Monthly Archives: December 2014

Customer loyalty – meaning and its important concepts

Every supplier wants to create and retain a loyal customer who engages in continued profitable business with him. Customer Loyalty is the measure of success of the supplier in retaining a long term relationship with the customer. Thus customer loyalty is when a supplier receives the ultimate reward of his efforts in interacting with its customer. Customer loyalty tends the customer to voluntarily choose a particular product against another for his need. The loyalty may be product specific or it may be company specific. When a loyal customer has repetitive requirement of the same product, such customers may be described as being ‘brand loyal’. On the other hand he may also require different products of the same manufacturer. That is to say he makes significant purchases direct from the same supplier and that counts as the company specific loyalty.

Loyalty also means that customer is sticking to the supplier on certain grounds though he may be having other options also. It may be possible that the supplier may not have the best product or the customer may be having some problems with the supplier in respect of his supply of the product but the customer likes to ignore other options and prefers to continue with the same supplier as the customer thinks the supplier provides him more value and benefit than others. Such loyal customers tend to spend more money buy more, buy longer and tell more people about the product or supplier. This type of long-term customer loyalty can only be created by making the customers feel that they are number one priority with the supplier.

Some customers are inherently predictable and loyal, irrespective of the supplier with which they are doing business. They simply prefer long-term relationships with him. Loyal customers are predisposed to stay with one product or supplier, resisting competitive offers and also recommend the supplier to others.

In case the business is done directly the relationship is direct so also the loyalty. But if the selling is through two or more intermediaries then the loyalty has to be measured at different levels. In that case the end customer loyalty is influenced by the loyalty of the intermediate customers. Then the supplier has to focus his loyalty retention plan accordingly and has to judge and analyze the loyalties of the intermediaries. This process depends on what amount of importance he gives to each of the intermediaries and how much to the ultimate customer. But it is certain that well-managed customer retention programs are sure to give the ultimate customer loyalty.

True, the customers who are targeted by a retention program demonstrate higher loyalty to a business. Therefore such customer retention programs should include regular communication with customers, and provide them opportunities to remain active and choosing to do business with the supplier.

Loyalty is demonstrated by the actions of the customer. But it doesn’t mean that the customer satisfaction level can measure his loyalty. Customer loyalty is not customer satisfaction. Customer satisfaction is the basic entry point for a good business to start with. A customer can be very satisfied with the deal and still not be loyal. On the other hand a customer may not express satisfaction but wants to remain loyal to the supplier due to some reasons which keeps him benefited from that supplier. For the same degree of satisfaction, the loyalty level may also be different for different suppliers.

On the other hand, loyalty should not be considered as just an attitude. Customer loyalty should have a direct connection to a company’s financial results. The supplier should be able to plan a clear and direct economic benefit of some kind, as the result of the strategies and tactics he employs to increase its customers’ loyalty.Measuring customer loyalty and developing a retention strategy are of great importance to an organization’s success.

Source : www.managementstudyguide.com

The loyalty ecosystem

In nature, ecosystems are dynamic. The denizens of an ecosystem don’t simply live peaceably side by side; they exist in symbiotic harmony. They benefit, interact with and feed each other. And to survive, ecosystems adapt to change. Because of these characteristics, an ecosystem is the perfect metaphor for a customer loyalty strategy.

High-frequency merchant environments with consumer loyalty programs — such as grocers, pharmacies and convenience-fuel retailers — are perhaps the strongest customer ecologies. They teem with customers, products and purchases, all leaving their imprint on the loyalty biosphere. Customers who use your services every week instead of once a year represent a profound opportunity to redefine how you go to market by building an ecosystem based on insight into your customers’ needs as derived from analysis of purchase behavior. To create an information and segmentation structure that makes your loyalty ecosystem come alive, consider these best practices:

1. Understand your segments-Every customer-management system starts with analysis to develop comprehensive customer insights. What are your customer segments and their current and potential value? What profitability drivers will truly impact your ROI? What categories of products do consumers buy?

2. Segment ahead of the curve - Expert analysts can take this approach a step further and build segmentation strategies by identifying changing needs in some cases, before the customer is even aware of the need. What offers can you deliver that anticipate what products a consumer might purchase for the first time? This approach creates symbiosis by returning emotional value to the customer.

