500FRIENDS BLOG
Loyalty trends & best practices

3 Great Customer Lifetime Value Resources

by Matt Ellinwood
November 14, 2012

Matt EllinwoodRetail marketers know that Lifetime Value is not a simple topic. In fact, it can be controversial and even touchy, but the concept and the calculation is critical to understanding your business fundamentals and long-term profitability. There are many practices, approaches, and interpretations of appropriate application of the LTV calculation in retail, and we thought tha... Read more

Quick Primer - Why Customer Retention is Key to Growth

by Tiffany Go
November 10, 2012

Tiffany GoYou have likely heard the stats: a new customer costs five times as much as keeping an existing customer, and the average cost of a lost customer is $243 globally and $289 in the US. So how much d... Read more

Why Referral Programs Dont Work For Everyone

by Tiffany Go
November 02, 2012

Let’s take a step back and look at the factors that drive referrals:... Read more

Are Your Facebook Fans the Best, or the Worst?

by Matt Ellinwood
October 31, 2012

How well do you really know your Facebook fans? Sure, Facebook Insights gives you basic demographics, but it leaves most questions unanswered. Do you know whether your fans are good customers? Could they be bad customers? Many brands and retailers have learned how to use their Facebook fan pages as a customer retention tool. In fact, 84% of a typical brand's Facebook fans are existing customers. As marketers have learned through trial and error and crunched the numbers, proof has emerged of the real results marketers can achieve by tapping into Facebook fan bases. ComScore published research that translated the social amplification effects of reaching fans and friends of fans this past winter, and the research showed spending lifts reaching 30% among fans and friends of fans against a control group not exposed to Facebook content.... Read more

3 Customer Experience Lessons For Online Retailers

by Tiffany Go
October 26, 2012

As ecommerce sales continue their meteoric rise, the competition between online retailers is following a similar trajectory. The retailers edging out the competition are those most successful at creating extraordinary customer experiences to encourage customer loyalty. Here are three customer experience lessons and three retailers using these methods to stay ahead of the competition.... Read more

An Open Letter to Future Team Members

by Justin Yoshimura
October 25, 2012

Dear Future Members of the 500friends Team, first and foremost, I recognize that despite record-high unemployment rates--still 10.2% in CA, where 500friends is HQ'ed--start-ups and established corporations alike are at "war" for talent, especially in engineering, but also in design, sales, marketing, business development, account management, strategy, etc. Not to mention, the competition for this limited talent pool is further exacerbated by the fact that you "A players/badasses" have a plethora of options, ranging from the Googles of the world to joining another VC funded start-up to founding a gamified social local mobile iPhone app on their own (hopefully not the latter). So, why should you join our team, since everyone has cool offices, pays well, offers stock options, and catered lunches?... Read more

2 Top Steps to More Profit from Your Best Customers

by Matt Ellinwood
October 25, 2012

Tim Suther, the CMO of Acxiom, recently wrote in Ad Age about the keys to and benefits of customer centricity. This caught our eye, because loyalty programs must be customer centric in order to drive lifetime value and profitability. Mr. Suther calls out two critical steps that a marketing organization must follow in order to reap maximum benefit... Read more

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