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.
๐ง๐ต๐ฒ ‘๐ฃ’ ๐ถ๐ป ๐ฉ๐๐ฃ๐ ๐๐๐ฎ๐ป๐ฑ๐ ๐ณ๐ผ๐ฟ ๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐๐ ๐ . 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.
๐ง๐ต๐ฒ ‘๐’ ๐ถ๐ป ๐ฉ๐๐๐ ๐๐๐ฎ๐ป๐ฑ๐ ๐ณ๐ผ๐ฟ ๐๐ฎ๐๐ต ๐ต . 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:
๐ซ ๐๐ป๐ด๐ฎ๐ด๐ถ๐ป๐ด ๐ฉ๐๐ฃ๐ ๐ฎ๐ป๐ฑ ๐ฉ๐๐๐ ๐ฟ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ ๐ฎ๐ฝ๐ฝ๐ฟ๐ผ๐ฎ๐ฐ๐ต๐ฒ๐: 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.
๐ซ ๐๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ ๐ฎ ๐๐ฎ๐ถ๐น๐ผ๐ฟ๐ฒ๐ฑ “๐บ๐ฒ๐ฎ๐๐๐ฟ๐ฒ ๐ผ๐ณ ๐๐๐ฐ๐ฐ๐ฒ๐๐”: 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.
๐ซ ๐๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐๐ถ๐ฎ๐๐ฒ ๐๐ต๐ฒ๐ถ๐ฟ ๐ฏ๐ฒ๐ป๐ฒ๐ณ๐ถ๐๐: 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.
