Aug 12, 2020 12:13:25 PM

3 Top Reasons to Give Your Loyalty Program a Digital Boost

Customer Engagement, Customer Loyalty
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The trend of businesses going completely digital with their loyalty programs is in response to the appreciation of data.

Through online and app-based programs, businesses have access to various types of data produced by their customers. The best way to think about this is to split it between two categories: transactional data and behavioral data.

Capturing transactional and behavioral data helps provide businesses with deep insights into their customer base, empowering them to target and interact with customers in a smarter way.

 

1. Use Transactional Data to Get Insight

Transactional data is synonymous to POS data. At the surface, you can look at transactional data segmented by time, location and product.

To delve deeper, this data provides valuable information around what a customer bought, when the purchase occurred and at which branch this purchase occurred.

Further, this data also provides insights into the method of payment and the frequency of a customer. This data is able to be aggregated due to a unique ID that ties transactions to individual users.

By tracking this data and tying it to an individual, businesses are able to get a fuller picture of who exactly each customer is and thus, market to them more effectively.

With enough of these data points, patterns and trends emerge which in turn lead to targeted marketing efforts driving higher conversion rates.

 

2. Using Behavioral Data to Drive Personalization

Another layer of insight exists around redemption behavior, which allows businesses to see a customer’s preferences. This is where CRMs are of value because through aggregating these data points, business can see a customer’s preferences outside of their brand thanks to linked data.

By tracking this data and tying it to an individual, businesses are able to get a fuller picture of who exactly each customer is and thus, market to them more effectively.

With enough of these data points, patterns and trends emerge which in turn lead to targeted marketing efforts driving higher conversion rates.

Another layer of insight exists around redemption behavior, which allows businesses to see a customer’s preferences. This is where CRMs are of value because through aggregating these data points, business can see a customer’s preferences outside of their brand thanks to linked data.

Wouldn’t it be nice to know where your customers go, what they like to do and how often they do it?

Behavioral data provides businesses with visibility into which offers and merchants customers viewed and searched for.

It’s a rare glimpse into a customer’s current needs and interests. By knowing these things, you can tailor your communications to products and services that appeal to customers’ daily lives, outside of your brand relationship.

In this way, you become more of a value-add rather than an advertiser which leads to a pleasant experience for the customer.

Behavioral data also includes geolocation information, which enables businesses to group customers into cohorts based on their locations and to isolate trends and patterns of the population within a specific location.

 

3. Make Smart Business Decisions

Upon adoption of a digital Program, brands will be able to capture data from their customers and retain them by using the data to provide relevant and engaging offers. Going digital is the best way to make smart business decisions for both you and your customers.

 

Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God! O my friend -- but it is too much for my strength -- I sink under the weight of the splendour of these visions!. A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

By the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing.

Oh, would I could describe these conceptions

All that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God! O my friend -- but it is too much for my strength -- I sink under the weight of the splendour of these visions!. A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

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