Bob Garfield

How to make more money without new customers

How did Macy's generate billions of dollars in new revenue without focusing on new consumers? Here's the loyalty strategy that has sustained this brand powerhouse for more than 155 years.

Does your brand love the one it's with? If you're not focusing on the loyalty of your current customers first, then you could be missing out on huge potential revenue. Attracting new customers is obviously important, but your obsession with the new dollar might be interfering with a potential sale from a brand loyalist.

Macy's has taken "customer centricity" to new heights, and its focus on loyalty is unmatched in the marketplace. So how did it do it? And how can you? iMedia's Bethany Simpson speaks with Julie Bernard, group VP of marketing and advertising for Macy's Inc., about its blockbuster brand loyalty strategy. Bernard explains how Macy's uses customer data and metrics to take personalized marketing to a whole new level -- one that includes the publication of half a million customized catalogues.

Conversation highlights
0:00 — No. 1 metric isn't customer spend...
0:30 — The visit is more important than the spend
1:00 — Love the one you're with
1:35 — Way beyond personalization
3:00 — Feeding the target audience
4:00 — A 150 year old company learns something
5:15 — Insights that drive sales
5:55 — Relevancy all the time
Run time is 6:25

Julie M. Bernard was appointed group vice president, customer centricity and database marketing in February 2009. She joined Macy's Marketing in December 2007 as group vice president, media and customer analytics after spending two years at XRoads Solutions Group, a boutique consultancy based in New York. Previously, she was senior vice president, business process design, retail systems and vendor relations at Saks Fifth Avenue Enterprises in New York.

 

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