3. Enhance the customer environment - Another important element of the loyalty ecosystem is the customer experience. Is your retail biosphere designed to grow the quality of your customer relationships? Needs-based segmentation offers a solution. Suppose your segmentation analysis reveals a significant index of convenience purchases. The “Time-Starved” segment makes up the lion’s share of your most valuable customers. Why not design cross-functional strategies to drive a better experience for customers who aren’t going to spend a lot of time impulse shopping?

Source : www.chiefmarketer.com

Losing loyalty? 4 biggest missteps

There is more and more focus on keeping the customers you have; helping them to think about your brand each and every time they make a purchase. And now that those customers have become loyal, the chain of marketing messages has to be different.Make sure you’re not making these four mistakes that can hurt brand loyalty.These to my mind are four of the biggest mistakes that marketers make that lead to a loss of loyalty:

1. They can’t make the transition from sell to story – some brands put product targets ahead of relationship targets in the mistaken belief that if they sell more, they will earn greater loyalty. They keep using the same sales model with people who are already loyal to them in the belief that they have to keep convincing consumers to buy again and again and again. But, once a strong relationship is established, revenue is one of the outcomes of that relationship, not the qualifier, and that’s where more brands need to focus their attention. No loyal buyer wants to feel that they are only as important as what they last paid for. And no-one wants to feel taken for granted. Brands need to become much more adept at telling stories that keep loyal customers intrigued and wanting to become more involved. After the initial challenge of conversion comes the deeper challenge of immersion.

2. They’re afraid of conversation – many brands are afraid of debate and honest discussion. Conversation concerns them. It feels like a distraction from the real issues of getting out there, competing and making money. I’m always intrigued by how readily marketers agree that word-of-mouth is the most powerful way of winning business, and yet how so few seem to act on the logical extension of that thought – that WOM must be the most powerful way of keeping business.

3. They think a community is a high-maintenance relationship – so many brands say they welcome feedback when in fact they don’t. They listen to it. They probably record it. But that’s as far as it goes. Actually, they think of their front line as a defensive line and their frontline staff as a resource that is there to limit damage, absorb or deflect criticism, and basically function as a human answer machine service with scripts and carefully cured responses. But if you don’t give your people the permissions and the tools to genuinely interact, to ask questions and to feed back what they hear into the organization, you are paying a lot of people a lot of money to frustrate everyone by the book. It may look right operationally. It may function correctly by the numbers. But its greatest efficiency, in reality, is the streamlined manner in which a regimented contact center destroys the desire for interaction. In time, people switch off.

4. They stick with what they know and they tell themselves it’s what people want – the last thing any brand should do is treat its loyal fans as a static constituency, and yet so many do. The more they get to know their consumers the more they look to categorize them in ways that feel familiar. Problem- people are just not that simple. If you fail to test the boundaries with consumers who love the brand, all you continue to offer them is more of the same. That’s not exciting. The challenge for any brand is to bring its loyal customers with it as it evolves, so that they feel involved and included based on what they know, at the same time as they feel stimulated and intrigued by the new things that are presented to them.

Brand loyalty is basically about keeping people interested. It’s about elevating your loyal customers’ heartbeat over a sustained period of time. That’s harder than it sounds in a world teeming with distractions.

How can you achieve customer loyalty

Customer loyalty may not be what we think it is.  Most people or companies claim to have great customer service and customer satisfaction scores, which they think leads to loyalty. However, these scores may be misunderstood.

On the contrary, customer service and customer satisfaction may not lead to loyalty. They just mean that customers, loyal or not, are happy with you. That said, customer service and satisfaction is the price of entry.  You won’t get loyalty without it.

So, let’s define what customer loyalty means. Is it a repeat customer? If so, does the customer go anywhere else, or are they 100% loyal – or a better word might be “married” – to you?

One of the consumer is very loyal to one of his favorite restaurants,The Pasta House. He goes there for lunch about every week or two.  What about the rest of the days of the week?  He goes to other restaurants.  So, is he a loyal customer?

The above example ties into the concept of “wallet share” versus “market share”.The concept of market share has to do with how many of the customers that are able to buy product actually buy it.  For example, if there are 100 customers in a given area that could buy product, and 60 of them buy it, then there is 60% market share.

Wallet share takes the concept of market share to another level.  Of those 60 people who admit buying, how many of them will still buy from someone else?  If they only buy from you, then you have 100% of their “wallet share.” If they split their loyalty between you and someone else, you only have 50% “wallet share.”

At the highest level of loyalty, customer only buys from you.  In other words, they give you 100% wallet share.There are several considerations to think about before defining customer loyalty. They are as follows:

1. Define how often your customer buys what it is you sell (product or service).  This doesn’t mean how often they buy from you.  It is how often they buy what you sell, from you or your competition.

2. Based on their frequency of buying, even if they buy from a competitor, would you consider them loyal?

3. Do they ever buy, even once in a while, from your competition?

4. Following up on question 3, if they do buy from a competitor, why?

5. Again, following up on question three, if they do buy from a competitor, what can you do to get them to buy more often, if not always from you?  (Or at least more often from you than they currently do?)

6. What other questions should you be asking yourself to determine if a customer is loyal and how you can earn more wallet share, if not 100% of wallet share?

It is important to note that some businesses don’t need 100% wallet share to consider their customers loyal. Back to The Pasta House restaurant example above, Kim Tucci, the restaurant chain’s co-founder, says, “We would consider a guest loyal if they came back two times a month.  The customer has so many choices of where to go, the type of food and more.  If they want a hamburger, they should go to their favorite hamburger restaurant, but if they want a bowl of pasta, I hope they come to us.  That is how we define loyalty.”

Creating loyal customers is a far more cost effective strategy than bringing in new ones.  Many studies claim that it can cost five times more to acquire a new customer than keep an old one.  If that is the case, then loyalty – even at a lower wallet share – is a very smart strategy.

So, define what loyalty is to you. Determine what percentage of wallet share makes a customer loyal.  Then strategize on how you can create more loyal customers and increase your wallet share.

Source : www.hyken.com/customer-loyalty/how-can-you-achieve-customer-loyalty/

Companies focusing more on customer rewards in tough economy

In this tough economy, companies are finding ways to entice customers to shop at their business. One method that has been proven effective time and again are customer rewards programs, otherwise known as loyalty appreciation.

Whether it’s a big corporation or a small-business, companies attempt to show their appreciation for their customers. By doing this, businesses hope to draw in a larger clientele and generate a bigger bottom line. Of course, both sides of the counter have different definitions of customer appreciation. Nonetheless, it’s been effective.

There are a number of rewards programs that are offered to customers. When it comes to a large company, the store may offer free items with a $50 purchase or provide notifications for upcoming sales or promotions – others have things like Air Miles and a points system.

For small businesses, it may not be as lavish, but it still could be effective: free shipping, membership upgrades, personalized messages through Facebook and Twitter, thank you notes, perks and more.

According to Inc. magazine, companies in the United States spend more than $2 billion annually on loyalty programs and it appears to be helpful. Studies have shown that the average household is a member of 14 different rewards programs.

By remembering a customer’s business, providing dependable products and services and doing things that competitors don’t can certainly lead to a beautiful friendship between business operator and customer.

Source : http://www.digitaljournal.com

Mid-market turns attention to customer loyalty

The top strategies for mid-market businesses over the next twelve months or so are increasing customer loyalty and reducing operating costs, according to a survey of over 2,000 decision-makers in mid-market businesses, conducted by research firm Populus.

More than one third of respondents saw increased customer loyalty as the means by which they would grow their business over the next year. The study interviewed decision makers in businesses with 100 or more employees as part of its annual Business Index Survey, which gathers insights across 18 countries around the world.

“As confidence for mid-market companies reaches new highs, businesses are planning for growth by focusing on increased customer loyalty,” explained Jayne Archbold, CEO for Sage Mid-Market Europe. “We also found that Europe’s mid-market companies are pinning their hopes for growth on strengthening their product and services portfolios and marketing.”

Customer loyalty
By focusing on customer loyalty, businesses are demonstrating realism and pragmatism. They have understood the huge value that happy customers bring. Gaining new customers is expensive and time consuming, and customer churn means that is multiplied many times over. Dissatisfied customers can also spread the news of their unhappiness far and wide and a negative sentiment can have a huge effect on profitability.

A content customer is your advocate: the happiest will go out of their way to sing your praises, recruit new customers and provide constructive feedback on your products and services. There are knock-on effects too. Employees who feel they’re doing something worthwhile, and who work with satisfied, positive customers, tend to stick around longer – and provide better service, because they’re happier doing their job, too.

