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RAPAPORT... Blue Nile Inc. will present its reinvention success story at the seventh annual Loyalty Expo, presented by Loyalty360 – The Loyalty Marketer’s Association, in Orlando, Florida from March 17 to 19. The online diamond retailer titled its session “How Blue Nile Used Lifetime Value to Reboot the Company and Its Growth Strategy” and it will be presented by Vijay Talwar, the company's president and general manager of international business. During his presentation, Talwar plans to provide a framework to improve customer loyalty through increased frequency and repeat purchasing by analyzing existing customer data and to demonstrate how to calculate customer lifetime value, and share examples of its impact on day-to-day business decisions. Additionally, Talwar will convey how lower price products increase repeat purchases and create a platform for higher-ticket purchases. Blue Nile described its original customer base as well-educated, affluent males who purchased diamond engagement rings and fine jewelry, but the retailer's revenue growth suddenly slowed after the first decade. To reenergize growth rates, Blue Nile revisited how to define its core customer, understand repeat purchasing rates and behaviors and improve upon customer loyalty and retention. Erin Raese, the president of Loyalty360, said, “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.” Other sessions during the event also address loyalty programs in addition to customer retention, personalization, customer-centric strategy, engagement programs and more.
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