Volume 7

Want to watch or listen to this newsie instead of reading? Click here to watch volume seven on YouTube.

Hello, friends!

Are you getting as tired of being in ‘wait and see’ mode as I am? I’m sure it doesn’t help that 2024 is also an election year. Those are always wonky.

As marketers, we find ourselves at a juncture where rising costs have become a universal challenge. You know, the whole ‘doing more with less’ game. It’s a scenario that tests our resilience but more importantly, our brand’s commitment to customers.

To help ease into your (hopefully not) inevitable price increases, this edition of Lost to Loyal gives you an inside look at how our clients are maintaining customer loyalty as they – and we – navigate these turbulent times.

It should be easier than ever to have empathy for your customers. Because we’re consumers, too! So, we understand that changes, especially those affecting our wallets, can bring concerns.

Your customer loyalty should not merely focus on the numbers but the values and promises you’ve pledged to uphold.

You must prove your brand promise more urgently than before.

When your brand stands on the bedrock of trust and transparency, you can instantly reaffirm your commitment to your customers.

And, when done openly, price adjustments or modifications in loyalty programs should be approached with a keen sensitivity to your customers’ perception.

Here are three ways you can ‘prove it’ even with higher prices:

1. Enhanced Transparency and Communication: (You’re gonna see this one a lot!) This involves openly sharing information about product sourcing, manufacturing processes, and the rationale behind pricing structures or policy changes. Enhanced communication also means engaging with customers across multiple channels—social media, email, live chat, etc.—to address concerns, share updates, and gather feedback in real-time. This approach not only solidifies trust but also demonstrates a brand’s commitment to its values and promises.WHAT NOT TO DO: Delta changes loyalty program without warning. You will not be proving your brand promise more urgently than ever if your CEO says something like, there was “no question we probably went too far.” True story. Delta’s CEO said that!
2. Immediate Implementation of Customer Feedback: Brands that quickly act on customer feedback show that they not only listen but also value their customers’ opinions. This could mean making prompt adjustments to products or services, improving customer experience, or addressing grievances in a timely manner. By showing agility and a willingness to evolve based on customer input, brands can prove their dedication to fulfilling their promises, enhancing customer satisfaction, and building stronger relationships.WHAT NOT TO DO: “Dear sir, we have received your feedback. Thank you for commenting on our Facebook page, our representatives will get back to you shortly. In the meantime, please check out our website for the latest range of products and services.” Please don’t do this. I beg you. In fact, let’s have a quick chat on how I can help you (tremendously!) with this.
3. Personalized Experiences and Value Creation: Creating personalized experiences for customers can make a brand’s promise feel more tangible and immediate. Utilizing data analytics and AI, brands can tailor their offerings, communications, and rewards to meet individual customer preferences and needs. Additionally, by consistently delivering added value—whether through quality, innovation, sustainability efforts, or loyalty rewards—brands can reinforce their commitment to their promises. This not only meets but exceeds customer expectations, fostering loyalty and advocacy.WHAT NOT TO DO: Don’t rely solely on bots to help with CX. Air Canada did this and boyyyyy do they regret it. (Don’t end up getting sued! That’s not good CX.)

Implementing these strategies can help your brand demonstrate your commitment to your promises with urgency, thereby strengthening your relationship with customers and enhancing overall brand perception.

Your path forward is paved with clarity and value. I’ll prove it with a little story of my own.

In early 2023, we (B Squared Media) faced a significant yet inevitable decision: to raise prices on all our services. The challenge was formidable, but our team was committed to ensuring a seamless transition for our clients.

We meticulously crafted our communication strategy around three pillars: Transparency, Communication, and Added Value.

Our strategic approach turned a potentially perilous situation into a showcase of loyalty and shared ambition. It was a testament to the power of honest dialogue, strategic foresight, and the unwavering pursuit of mutual benefit. Every client renewed with us, even with the raised rates.

Here’s how you can use our strategy (with scripts!):

1. Transparency Script: “We’re not just adjusting prices; we’re investing in the future of our services. This price adjustment is a direct response to rising costs in [specific areas, e.g., raw materials, technology upgrades] that are essential for maintaining the high-quality service you expect from us. For example, our move towards more sustainable packaging and sourcing premium ingredients directly impacts our costs, but is a step towards a greener, more responsible business that aligns with our values and your expectations. We pledge to be open about these developments, offering a breakdown of how every dollar is being allocated to improve your experience.”
2. Communication Script: “Expect from us proactive, clear, and empathetic communication. We understand that any change, especially when it affects your wallet, can be concerning. That’s why we’re taking the initiative to inform you well in advance about the upcoming price adjustments. For instance, starting next month, [specific service/product] will see a [specific percentage] price increase to accommodate the enhancements we’re implementing. We’re here to walk you through these changes, offering detailed explanations and answering any questions you may have. It’s our promise to keep you fully informed, ensuring you’re never caught off guard.”
3. Added Value Script: “We’re enhancing our offerings with not just incremental improvements but transformative changes to the services and products you love. For example, we’re introducing [a new feature or service], exclusive to our loyal customers, which offers [specific benefits, e.g., faster service, personalized options]. Additionally, we’re rolling out exclusive deals and enriched loyalty rewards designed to give back to you. Starting next quarter, every purchase will earn you [detail about increased loyalty points, rewards, or perks], ensuring that the value you receive is significantly greater than ever before. It’s our way of ensuring that every penny you invest with us not only delivers the quality you expect but exceeds it, bringing unmatched value to your life.”

How many brands have you seen that approach price hikes this way? None? Yeah, me neither.

But you should.

Each of these scripts provides a thoughtful, comprehensive approach to communicating price increases, focusing on transparency, open communication, and the tangible benefits of added value.

Be what other brands aren’t to win deals and to keep customers loyal.

As we tread these changing tides together, our priority remains unwavering: to listen, understand, and adapt to our customers’ needs.

The dialogue between our clients is not just ongoing; it’s evolving, reflecting our shared journey towards excellence.

You too can get to these moments of change. Focusing on building and maintaining trust is paramount. Aim to navigate these challenges not just as a brand, but as your customers’ partner.

And if you’re ready to supercharge your customer engagement even more, then join me for our latest webinar, “C.A.R.E. for Your Customers”. I’ll share my game-changing C.A.R.E. Method, teaching you how to master Conversation, Acquisition, Retention, and Engagement to drive business growth and create deep customer connections.

[Sign Up Now] for a chance to redefine your customer engagement strategy and accelerate your brand’s success on social media.

Change is inevitable, but how you face it will define you.

May marks B Squared Media’s 12th birthday. Twelve years?! I can’t even wrap my head around it.

This is a monumental occasion, and we’re marking it with something special.

Recognizing the dedication of our FANS, FRIENDS, and FOLLOWERS, we’re set to brighten your day with an array of exclusive giveaways.

Expect fantastic merch, insightful reports, and two grand opportunities — an engaging “Ask Me Anything” session with me (Brooke Sellas) or a captivating one-hour consultation — completely free.

Check out all of our gifts HERE. And make sure you sign up before we start drawing winners on May 20^th!