Wednesday, March 9, 2016

Analyzing the “Loyalty” of a Loyalty Program

The main reason behind the implementation of loyalty programs is to make your customers motivated to stay loyal to the business. But, most of the time we have noticed that it does not turn out the way a business want. It usually struggles in the formation of efficient programs for the promotion of its brand and building its affinity, particularly because of the lack of insights as far as buying patterns of customers is concerned. Despite of having various loyalty programs stationed, constant failure in the conversion of the onetime buyer to repeat customers is very common. According to a study of SAS, there is nominal effect as far as effectiveness of loyalty programs are concerned. The survey scores the effectiveness rate with an average of 6.5 out of 10. It would be correct to say that an upsurge in the number of loyalty programs has somewhat resulted in uninvited consequences for business, especially in the retail sector.

In order to create a unified CX (customer experience), there is a need for retailers to focus on providing the overall experience across multiple channels before the utilization/implementation of loyalty programs in the activities of consumer retention. But, for most of the businesses in the retail sector, consumer data is present in isolated and segregated sales, support and marketing silos, making it hard to create a customer’s holistic view, thus, failing to bestow a unified CX. The implementation of big data analytics solutions could easily play an important role in determining various features of the customer’s journey, and in turn, producing highly relevant insights on what to provide them.

Loyalty Programs for Customers have no longer remained an exclusive edge that businesses enjoyed over their competition, but they have become an essential part of CX. In order to get the desired results, big data analytics solutions play an immensely important role. Clavax Technologies LLC specializes in offering loyalty programs catering to the needs of diverse clientele. Moreover, the company’s solutions for big data analytics help retail businesses in the creation of personalized loyalty programs targeting various segments of the audience.

No comments:

Post a Comment