Best Loyalty Programs: Men's Grooming
Delivered October 22, 2019. Contributor: Heather B.
Goals
To understand best practices of why, how, and what would engage customers to use loyalty programs in order to help a brand define and recommend the parameters for introducing 'added value services' including a loyalty program.
To understand best practices in the men's grooming industry with and what they do to attract users and then retain them over time through added value, loyalty, and additional services in order to help a brand define and recommend the parameters for introducing 'added value services' including a loyalty program. (specific focus on brands: Panasonic, Phillips, Remington, Phisco, Electric Shaver, Wahl, Gillette, King of Shaves, BIC, Dollar Shave Club, Harrys)
Early Findings
Our background research on best loyalty programs in 2019 and the men's grooming industry revealed insights. Here are some key pieces of information we found:
Overview: Best Loyalty Programs in 2019
- Loyalty programs that offer free items, exclusive deals, and discounts on future purchases is a best practice and "the most effective for getting consumers to stick with a company."
- Other best practices for loyalty programs are programs that foster an emotional connection and offer effortless program participation. "Today's most successful customer-loyalty programs are engaging and retaining customers by building an emotional connection to the brand and making participation in the program effortless."
- Business Insider listed eighteen retailers as having the best loyalty programs in 2019: CVS, Target, Barnes & Noble, Nordstrom, Bed Bath & Beyond, Sears, Office Depot, Amazon, REI, Starbucks, Sephora, Bloomingdale's, Michael Kors, Tarte Cosmetics, Marriott, Lululemon, Kohl's, and Ulta.
Overview: Men's Grooming Industry
- "As assortments have changed, so too has the preferred destination for men to buy their grooming products." Business is now slowly gravitating toward online merchants.
- For example, Wahl Clippers has seen a greater increase in online sales purchases this year than in store.
- Based on sales revenue, Harry's is currently the number one leading razor brand in the U.S.
- However, a customer ranking site has currently ranked Schick as number one and Harry's as number two out of twenty-three brands. Other brands to specifically focus on that were also ranked include: Philips at number three, BIC at number five, and Remington at number nine.
Research proposal:
Only the project owner can select the next research path.