January 4, 2019 CPG, Customer Experience, Loyalty Strategy, Loyalty Trends, Personalization, Retail

Personalization Made Easy

New Year_New Loyalty

 

The one investment you need to make this year is…

Loyalty.

Seriously. We’re not just being biased here. Read on.

Want to personalize63% of marketers are struggling with data-driven personalization.
Want to solve for the huge churn from one transaction to the second and third transaction? Increasing retention by 5% can yield 25% to 95% increase in profits.
Want to create a shared, single view of customers across all business units?

 

Want to create a cohesive customer journey across disparate channels and devices?

You are not alone in your challenges. And yes, loyalty is your best answer.

SFDC Chart Marketing Challenges

From the Salesforce State of Marketing, Fifth Edition Report

But don’t think of “loyalty” in the traditional sense. Well, you can think of it that way if you are a fan of points as a gamification motivator. But you don’t have to.

Loyalty strategies can be as simple as a promise from you to your customers for a more personalized experience and for benefits based on your relationship.

 

By instituting a formal loyalty initiative, you are able to get a commitment from your customers to:

– allow you to collect their data – and use it! – respectfully within data privacy regulations

– raise their hand and tell you how and when they are connecting with your brand

– tell you about themselves, who they are and what they really want

 

By instituting a formal loyalty initiative you are able to:

– communicate on a truly 1:1 basis with each customer

– create and understand customer behavior and segments

– create unique and accurate customer journeys

– track customer behavior real-time and shift as soon as new behaviors begin

 

Okay, you say, but it’s really expensive and a hassle. That’s the catch. It isn’t. Loyalty platforms and supporting services are less than 10% of what most organizations are spending on new acquisition in an effort to stem that churn issue. And it’s an investment that yields 7x+ ROI and can be implemented within a matter of weeks.

So as you’re preparing for your 2019 goals, consider how an affordable solution such as a robust loyalty platform can empower your personalization for pennies on the dollar, stem churn rates and give you an omni-channel, comprehensive view of your customer.

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