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List of References for Connected!

Here is a list of references I used while writing Connected! Very helpful and informative sources. I encourage you to take a look.

  1. The HorizonbFit program – The program is powered by Advanta Health Solutions.
  2. Alfa-Bank, with its save more when you move program.
  3. Plenti, the multi-retailer and cross industry loyalty program by American Express.
  4. COLLOQUY: An average household uses only 30% of the loyalty programs they are signed up in.
  5. Report on loyalty by Capgemini Consulting:
  6. The Bond Brand Loyalty report – 44% of customers feel that it is easy to replace the rewards program,
  7. Effect of Customer-centric structure on long term financial performance – Lee, Sridhar, Henderson, Palmatier.
  8. Ambidextrous organizations – HBR –
  9. Putting The Balanced scorecard To Work –
  10. How to acquire profitable customers:
  11. Field experiments in trust and brand consideration –
  12. MIT paper on Trust imperative –
  13. Customer loyalty is fleeting:
  14. Millennials find banks irrelevant –
  15. Millennials find banks irrelevant –
  16. 18 months for innovation in banking – Innovation and the Future Proof Bank: A Practical Guide to Doing Different, James A Gardner,
  17. Solving the warranty problem for consumer using Blockchain,
  18. How Wells Fargo is integrating with Xero to make life easier for small businesses and entrepreneurs,
  19. How to help your customers engage with you on Facebook Messenger,
  20. How UK is pushing for bank interoperability through its PSD2 regulation,
  21. PayPal, Visa and MasterCard enter into agreements to open up business for each other,
  22. Facebook impacts the importance of business pages and fans,
  23. New FinTech innovations to target millennials and passive savers,
  24. What is a Robo-Advisor,
  25. Multi-sided platforms and the Fidor example,
  26. What is blockchain technology,
  27. The value of keeping the right customers,
  28. What went wrong at J. C. Penney?
  29. Banks must differentiate,
  30. A Thousand Tribes: How Technology Unites People in Great Companies,
  31. Walgreens links healthy choices with rewards and loyalty,
  32. Will the sharing economy disrupt trucking,
  33. Can we regulate Bitcoin,
  34. How millennials will transform industry,
  35. What is NPS?
  36. Accelerate! (XLR8), Book,
  37. The Innovators Dilemma, Clayton Christensen,
  38. Wearables down but not out,
  39. Pressure in food cereal category,
  40. How connected devices are affecting brands and established channels,
  41. The Connected Company,


How to create 3-Tier loyalty models?

In Connected!, one of the 5 strategies I outlined towards being a connected company was about creating 3-tier loyalty models. It means that we start thinking about extending our loyalty programs. Every industry can do it – banking, retail, CPG, travel etc. All we need to do is to think of what our customers want beyond the products we are selling. (The book is on Kindle as part of the launch offer for 99c) and this post is sort of an advt too (sorry about that)!


In Tier 1, I show how traditional redemption based models (miles, points, discounts etc.), can be expanded to consider experiential, and finally aspirational loyalty. Studies have shown that our loyalty programs are becoming too discount focused, and customers are getting used to (even waiting for) the discount. That’s not bad but we can do even better! So the 3 levels of loyalty in Tier 1 are not just a way to jazz up the program, but also leapfrog competition by engaging customers as per their core purpose. And before you start getting nervous, know that this is not dramatically new. Anyone remember the awesome concerts that our Amex cards used to give us exclusive access to? The trick is to start thinking of exclusivity for our customers, and ultimately something they can look forward over a longer time horizon.

In Tier 2, I show how we can extend our programs to include additional players who will make our programs more effective. That’s the core idea of connected anyway – build an ecosystem. The basic premise is that the needs of our customers are broader than the products we are selling. So why not address that by being more inclusive. Being digital is about escaping our silos, and looking outside-in. Don’t just pay lip service to outside-in, do it!

And in Tier 3, I show how we should become reference anchors in our customers minds. We can do that by 2 ways. First, every brand today needs reinforcement. How can we translate the promises we make in our advertisements and slogans into physical experiences? If we claim trust, do we deliver it during and after purchase? Second, how do we start providing advice instead of just selling. We all know that customers always look for second opinions (check prices while in your store or bank branch, go to aggregator sites for travel bookings etc.). Instead of fighting it and calling it showrooming and other negative things, think of how we can make it easier for customers to get the same advice from us! Don’t let normal customer behavior cause a break in their engagement with you. I won’t say that Tier 3 is not complex but I will definitely say that it is not difficult. All we need to do is to start putting customers at the center of our universe! Rest will follow.

In short, reduce the cost of redemptions, encourage higher wallet share, and boost retention! Isn’t that what we all are looking for!

Get your copy of the book to read more. It’s available for 99c only as part of the introductory launch offer! That’s as close to FREE as you can get on Amazon Kindle. Sorry again for the shameless plug! Images are from the book.

Kindle Link: