How do we get loyalty programmes to pay off? Data!
I joined an insightful webinar hosted by Marigold (the loyalty platform and data wiz kids) and Let’s Talk Loyalty’s Amanda Cromhout and Tom Peace, which reaffirmed our obsession with data. Marigold have stated that mature programmes can grow ROI between 8-11% which is very healthy and most businesses would bite your arm off for that growth. It’s achievable but how do we get there? Well the experts say (and I agree):
- Keeping your loyalty business case simple – get to the crux of what it is you’re proposing to gain from your programme and how is it going to help your business objectives.
- Create a winning loyalty programme – no brainer but do this by listening to your customers, garner what they are looking for from a loyalty programme by…
- Supercharging emotional connectivity – connect with your customers, we’re all looking for a personal connection with our brands, leverage their values and give them the rewards they are looking for, celebrate and encourage individuality.
How do we get there though? Invest in data of course! Robust customer data can teach you so much about your customers, not just what their lifestyle is and how often they shop with you but what are the current challenges they are facing and what do they really think of your brand – their insight is gold. Marigold’s Simon Jeffs put it so well – capture robust actionable customer data, understand what you will do with your data and how it will help your business case. Simon also advised to interact with your customers at an individual level, gain valuable brand data through non-transactional means like gamification and surveys, don’t be afraid to ask your customers to take part in activities to provide you with more insight to help them, and always have an element in your programme to constantly temperature test that you are providing your customers with what they are looking for.
As data nerds here at Mando-Connect, we can safely say that this is music to our ears – everything we do to develop our clients’ programmes is driven by robust market, sector and customer data. It is fundamental of any successful loyalty programme and without it, we become vulnerable to not meeting that impressive ROI growth. Simple right?
Grab a cuppa and have a read through our White Paper ‘Understanding Loyalty in Europe’ for some great insights on what customers are really looking for from their loyalty programme. And as always, come and talk to us if you have any Loyalty needs or would just like to have a chat about data and insights.
