For any business, developing a distinctive loyalty program is a huge undertaking in the world of customer retention. According to latest studies, 72% of marketers believe it is more challenging than ever to exceed customer expectations. If built meticulously and precisely, loyalty programs can be a game-changing arsenal. However, due to the multiple number of options to choose from regarding your rewards program, taking the initial step is frequently the most difficult.
When it comes to developing a customer loyalty program, it is important to consider what the single view of the customer is. What do we mean by this? It means viewing the customer as an individual rather than a statistic or an afterthought.
In order to create a loyalty program that customers will love, you need to think about what they want and how they want to be rewarded. Do they prefer discounts or free products? Having a comprehensive and unified view of your customer data is essential if you want to win the race for new customers. Once you have a clear understanding of what your customers want, you can start to design a rewards program that will exceed their expectations. Remember, the key is to always put the customer first!
The comprehensive, omnichannel loyalty solutions offered by customer engagement management systems like Engage365 are effortlessly integrated with Point of Sale systems and engage customers across multiple touchpoints.
Single View Of Customer Elaborated
You may have heard the term “single view of the customer” but may not be sure what it means. A single view of the customer is a comprehensive, holistic view of each and every customer across all touchpoints. All kinds of data, such as past purchases and spending patterns, usual spending amounts, length of customer relationships, and more, can be used to create segments. Customers can also be divided depending on their demographics, which might include things like age, gender, ethnicity, religion, and geographical location.
The goal of customer segmentation is to enhance your ability to communicate with and retain your customers.It’s important because it gives businesses a complete understanding of who each customer is, what they want, and facilitates customer engagement with the company. This understanding is essential for creating successful customer loyalty programs.
It’s important to remember that a single view of the customer is not static; it must be constantly updated and revised as customers’ needs and preferences change.
Since it enables marketing teams to comprehend and analyze past behavior to better target and personalize upcoming campaigns and promotions, a single view of customer aids in the more successful and efficient marketing of products and services. Forbes said it best, “acquiring new customers is vital, but retaining existing ones expedites lucrative growth.”
How Single View Of Customer Is Redefining Loyalty Programs
A customer loyalty program is a marketing automation strategy that acknowledges and rewards customers who regularly use a brand or make purchases from it. Given that repeat customers spend 67% more than new ones, it is understandable why loyalty programs place a high focus on retention.
Effective, real-time customer experience personalization in enterprises is built on a single view of customer. It enables organizations to aggregate all of their customer data from multiple online and offline sources, clean it up, and then use it to build 360-degree customer profiles. Most notably, straightforward APIs make it possible for this data to be shared evenly throughout the organization, allowing all business stakeholders to use it for interesting loyalty programs, tailored offers, premium content, analytics, and dashboards, as well as to provide top-notch customer service.
A one-size-fits-all marketing strategy is used when you just send out one version of your email newsletter, which makes it much less likely that your materials will have the same impact on your audience as they would if they were more carefully targeted. In contrast, a customer base with an intelligently segmented single view gives you a new opportunity to develop unique marketing collateral for each segment. Delivering pertinent material to each customer aids in identifying your loyal customers and fostering that feeling of loyalty.
How Engage365 Helps Brands With Single View Of Customer
When delivering customer service, being able to relate to customers on a more personal level is valuable. Utilizing customer segmentation in a single view of the customer effectively can also provide you with vital information that can aid in the design of your loyalty program. Single view of customer automatically provides the elevated shopping experience and personalized connection that customers are craving. Here are some of the key benefits of Engage365 loyalty programs designed while keeping the single view of customer in mind:
• Higher customer lifecycle value – Engage365’s loyalty program offers a variety of incentives and awards to encourage customers to make more purchases or raise the average order value.
• Repeat member interactions – By implementing Engage365 with features like gamification, badges & challenges, quizzes, etc., businesses can enhance the number of accessible touchpoints and engage with customers every day.
• Data collection & user-generated content – Brands can leverage Engage365’s customer loyalty programs to persuade consumers to contribute worthwhile content (reviews, ratings, social media engagement).