Customer loyalty really comes into its own when a business is in a growth market. Customers spend more – making them more valuable and helping to boost growth organically. It also requires less outlay than recruiting new customers.

Being customer-centric
There are many reasons why a culture of customer centricity makes even more sense these days. The emergence of the social customer – who can react to a bad experience on social media with catastrophic repercussions – is one reason why customer satisfaction has become a mission-critical issue for many businesses.

Driven by technology opportunities people want to communicate and collaborate more in business, as they do in their personal lives. Gartner predicts that by 2016, more than 1.5 billion people will use social networks. There is a huge opportunity here for customer loyalty.

Customers are interacting with brands and businesses, creating deep attachments, and communicating more often. This gives connected companies more insight, enabling them to create yet richer interactions and better communications, products and services. Beginners on this journey will find that by broadening their presence on social media they create an extra avenue to generate interest. If people can find the business in multiple places they are more likely to make that connection between the brand and their need when they are ready to buy.

Then the customer service team can use the increased visibility into the customers and make every agent more productive, empowering them to upsell and cross-sell.

Customer centricity is not just about offering great service, it means offering a great experience all the way through the customer journey, from initial awareness through purchasing and finally the post-purchase process. Companies that are committed to customer centricity focus on what the customer wants and needs, and develop products and services around that.

Communication and collaboration is quicker, easier, and far more natural than it ever was before the advent of modern collaborative tools. It’s not just for customers though. When staff are socially connected they also become more engaged and more productive.

Source : www.thewisemarketer.com/news

Benefits of loyalty initiative

When justifying a loyalty initiative, too many executives focus ONLY on the financials, but there are major business benefits – each a competitive advantage – that only a loyalty initiative can provide…

The biggest business benefits that every loyalty programme operator should expect to reap – and use to justify continuing and expanded investment in the programme – are as follows:

1-Retain existing customers -The effect of the customer retention rate on actual, bottom-line customer numbers cannot be over-estimated. In five years, a firm with a 70% customer retention rate will have lost two to three times as many customers as a firm with a 90% retention rate.Not only does a loyalty programme provide a practical, hard reason for continuing to buy (the accumulation of points toward a reward, or higher levels of service) but it also provides information about the customers that allows their needs to be met more efficiently and effectively. This in turn makes them more likely to remain customers. In addition, loyalty programme operators often report that, once a customer starts redeeming rewards, enthusiasm and engagement both increase.

In addition to simply retaining customers, the data from a loyalty programme can be used to better cater for their varying needs. Companies typically use this data to segment their customers for the purposes of marketing, sales and customer services. But customers are more complex than that. Their needs and desires differ from time to time, from occasion to occasion, and depending on the reason for the transaction. In other words, the customer is ‘divisible’. Thus marketing can go deeper than one-to-one; it can identify customers’ changing needs and then provide perceived benefit venue-by-venue and situation-by-situation.
2-Acquire new customers -A loyalty programme should attract new customers to the business; how effectively will depend on how exciting and how valuable the rewards seem to be to the target audience. Acquiring customers is no doubt essential to any business, but it can be expensive if compared to nurturing existing good customers. It should not be the central focus of a loyalty programme; there are cheaper and more effective ways of acquiring customers. However, it is generally far more profitable to retain and up-sell existing customers than to attract new ones.

Using a four-year profile of new customer behaviour from a leading retailer, loyalty expert Brian Woolf has shown that, one year after becoming a customer, only two out of each thousand new customers (0.2%) were in the top customer segment and only twelve (1.2%) were in the second segment. Over half were inactive. Between 95% and 96% of the new arrivals were either in the lowest segment or had left by the end of the year. However, quality of new customers acquired can be raised by careful use of the existing data of a loyalty programme. This can be used to establish the demographic particulars of existing best customers, and then to target prospective customers with similar demographics in acquisition campaigns.
3-Move customers up-segment -By grading rewards (for example, offering extra points for exceeding a specified spend threshold in a time period), customers can be moved up from one spend level to the next. A good example of this is The Continuity Company (TCC), a provider of best customer marketing programmes, which skews its rewards to encourage lower spending customers to move up through the spend segments. In one of the company’s recent case studies, the top spending band’s contribution to sales increased by 41%, the next band down increased its contribution to sales by 45% and the lowest spend band decreased its contribution to sales by some 7%

