Verizon Business Link Rewards Creates Excellent Connections
Revised Program Results in High Customer Retention and Customer Spend on Verizon Products and Services
Verizon Business Link Rewards is a points-based customer loyalty marketing and retention program for Verizon’s small – and mid-sized business customers. Members earn points (Bonus Credits) based on their monthly spending with Verizon phone, Broadband, and long distance services.
This B2B loyalty marketing program had been in existence for ten years when Verizon selected Kobie as its customer loyalty provider. Prior to Kobie, member participation was stalled, customer retention was stagnating, and annual expenses were increasing. Reporting on the financial performance of the customer retention program came three months or more after the fact, making timely responses to changing conditions difficult.
In the face of stiff competition, the retention of current customers is a key strategic goal, as well as increasing spend, encouraging loyalty, customer retention and successfully cross-selling additional Verizon products and services.
Kobie won the business on the strength of our vision for the program. After completing the transition in less than six months, we implemented a sweeping set of changes that totally revitalized the customer loyalty program, including: monthly performance analysis and online reporting; new Key Performance Indicators to measure the program’s financial performance; member features and benefits such as point auctions, member surveys, a customer referral program, new loyalty reward and partner offers, and co-funded promotions; and a comprehensive non-member database to serve as a source of new enrollments and comparative data.
The results of the loyalty marketing program have been impressive, with record achievements in customer retention and customer spend on Verizon products and services. The customer loyalty and retention program has truly delivered on its promise. In addition, member participation almost doubled.
Feedback from members indicates a very high level of member satisfaction, which is substantiated by a significant decrease in customer churn among customer loyalty program members.
For a FREE loyalty marketing or customer retention program assessment, contact one of our customer loyalty marketing experts.