Loyalty programs have long held fast to the tradition of rewarding customer loyalty with points based on purchases. And while that still holds true for many traditional retailers, the times are quickly changing. An entire legion of new technologies and customer behaviors are now making customer engagement more challenging. Concurrently, however, these same technologies and behaviors are also opening up new opportunities.
Beyond just points for purchase, loyalty programs can entice customers to complete almost any action. Now that most consumers are connected via numerous digital and mobile devices, this means brands can engage customers in a near infinite amount of ways.
This is exactly the service that Loyalty Bay, a highly personalized UK-based customer data analytics and rewards solutions platform, is offering to businesses.
Loyalty Bay will give brands the capability to encourage customers to complete any action, and reward them for doing so. Beyond simple spend, Loyalty Bay rewards customers for signups, retentions, referrals, cross sells, up sells, reducing churn, and more.
Literally any conversion metric can be analyzed, categorized, and incentivized.
"We marry the gift card and incentive sector up with ad technology to increase onsite conversions,” said William Roberts, Loyalty Bay CEO. “If Loyalty Bay can offer the right incentive to the right person at the right time in order to get them to convert on a client's site, conversions can be significantly improved. We have increased the conversion rate by over 100% working with some very large enterprise clients."
This can also be further customized and adapted to work for customers, employees, or even friends. Loyalty Bay’s Rewards Hub allows clients to leverage a wide range of digital vouchers, gift cards, and more.
This program could be of immense value to brands both large and small. And Talis Capital, a private London investment firm, seems to agree. Talis Capital recently helped Loyalty Bay raise an additional $1 million in funding.
"Loyalty Bay have made impressive progress in delivering an enterprise grade solution in a manner accessible to SMEs,” said Vasile Foca, co-founder and Director of Talis Capital. “Data analytics and optimization tools are already a necessity for businesses seeking to better understand their customers, we are pleased to announce Loyalty Bay as our tenth transaction of 2015."