Unlocking Value: The Importance of VIP and VIC Differentiation

Is your business currently grouping VIPs and VICs together?

Developing a differentiated engagement strategy tailored to the unique needs of these two valuable groups is not only important but urgent for maximising your business investment and ensuring continued loyalty.

𝗧𝗵𝗲 '𝗣' 𝗶𝗻 𝗩𝗜𝗣𝘀 𝘀𝘁𝗮𝗻𝗱𝘀 𝗳𝗼𝗿 𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝘀 🎁 . These are the celebrities, KOLs, and founders' friends that the business gifts products to or dresses to represent the brand. Their role is crucial in supporting the building of brand endorsement among the select group of the target audience, and their unique influence is a valuable asset to the business.

𝗧𝗵𝗲 '𝗖' 𝗶𝗻 𝗩𝗜𝗖𝘀 𝘀𝘁𝗮𝗻𝗱𝘀 𝗳𝗼𝗿 𝗖𝗮𝘀𝗵 💵 . VICs are the clients who spend money with the business and demonstrate their loyalty through their financial and time investment in the brands. Their consistent patronage and financial contribution play a significant role in building the brand's commercial success.

VIPs and VICs should be segmented, taken care of, evaluated and rewarded differently; examples are:

💫 𝗘𝗻𝗴𝗮𝗴𝗶𝗻𝗴 𝗩𝗜𝗣𝘀 𝗮𝗻𝗱 𝗩𝗜𝗖𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀: VIPs, typically managed by the PR or Marketing function, benefit from collaborations and social media exposure. VICs, on the other hand, appreciate personal shopping experiences facilitated by Client Advisors or Stylists.

💫 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗮 𝘁𝗮𝗶𝗹𝗼𝗿𝗲𝗱 "𝗺𝗲𝗮𝘀𝘂𝗿𝗲 𝗼𝗳 𝘀𝘂𝗰𝗰𝗲𝘀𝘀": VIPs could be measured by the exposure they create for the brand and the followers they help the brands to grow, while VICs are measured by their sales contribution, frequency, and recency of visits.

💫 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗶𝗮𝘁𝗲 𝘁𝗵𝗲𝗶𝗿 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀: Implement tiered and personalised rewards for your VICs based on spending and visits and provide early access to new collections. VIPs are more interested in being included in large-scale brand events or collaborations.