Executive Summary
Retailers who are getting consumer loyalty right maximize every interaction with each consumer to meet basic expectations for customer experience. However, those who are working towards true loyalty know that just covering the basics won't be enough to set themselves up for the transformation of retail in the next decade.
The Challenge: Future-Proofing a Loyalty Program
Winning in the next decade requires starting early and it definitely pays to prepare. In 2016, Exchange Solutions was approached by a retailer with the challenge of future-proofing their brand.
After many years running a loyalty program with consistent results, it was time to think beyond solid and steady to re-energize their most loyal customers with innovative solutions.
It had become necessary to work on further bonding their loyal customers with their brand and set up for the next generation of retail loyalty.
Evolution of loyalty programs toward Loyalty 3.0
Key Success Milestones
It was imperative that all 3 milestones improve in order to maximize consumer engagement levels and increase overall value to the business. These were established as key behaviors that entrenched the member further with the brand.
- Milestone 1: Increase member engagement with personalized campaigns
- Milestone 2: Drive deeper brand connection through hyper-targeted offers
- Milestone 3: Maximize lifetime value through advanced analytics
The Solution: Advanced Analytics and Personalization
To achieve expectations, the team decided to leverage the expertise of the advanced analytics group at Exchange Solutions to develop multi-faceted, hyper-targeted campaigns that were personalized to each individual member.
Here's how it worked:
Exchange Solutions Loyalty Boost process workflow
Data Analysis
Advanced analytics to understand individual member behaviors and preferences
Personalization
Multi-faceted, hyper-targeted campaigns tailored to each member
Optimization
Continuous improvement based on performance metrics and member feedback
Here's what was improved 1 year after the program boost
The Ongoing Journey
There is no true finish line when it comes to the race for consumer loyalty. Not only do retailers need to compete with the market, they must continuously beat their own expectations to innovate and remain relevant.
Quick promotions or mass offers don't differentiate your brand or engage your members long-term. To be a leader and be miles ahead of the competition, you must train to achieve a real win at consumer loyalty, measurable by the achievement of key loyalty behaviors.
About Exchange Solutions
Exchange Solutions is a cloud-based marketing technology company that delivers personalized loyalty solutions to retailers that enable them to build deeper and more profitable engagement with their consumers.
With more than 20 years of experience in the industry, Exchange Solutions transforms loyalty programs and promotions from being costly applications to productive and profitable capabilities for clients across various verticals in the US and Canada.
Current clients include: Essoâ„¢ and Mobilâ„¢, Sobeys Inc., Lowe's, Safeway and Today's Shopping Choice.
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