4-Deselect unprofitable customers -It can be more profitable to lose bad customers than to gain new ones. Cherry pickers (who buy only your discounted lines and nothing else) cost you money, as does any low-spending customer. They cost more money to service than they generate. Designing a loyalty programme that rewards better customers without rewarding this segment at all gives them less reason to stay.Gary Hawkins, CEO for US-based Green Hills Supermarket, has found that only around three in ten customers actually generate enough profit to cover the cost of servicing them. What about the other seven? Does it make sense to keep them as customers? To a certain extent it does: if they can be identified through a loyalty programme, efforts can be made to move them up through the segments and hopefully they will become more profitable customers. Moreover, while possibly not generating profit directly, they are contributing to the size of the business and also contributing to fixed operating costs (rent, rates, utilities etc.).

However, the ‘worst of the worst’ could probably be profitably lost. So far, it seems that only financial institutions have gone as far as actually closing unprofitable customers’ accounts. The generally adopted approach by other businesses is simply not to reward them in any way and hope that they will leave.
5-Win-back defected & churned customers -Customer win-back expert Michael Lowenstein says that the success rate in approaching ‘lost’ customers can be three to four times as high as it is when prospecting for new customers. For example, the rate for converting prospects might typically be 5%, while that for reactivating inactive customers might be as high as 15-20%.

 

Laws of Loyalty

Proven principles for turning non-customers into loyal advocates.There are these basic laws – that any company can follow – for turning non-customers into loyal advocates…

  1. Practice the 80/20 Rule – In building customer loyalty, the 80/20 Rule is alive and well. Roughly speaking, 80% of the revenue is being generated by 20% of the customers. All customers are not created equal. Some represent more long-term value to your firm than others. A smart company segments customers by value and monitors activities closely to ensure high value customers get their fair share of special offers and promotions.Unlike many firms who simply measure overall redemption, these savvy loyalty builders pay close attention to who redeems.
  2. Know your loyalty stages and ensure your customers are moving through them – Customers become loyal to a company and its products and service one step at a time. By understanding the customer’s current loyalty stage, you can better determine what’s necessary to move that customer to the next level of loyalty.
  3. Serve first. Sell second -Today’s customers are smarter, better informed and more intolerant of ‘being sold’ than ever before.They expect doing business with you to be as hassle-free and gratifying for them as possible. When they experience good service elsewhere, they bring an “if they can do it why can’t you?” attitude to their next transaction with you. They believe you earn their business with service that is pleasant, productive and personalized and if you don’t deliver, they’ll leave.
  4. Aggressively seek out customer complaints -For most companies, only 10% of complaints get articulated by customers. The other 90% are unarticulated and manifest themselves in many negative ways: unpaid invoices, lack of courtesy to your front line service reps, and, above all, negative word of mouth. With the Internet, an unhappy customer can now reach thousands of your would-be customers in a few keystrokes. Head off bad press before it happens. Make it easy for customers to complain, and treat complaints seriously. Establish firm guidelines regarding customer response time, reporting and trend analysis. Make employee complaint monitoring a key tool for executive decision making.
  5. Get and stay responsive-Research shows that responsiveness is closely tied to a customer’s perception of good service. The advent of the Internet has changed the customer’s perception of responsiveness. More and more, customers are coming to expect round-the-clock customer service. Moreover, customers now arrive at Web sites time-starved and eager to locate answers. Technology tools such as customer self service, email management and live chat/web call back are proving increasingly critical for companies as they address the demanding customer’s responsiveness needs.
  6. Know your customer’s definition of value- The loyalty password is “value”. Knowing how your customers experience value and then delivering on those terms is critical to building strong customer loyalty. But knowing your customer’s true definition of value is not easy because your customers’ value definitions are constantly changing. Invest in customer loyalty research that enables you to understand, through the eyes of the customer, how well you deliver value.
  7. Win back lost customers – Research shows that a business is twice as likely to successfully sell to a lost customer as to a brand new prospect. Yet, winning back lost customers is frequently the most overlooked source for incremental revenue in many firms. Why? Because most firms consider a lost customer a lost cause. With the average company losing 20% to 40% of its customers every year, it’s imperative that firms create hard-working strategies, not only for acquisition and retention but also for win-back. Since no customer retention program can be 100 percent foolproof, it follows that every company needs a process for recapturing those high value customers who depart. Think of it as loyalty insurance.