• Positive ROI – Engage365 tracks key metrics such as customer retention rate, customer lifetime value, and customer acquisition cost. It also compares these metrics before and after implementing a loyalty program to see the financial impact.
• Social media virality – Rewarding customers who refer their peers is an excellent way to increase brand credibility, and loyalty programs are the ideal tool for this. By providing incentives and rewards to influencers only, brands can also promote their products. And no one does this better than Engage365!
Creating An Alluring Customer Loyalty Program
With your loyalty programs, it’s never a smart idea to take a scattershot strategy since as mentioned above, one size does not fit all for your customers. Below is a guideline to create and implement a successful reward program:
SINGLE VIEW OF CUSTOMER
First and foremost, consolidate all customer data into segments with the help of a customer data-driven engagement system.
CHOOSE THE RIGHT CUSTOMER SEGMENT
The first step is to decide which customer group your loyalty program will be tailored for. Choose a market and design a lucrative loyalty program for it.
STUDY CUSTOMER BEHAVIOR
Analyze customer behavior using analytics to comprehend its dynamics and underlying causes. Send them offers that they see as adding value to their shopping experiences.
DELIVERED UNPARALLELED CUSTOMER EXPERIENCE
Only by offering personalized rewards and enjoyable omnichannel shopping experiences will this be possible. Utilizing information on previous purchases, product preferences, and an inclination for loyalty programs will help you do this.
Keep track of the relevant KPIs, count the number of app downloads, calculate the average order value of your loyal customers, and contrast these figures with those of other customer segments. these figures with those of other customers
DELIVER VALUE TO YOUR CUSTOMERS
Make sure to establish a connection between the value you provide to your customers through your loyalty programs and the value they generate for the brand.
CONSTANTLY REVIEW THE PROGRAM’S PERFORMANCE
Analyze all information, including the program’s success and the influence it has had on business revenue.
The Relationship Between Single View Of Customer And Customer Loyalty
A single view of customer enables you to develop a tailored approach that gives them the impression that you understand them. Since the last thing a consumer wants is to believe that they are “just a number” to your brand, this in turn helps them feel valued. Regardless of how the interaction began, customers frequently remember how you manage their concerns, so providing exceptional customer service can often earn you a customer for life. A remarkable customer loyalty program for business that addresses this issue proactively aids in retaining repeat customers.
A single view of customer is effective in grouping customers based on relevant data, demographics, geography, psychographics, and behavioral tendencies. This simplifies the process of establishing consumer categories for loyalty programs, which could turn a one-time customer into a lifelong repeat customer.
Businesses can scale their company loyalty programs by implementing a single view of customer. It enables them to improve their marketing strategies, customer service procedures, and company loyalty programs to guarantee value to every consumer. Scale up from basic customer segmentation strategies to more sophisticated ones. By keeping an analytical eye out for new information, you’ll be able to take advantage of chances before your competitors do, and in the process, win over lifelong customers.
As you well know, customer loyalty is the lifeblood of any retail business; it is the fuel that powers repeat purchases and referrals, which is why it is so important to take the time to develop an effective loyalty program. A single, 360-degree view of the customer can be used to use data to enhance customer understanding, customer retention, and drive customer intelligence.
When done correctly, a loyalty program can create a strong, lasting connection between a customer and a brand. It can also encourage customers to become more engaged with a brand, and even promote word-of-mouth marketing. So, how do you go about creating a customer loyalty program that is right for your business? It all starts by taking a single view of your customers. Yegretek is here to support you with our advanced, enterprise-ready loyalty technology.
Yegretek’s Engage365 is an industry-leading loyalty cloud that delivers an API-centric, no-code loyalty platform for omnichannel and physical store-front businesses, combined with other unique functionalities. The platform allows you to create an integrated experience for customers using segmentation, personalization, and cross-channel communications that enable you to engage with each customer on a deeper level and build long-term relationships with them.
Request a free demo to find out more about how you can encourage customer loyalty and reward and retain consumers through personalized interactions across multiple touchpoints.