News Corp VCCircle India Loyalty Conclave 2017
Creating Comprehensive Loyalty Programs, Ensuring Customer Retention
Organizations that run loyalty programs have the advantage of optimizing massive amounts of data to derive market and consumer insights. With such powerful insights at their disposal, they can not only tailor-make offerings like never before and exceed business goals, but they are also in a unique position to define new standards and redefine industry practices.
World over, businesses across domains like retail, hospitality, aviation and BFSI, to name a few, are churning loyalty programs for their consumers. These programs give customers an incentive to make repeat purchases and open new avenues for businesses to up-sell and cross-sell. But the key is to be unique while appealing to consumer rational and emotion in order to ensure a competitive edge in the dynamic market.
Indian organizations are joining their international counterparts in devising loyalty programs with the objective of influencing consumer behaviour. However, loyalty programs in India are in the nascent stage. They are used to merely build databases and lure customers with plain discounts. In fact, based on the number of customers redeeming such offers, it’s safe to say that a wide range of these programs are unable to create a seamless experience and engage customers. In short, the programs are sporadic or not well-defined end-to-end.
Data shows that the cost of acquiring a new customer for any business is 5 times more than retaining one. The question that arises then is, isn’t a relevant and engaging loyalty program the need of the hour?
In light of these challenges, we present News Corp VCCircle India Loyalty Conclave hosted under the theme, Creating Comprehensive Loyalty Programs, Ensuring Customer Retention. The Conclave provides a platform to share revolutionary solutions and engage in insightful discussions on topics like the need for loyalty programs, best practices, measuring effectiveness and catering to millennials.
09.00 - 10.00
Registration & Networking
10.00 - 11.00
Panel Discussion 1: Loyalty programs in the international arena: Geo-cloning best practices
Savvy and strategic international companies are now looking beyond rewards programs to delight, create and retain loyal customers. They are looking to solve customers’ problems, soothe pain points and integrate themselves into customer’s routine life. Amazon Prime, Starbucks and Walgreens are all examples of well accepted loyalty programs in international markets, each of them successfully able to retain their consumers given unique aspects. Can Indian companies take cue from some of these programs and customize them to domestic markets?
11.00 - 11.30
Interview: Why do I need a loyalty program?
Loyalty marketing has been around for sometime now and the advantages like increased customer spending, higher retention etc are well known. Considering, it is no surprise to find out that nearly every Fortune 500 company has some sort of loyalty marketing program. However, is copying a giant and putting a loyalty program in place, wise for a small or medium sized business? Or do they wait until they have become large? What should be prime objective for an organization to initiate loyalty program? How can companies measure effectiveness of loyalty program once launched?
11.30 - 11.45
11.45 - 12.45
Panel Discussion 2: HR in action: Creating and implementing unique loyalty programs for employees
A research report suggests that organizations with well-designed employee recognition programs are 12 times more likely to have strong business outcomes. After all, it is an effective tool for HR to improve employee morale and engagement and attain business goals by maximizing involvement, turnover and referrals. This panel will discuss what are some strategies employed by HR to engage and build performance driven workforce.
12.45 - 13.45
13.45 - 14.45
Panel 3: Millennials: Cool sector-driven loyalty programs for a cool generation
With social media and endless information on the tips of fingers, “enthusiasm to belong”, increased connectivity to world, willingness to experiment and brand awareness; creating and implementing loyalty program for millennials is indeed a challenge for many organizations. However, with consumer insights suggesting that customers aged between 17-34 will spend $ 200 billion annually from 2017, this of course is a segment the businesses would want to tap regardless of challenges. This panel will bring leaders from retail, hospitality, aviation and automobile sector to discuss consumer behaviour and special initiatives launched to attract this market.
14.50 - 15.10
Special Address: Data Collection vs. comprehensive loyalty program
Many Retail brands in India focus towards merely collection of consumer's profile data in the name of loyalty programs. While collecting this data, no attention is given to factors like value of purchase, frequency of purchase, discounts availed, preference for offers etc. As a result of the loyalty programs not well thought through, despite being in place, the results are not as per the expectations of business. However, as markets progress, most of the organizations have started understanding this gap. This address will discuss how loyalty programs should move away from merely collecting data towards building a comprehensive plan that will utilize this data much effectively.
15.10 - 15.25
15.25 - 16.25
Panel Discussion 4: Redemption: Measuring effectiveness of loyalty program
Loyalty programs are not only about rewarding points or discounts to the consumers. They are essentially a reason for consumer to positively connect with a brand and hence repurchase services or product. But given that this connect is intangible, how do companies measure efficacy of consumer services or loyalty program. Redemption of points can be a yardstick. For the simple reason that redemption has direct impact on sales and shows that consumer has revisited, percentage of redemptions to accrual can be true measure of loyalty program. This panel will go beyond traditional loyalty programs and discuss the strategies that will result in higher redemption of points.
16:25 - 16:40
End of conference
Date: December 13, 2017
Venue: Four Seasons Hotel, Mumbai
Loylty Rewardz, India's premier loyalty and rewards management company, develops comprehensive data intelligence from consumers’ spending behaviour.
With a team of over 500+ professionals who have expertise and capabilities to develop and manage large-scale turnkey loyalty solutions, Loylty Rewardz manages loyalty programs for a growing consumer base of over 1 Billion profiles in India under its flagship brand – Max Get More and enjoys more than 74% market share of all debit cards issued in India. Loylty Rewardz currently processes over 2.5 billion transactions yearly and has awarded more than 30 billion loyalty points to consumers in India till date.
Max Get More is a first-of-its-kind, multi-currency, multi-functional and dynamic consumer commerce platform that comprises India’s leading 24 banks, their consumers and 85+ retail brands in India, thereby enabling a win-win-win deal for consumers, retailers and banks. It awards loyalty points
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