Robot Pets? Nah… These are the real loyalty innovations.
I know Christmas is on it’s way… when I see all the toy shops showcasing their latest gadgets. The TV is also full of them, showing off the must-haves for the 2017 shopping season.
The thing is, Robotic Tiger pet toys are fun and everything. But when it comes to real loyalty, the innovation is elsewhere.
Getting loyal with tech
Research shows that retained customers can incur 25-95% more profit for a business, meaning that loyalty apps can prove pivotal to a business’ success. Due to recognising their importance, brands allocated more budget to loyalty programmes throughout 2017. This is evidently partly due to the fact that it costs 500% more to acquire new customers than it does to keep current ones and 82% of companies agree that retention is cheaper to execute than acquisition. Therefore, driving customer loyalty makes business sense. So, this week we’re sharing some of our favourite tech innovations currently happening in the loyalty sector and discussing how they can have an impact on customer decisions.
Mobile first loyalty
Apple has taken steps to improve data gathering for businesses in the last several years. Its innovations allow a pre-populated form to be created, pulling customer information from the iPhone when a customer pays with a card stored their Apple Wallet. This information then has to be approved by the customer, but means that it’s more efficient in the fact that they don’t have to fill out a contact form for every purchase. It is also more likely that the data will be valid rather than a customer simply providing a fake email address at the point or purchase or sign up.
Real time messaging
A good loyalty programme means more than simply handing out points – being with your customer and understanding their journey with you is of utmost importance, particularly for providing that personal touch which is why real time messaging within loyalty programmes is now becoming more popular, and it relies heavily on access to customer data to execute properly. This is usually triggered by an action such as a purchase, enrolment or even an abandoned checkout. For example, EasyJet does this well through its app by providing real time updates for customers with information around the boarding gate a flight is due to depart from and what belt your baggage will be on when you step off the plane. Messages are sent in real time to ensure optimum relevancy, perhaps encouraging customers to make further purchases, helping them on their journey or sign up to a certain offer that your business is currently promoting.
Social listening tools
Although social listening has been around for quite some time, it is becoming increasingly important for brands looking to drive customer loyalty. This is because tools such as Brandwatch can be used to learn more about customers who are already actively engaged with the brand and it can help increase the level of personal engagement. Not only does this allow brands to collect data from its customers through lists or by setting up alerts for certain accounts, but it also allows them to reach customers at moments that have an influence on their decision-making. This could be when dealing with a customer service issue or perhaps when customers are looking for advice on the best product to purchase. Whatever the case, you should ensure that your brand is involved in that conversation.
Analytics are essential to brands operating within any platform and is especially a key benefit of using apps such as Memberoo. This data can monitor customer demographics and purchasing behaviour, making it easier to create a methodical marketing plan to target individuals based past buying performances. As well as driving loyalty purchases, this can also help businesses to measure the return on their loyalty scheme investment.
Tech is evidently helping the loyalty industry to see more benefits, measure results and create irresistible marketing for customers. But it also means that developments are being made continuously for users, making schemes more accessible and to allow for real-time updates. Despite the fact that loyalty is said to be ‘dead’ – we don’t agree – 65% of UK shoppers consider themselves to be loyal customers and we consistently see positive statistics like this through purchases on our app. We believe that loyalty is now driven by customer experience rather than simply offering the cheapest deals, although cost does have an impact on purchasing decisions for 59% of customers. However, improving customer experiences is where tech can help and is certainly a way for the loyalty industry to keep demonstrating its progression and understanding of the market. Ultimately allowing it to add real value in real-time.
The future is loyalty. Come join the crew.
Give your business a loyalty boost
If you’re a store owner, you don’t need to install a robot to enhance the shopping experience. But the smartest stores are realising that they need to know more about their customers to start serving them better. That means encouraging them to share some of their data by giving them something valuable in return – special offers, discounts, the opportunity to be part of a club. That’s what Memberoo was built for.