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Welcome to “Let’s Talk Loyalty”, an industry podcast for loyalty marketing professionals.
I’m your host, Paula Thomas, and if you work in loyalty marketing, join me every week to learn the latest ideas from loyalty specialists around the world.
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Welcome to episode 170 of let’s talk loyalty, an episode which is again, focused on a theme that drives loyalty rather than a specific loyalty program.
Today, I’m sharing the top tips that I learned from Margaret Molloy, an Irish business woman, like myself, and someone who holds a number of impressive titles and roles, including Chief Marketing Officer of the renowned global marketing agency, Siegel and Gale, which is based in New York.
Margaret is also the chairperson of the New York chapter of the marketing society. And she has been awarded the prestigious title of B2B Marketer of the Year.
Margaret’s firm has done some impressive work around the theme of simplicity and having proven its value and importance in driving business performance, I wanted to ask Margaret how simplicity can also drive customer loyalty.
I think that particularly in the midst of a pandemic, many of us are totally overwhelmed suffering from cognitive overload. So the values of simplicity are critical to understand and apply in all of our businesses. Margaret explained to me the dimensions of simplicity, which includes several values that customers need to experience when they’re dealing with your brand concepts, such as clarity, relevance, transparency, honesty, consistency, and utility, or simply being relevant and useful for your customers. Even more interesting is the research study that Siegel and Gale has done entitled the world’s simplest branch. And from this research, Margaret shared with me a fantastic statistic that 64% of customers are more likely to recommend a brand because it provides simpler experiences. It’s an amazing insight. And because all of us are really focused on doing so much NPS research. I think it’s important to factor in the idea of simplicity when you’re thinking about whether your customers are likely to recommend you to their friends and family. The world’s simplest brand study is conducted with over 15,000 people and across nine countries. And when they were researched, they were simply asked to look at 800 brands in terms of how simple it was to deal with them alongside that consumer research Siegel and Gale also checked the stock performance of the top 10 brands. And what they found was that brands that perform well in their simplicity study also perform well for investors. So it seems that the capital markets also rewards simplicity for me. I have to say when I think about simple brands like Google and Netflix, definitely my conclusion, both professionally and personally, is that simplicity is a core value in terms of who I want to do business with. Now, if you’re interested in understanding this idea, more Margaret shared in the interview, how a brand might go through a process to strategically simplify its business and maximize for simplicity both without dumbing down your branch. So I highly recommend you listen in for more insights. So that’s one is episode 54 of the show. Another big light bulb for me came when Margaret made a clear distinction between buyers and users and how that internal focus would change an entire company from being one that feels very promotion focused to one that actually cares about the longterm experience of the people who are buying from you. This longer term view is really ensuring a huge shift in how your customers are taken care of, regardless of whether they’re in the stage of buying or whether they’re engaging with your business. In some other way, the same mindset also applies to our colleagues. I’m Margaret emphasized the importance of simplicity in the workplace. Again, an even greater focus for organizations in the context of us all working from home, the global pandemic. Finally, we talked about Margaret’s work with both CMOs and gen Z as two groups that have profoundly important perspectives that I think any of us working in loyalty will love. So again, listen to the full interview for some of the big ideas that I learned from gen Z customers in particular, who are young people under the age of 22 in closing, I want to encourage all of you to listen to Margaret’s own podcast, which is called how CMOs commits. And I’m sure you’re going to learn an incredible amount from this award-winning market here. Margaret describes her own personal brand as valuing grace grit and gravitas. So for sure, I think that her content and her learnings will provide incredible insights to all of us. That’s it for now, us it’s Christmas week, as you’re listening to this show, I want to wish all of you a fabulous Christmas. I am continuing to release episodes over the festive season. So I hope you’ll listen in whenever you can over the holidays. Thanks again for listening and happy Christmas from everyone at let’s talk loyalty. This show is sponsored by the wise market here. The world’s most popular source of loyalty marketing news insights and research. The wise marketeer also offers loyalty marketing training through its loyalty academy, which has already certified over 170 executives in 20 countries as certified loyalty marketing professionals. For more information, check out the wise market tier.com and loyalty academy.org. Thanks so much for listening to this episode of let’s talk loyalty. If you’d like me to send you the latest show each week, simply sign up for the show newsletter on let’s talk loyalty.com and I’ll send you the latest episode to your inbox every Thursday, or just head to your favorite podcast platform. Find let’s talk loyalty and subscribe. Of course, I’d love your feedback and reviews. And thanks again for supporting the show.