The term “inflection point” has multiple definitions. In differential calculus, an inflection point is a point on a curve at which the concavity changes from positive curvature to negative curvature, or vice versa. In political science, an inflection point is a moment in history that dramatically alters a geopolitical situation, for better or worse. In business, Intel co-founder Andy Grove has described a strategic inflection point as “an event that changes the way we think and act.” Each of these definitions describes a moment at which our fortunes change — and in many cases, we can’t recognize the moment until after it’s passed.
When it comes to customer loyalty, Every customer interaction — from their first encounter with your brand, through their first purchase, at each touch point they encounter in your loyalty program, and into each post-purchase service encounter — can make or break their relationship with your brand. In today’s recovering global economy, recognizing and positively influencing these loyalty inflection point has become our singular challenge.
In this Retail Brief, we identify the 10 most important loyalty moments of truth — and offer a few guidelines for getting them right.