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Verizon Business 2023 Loyalty Expo Session: The Journey of Customer Loyalty and Retention

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Verizon is one of the largest telecommunications companies in the U.S. Supporting small businesses, Verizon goes beyond just meeting wireless and device needs. The Verizon Business Mastercard functions as a loyalty program, rewarding business owners with points and discounts for making everyday purchases.
 
Because Verizon offers subscription-based services, they interact with customers monthly. The brand uses these interactions to gather customer data and feedback to evolve its rewards offerings and provide value to its members. In the past few years — especially surrounding the COVID shutdowns — small business needs can change quickly, so Verizon needed to ensure it kept its program agile to respond to those needs and keep the program relevant.
 
Mark Johnson, CEO of Loyalty360, spoke with Mike LiBassi, Manager, Verizon Business Lifecycle & Retention at Verizon, about his upcoming awards presentation for B2B Customer Loyalty at the 2023 Loyalty Expo.

 
Can you give us a brief overview of what you plan to present for your awards presentation at the 2023 Loyalty Expo?
 
LiBassi: I will be presenting on the Verizon Business Mastercard. It’s our loyalty program with a credit card that is available for our small business customers. We define them as customers with fewer than 100 devices. It’s the small, micro, SMB space. I’m looking forward to presenting this card to the team because it’s not just about the credit card, it’s about everything that comes with the credit card like the way we help customers save money on their services and provide access to tools — not just from the Verizon portfolio but through Mastercard as well. It is quite a unique product.
 
 

 

 
Who do you think would benefit most from your awards presentation?
 
LiBassi: I think anyone with responsibilities in the B2B space will benefit from the presentation. Anyone with skin in the game for brand management or loyalty will benefit. We spent a lot of time developing the card across not only the Verizon brand but also the Mastercard brand, the programs, and how our partnership with Mastercard comes together in support of our small business customer.
 
It’s not just a conversation for B2B, it’s about retention of loyalty in general. The passion that loyalty leaders have transcends consumer segments. We’re consumers that are subject to loyalty programs as individuals. So, anyone in this space would find our journey on this development interesting.
 
 
What are some takeaways attendees can expect to learn from your presentation?
 
LiBassi: First of all, loyalty is a journey; it’s progress. The relationship you build with your customers will constantly evolve. We set out in the design of this card several years ago. We had a vision in mind and then the world shut down. Small business customers in our conversations pivoted into what their needs were, understandably so.
 
You have to be agile and able to adapt to what customers are looking for in those relationships. It’s one of those things that’s not a “set it and forget it” kind of play. It’s about listening to customers and gathering feedback. Once you are in the market and able to see how the product or program is performing, it’s about being able to adapt and move with the trends. It’s always evolving.
 
Another thing is to proactively measure feedback. If your goal is to retain customers, how are you measuring that? What KPIs are you looking at? Ensure that the output is as you anticipated, so that the numbers support the process of the program.
 



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