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This was my second year on the judging panel at the Loyalty Magazine Awards. What is great about The Loyalty Magazine Awards is the willingness to share why each brand won their award or received special recognition – which allows us, as practitioners, to learn, and not just enjoy the gin fizz. Mastering customer data (finally).
Many of the entrants to this years’ Loyalty Magazine Awards were as adept with data and technology as marketers in many other disciplines. Voxi is the ‘youth brand’ of Vodafone, whose highly successful VeryMe rewardsprogram has previously been praised by Currency Alliance. A disloyal generation? Fighting on multiple fronts.
You can use CRM systems to understand what your customers prefer. For this system to work effectively, you will have to link your CRM to yourIVR phone system technology. The scores can help an organization plan its training or rewardsprograms. Personalizing Customer Support. It helps to build brand loyalty and trust.
However, the rewards and gifts shouldn’t be limited to occasions only. Such rewardprograms and incentives profoundly influence a customer’s view of your business emotionally and they continue buying from you. For happy customers, keep rewarding them from time to time. Use a CRM Tool. Engage with Customers.
But, beyond these frontline solutions that powered the early work-from-home, organizations should also reconsider many of their longstanding tools as well—such as CRM and data management platforms. From a collaboration and communication perspective, cloud-based solutions present an obvious advantage for remote and hybrid work environments.
CRMs enable businesses to track and measure each and every interaction, whether in person or online. Typically, though, CRM data provides only a partial profile of an individual – transactional data or website visits, for instance. With the institution of loyalty rewardprograms, the collection of purchase/transaction data took off.
An example of effective alignment of strategy with tactics include Australia’s Coles Supermarket chain and its flybuys rewardprogram. This past summer, the supermarket decided to offer reward points to customers who bring their own re-usable carrier bags. demonstrating environmental responsibility. Segmentation.
Banks have been in and out of rewardsprograms for decades – but their focus ebbs and flows depending on the economic cycle as well as the regulatory framework. Compounded in Europe by the slashing of interchange fees, banks have been left with reduced margins from which to carve out rewards value[v].
To support digital transformation, your customer data needs to be in a single CRM that actions data using a single campaign management system. Brands reward more touchpoints to grow emotional loyalty. Rewardprograms are changing, but they are not going away. ii] Loyalty Magazine, June 2019 edition. References. [i]
And yet, many loyalty programs are run like barnacles on the side of a business: battling for budget, rather than being nurtured as the core way to engage customers via every channel and touchpoint. Rewardsprograms have not, historically, earned consistent loyalty across all customer segments. References. [i] ii] [link].
Even though Plenti failed[i], Amex’s effort showed belief in the coalition model by one of the biggest names in rewardprograms. The “Marriott More” program allows its members to earn and redeem points on everyday retail purchases[iii]. Sparse claims that the model is dead are severely misinformed. You could ask them.
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