Nearly Half of Holiday Spending Led by Loyalty

When it comes to retail purchase decisions in the 2014 holiday shopping season, loyalty has continued to play a critical role with 66% of consumers planning to shop at their favourite retailers, 44% giving gifts purchased from brands they are loyal to and – to help stretch their budgets even further – 42% planning to use loyalty points to help fund their holiday shopping.

The study, which surveyed 1,000 American consumers, found holiday gift budgets are up over 2013 at US$770, with generosity being lowest for pets and bosses at US$10 each. With only 50% of consumers planning to stick to their budget, there’s lots of opportunity for brands to influence customers and to increase share of wallet. as article is copyrigt 2014 TheWiseMarketer.com.

“Less than one-third of consumers think customer service is better during the holidays,” said Rob Daniel, EVP for Bond Brand Loyalty. “This represents a great opportunity for brands to invest in unique differentiators such as VIP shopping events, gift wrapping, valet parking and loyalty member privileges.”

Among the study’s main findings:

  1. Brand loyalty plays an important role in shopping decisions:
    • 66% of consumers will shop at their favourite retailers;
    • 44% buy their favourite brands as gifts for others;
    • 42% use loyalty points to fund their shopping;
    • 41% choose retailers and brands where they can earn points.
  2. Holiday shopping is not necessarily a social event, as almost 60% of Americans do not view holiday shopping as a time to connect and bond with friends or family.
  3. How much are they spending and when?
    • 68% of consumers will shop on Black Friday and/or Cyber Monday, and will spend 45% of their holiday budget during these two days;
    • US$770 is the average gift budget, with men spending US$815 and women US$735; Men will spend US$78 on themselves and women US$50;
    • Pets and bosses are not the beneficiaries of holiday generosity – they are at the bottom of people’s holiday budgets, at US$10 each;
    • 17% of consumers will re-gift this year, the highest being millennials at 27%;
    • Only 50% of Americans stick to their holiday budget;
    • 24% shop all year for gifts, 38% shop in the last month, and 7% in the last week.
  4. The impact of the online channel is significant:
    • 53% of holiday shopping is done in-store, 29% shop online (desktop/laptop), and 7% shop on mobile or tablet;
    • Research on purchases is being conducted almost equally in-store (57%) and online (54%);
    • Advice from friends and family ties with Google searches at 44%. Research using flyers is next at 27%, followed by television at 26%, social media at 25% and magazines at 18%.

“This study highlights the importance of building meaningful engagement and experiences with digitally empowered customers”, concluded Bob Macdonald, president and CEO for Bond Brand Loyalty. “Brands that deliver a differentiated and consistent shopping experience across all channels will not only come out on top this season, they will build trust, advocacy and long-lasting brand loyalty for months and years to come.”

Source : www.thewisemarketer.com

Tips to implement an engagement-based loyalty strategy

There are two basic types of loyalty programs: transactional programs which focus on driving repeat sales from a single customer and engagement based which focus on rewarding customers for interacting with brands and providing user generated content like reviews.

When customers engage, such as through leaving an online review or some other form of feedback, they feel more committed to that brand than they did just from purchasing a product. By fostering engagement, companies can turn these repeat purchasers into advocates who in turn can influence entire communities of consumers, thereby amplifying their reach.

How can brands build stronger engagement base loyalty programs?

First, the program has to fit with the overall brand strategy. Graphics, badging systems and other options have to fit the brand and then work within the site seamlessly.

Second, determine what you want the program to do. Do you want more user generate reviews? Would you like to see more consumers submitting their product images?

Here is a real-life example: Children’s toy company Step2 created a loyalty platform to intent customers to contribute user-generated content, particularly product reviews, photos and videos. From the platform’s graphics, including cartoon illustrations of bees, down the whimsical names of each rank – from “New Bee” to “Queen Bee” – the platform is clearly aimed at parents of young children and fits in well with the Step2 site.

Finally, think about the long term. Engagement-based programs are progressive because the brand is building a relationship and not just pushing more sales of X product. Ensure that the rewards and progressions are achievable, but not so simple that the consumers max out of the program within a few months.

The goal is to keep them interested and engaged over a long period of time.

Source : http://www.bizreport.com/