The main objective of any loyalty program is to provide a compelling value proposition to keep customers coming back to you.
In a previous blog post, we outlined some of the most effective loyalty strategies for customer retention and customer engagement.
The most important component to ensure loyalty strategy success is understanding your customers.
The most effective way to fully understand your customers wants, needs, behaviours is to make use of integrated loyalty software.
What is Integrated loyalty software?
Integrated loyalty software uses a suite of API’s to seamlessly connect to POS, websites, apps, payment terminals and other third party systems.
The integration means systems are connected and work together.
Therefore data can be collected through the various channels, giving businesses a holistic view of customer behaviour.
1.Measure and Refine
Data enables businesses to measure the effectiveness or ineffectiveness of their loyalty program offerings, marketing campaigns and even product offering in stores or online.
Using data, businesses can learn valuable customer information and refine loyalty program offering to ensure their loyalty program is truly engaging the different target audiences.
2. Customer Segmentation
Is designed to aid a deeper understanding of specific customer groups and identify different target audiences.
In the beginning, loyalty strategies are often established to cater for businesses most engaged customer base.
However using data, businesses can identify their different target audiences and how they interact with the business.
Is regarded as a necessity for true customer engagement.
Data allows businesses to learn more about their customer’s personal preferences, hobbies and demographic information enabling them to personalise interactions and product offerings.
Personalisation makes the customer feel truly valued by a business.
4.Targeted offers and promotions
Delivering offers and promotions that individual customers value is one of the best use of data and predictive analytics for any business, aiming to engage with their customers.
Targeted offers and promotions can be a key differentiator between competitors and enhance active customer engagement.
5.Optimise different channels
Customers are using many different channels and devices to research, browse and shop.
Integrating your loyalty software with these channels enables businesses to offer their customers a seamless omnichannel shopping experience.
The data gathered during customer research, browse or shopping gives a full view of the customer’s journey from start to finish.
This type of knowledge is key to businesses trying to understand and enhance the customer’s experience, identify potential customers and communicate effectively with their target audiences.
Loyalty programs are often used as a tool to harness customer data. While integrated loyalty technology enables businesses to capture real-time customer data. This enables businesses to meet their customer’s expectations.
Data is the heartbeat of any modern loyalty program. Personalisation, omnichannel and tailored rewards and offers are essential for businesses to run a successful loyalty program in today’s marketplace.
None of these would be possible without data capture and analysis.