This truly is a can’t miss session for attendees because Blue Nile’s compelling customer loyalty journey conveys a great story of success, of asking itself a series of difficult questions, and then rebooting to reach a strategic comfort zone.
Cincinnati, OH (PRWEB) January 28, 2014
Blue Nile, a leading online retailer of diamonds and fine jewelry, will showcase how the concept of lifetime value reversed a negative growth pattern and identified a new and profitable customer segment during a general session at the highly anticipated 7th Annual Loyalty Expo, presented by Loyalty360 – The Loyalty Marketer’s Association. The event is scheduled for March 17-19, 2014, at the Hyatt Grand Cypress in Orlando, Florida.
The session titled, “How Blue Nile Used Lifetime Value to Reboot the Company and Its Growth Strategy,” will share the company’s fascinating story.
Founded in 1999, Blue Nile has become the largest online retailer of fine diamonds. Focusing on its core benefits of consumer empowerment, product education, and a strong value proposition during its first decade, Blue Nile marketed exclusively to the male jewelry buyer.
This approach resulted in a strong following among well-educated, affluent, male consumers purchasing diamond engagement rings, gifts of fine jewelry, and transformed Blue Nile into the largest online retailer of fine diamonds in the world. But after more than a decade of success, its revenue growth sputtered.
To reverse this trend, Blue Nile asked itself three questions: 1) Who is our current customer and have they evolved over time? 2) What is the repeat purchase rate for each customer segment and what drives repeat purchase? 3) How do we improve customer loyalty and retention? The answers enabled Blue Nile to identify a new customer segment that has generated double-digit order and unit growth. What’s more, the company’s enhanced understanding of customer lifetime value shifted marketing investment decisions across the company.
During this session, Blue Nile President and General Manager of International Vijay Talwar will:
- Provide a framework to improve customer loyalty through increased frequency and repeat purchasing by analyzing existing customer data
- Demonstrate how to calculate customer lifetime value, and share examples of its impact on day-to-day business decisions
- Convey how lower price products increase repeat purchases and create a platform for higher-ticket purchases
Talwar was named Blue Nile President and General Manager of International in April 2012. He joined Blue Nile in 2010 and has also served as CEO and Chief Financial Officer.
Prior to Blue Nile, Talwar worked at Nike, the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories. At Nike, Talwar served as the Chief Operating Officer for the Central Europe, Middle East and Africa Region. Prior to that role, he was Senior Director of Strategy and Finance at Nike’s Global Apparel division, and before that, was Manager of the Global Strategic Planning group at Nike.
“This truly is a can’t miss session for attendees because Blue Nile’s compelling customer loyalty journey conveys a great story of success, of asking itself a series of difficult questions, and then rebooting to reach a strategic comfort zone,” shared Loyalty360 President Erin Raese.
This expansive and exclusive loyalty event geared toward building successful and lasting customer relationships includes three jam-packed days of networking, interactive sessions, and workshops led by several of today’s elite marketing minds. Attendees will meet their peers to discuss pressing marketing challenges, opportunities, and solutions.
To register for the upcoming Loyalty Expo, or to receive information and agenda details, please visit: http://loyaltyexpo.com/.
About Loyalty Expo
Loyalty Expo is a true Voice of the Customer-driven, best practices-focused customer loyalty and rewards conference. As an attendee, you’ll have the unique opportunity to network with hundreds of your fellow marketers and hear how they are reaching their customer relationship-building goals. Market leaders will be sharing their experiences and insights on customer retention strategies and trends. Attendees will leave Loyalty Expo with a comprehensive understanding of new research, technologies, and solutions to assist their companies on the customer loyalty journey.
Loyalty360 is an unbiased, market driven, voice of the customer focused clearinghouse and think-tank that is committed to bringing loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them.