Multichannel customer loyalty programs are a great way for brands to truly understand customer interactions across channels according to CrowdTwist CEO and founder Irving Fain.
Fain told Loyalty 360 that the increase in the number of channels consumers use has been a catalyst for these types of loyalty programs.
“Ten years ago the channels we use today didn’t exist,” Fain says, citing social, online, content, email, mobile, in-store, and ecommerce. “It makes sense to understand interactions happening across these channels and understanding what a consumer spends. But understanding pre-purchase moments is arguably more important than the purchase itself. It comes down to relationships. Consumers want to be recognized and valued. They realize their interactions have value beyond just when they spend money.”
CrowdTwist, a leading provider of omni-channel loyalty and analytics solutions, recently announced three new partnerships with global brands VivaKi, Acxiom, and IBM. These partnerships represent the emergence of a new era of loyalty marketing whereby brands can leverage user-permitted data to create personalized experiences for the consumers who engage with them.
CrowdTwist’s platform aggregates consumer data across all channels (online, social, mobile, and even offline) and helps attribute purchases back to individual consumers. These customer insights enable brands to create a singular view of individual customers and properly segment them across multiple characteristics.
Of the new partnerships, Fain says it validates the company’s platform and shows the power and importance of multichannel loyalty.
“Our partners are realizing the power of multichannel loyalty and how data and customer insights that come from multichannel loyalty programs can provide richer, broader, and more comprehensive insights,” Fain says. “For all three, the power and value of data was very real for them.”
Before multichannel customer loyalty programs, Fain says there wasn’t a way to understand loyalty behavior until someone walked up to a cash register and made a purchase.
“Tracking capabilities exist now, but data reconciliation is a real problem,” he says. “Our programs can aggregate customer data across different channels and tie that all back to a specific person.”
Brands that focus on breaking down silos internally so data can be cross-pollinated is a valuable step forward, Fain says.
“But perfectly integrated solutions don’t solve the fundamental problem that someone can’t reconcile all those channels and tie it back to one specific behavior,” he explains. “Truly creating a single identity across all channels is why multichannel loyalty is valuable. It’s a redefinition of what value means.”