

Experience Lab 2017 | 11.08 – 11.10 2017

Loyal Clients Are Willing to Pay More

76% of respondents are willing to pay a premium to PSPs that demonstrate traits of loyalty.

Experience Lab 2017 | 11.08 – 11.10 2017

D

PSPs Shouldn’t Rest on Their Laurels

Experience Lab 2017 | 11.08– 11.10 2017

Loyalty Innovation: Client Stickiness

BenchmarkingPortals

Industry-Focused

Communication

Networking Environment

Experience Lab 2017 | 11.08 – 11.10 2017

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

Experience Lab 2017 | 11.08 – 11.10 2017

D

Thank You

Experience Lab 2017 | 11.08 – 11.10 2017

BY DESIGN

#1NResearch

Earning Loyalty as a PSO