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Engaging and creating the best hyper-personalized customer experiences is top of mind for most brands.
Loyalty360 recently spoke with Christian Selchau-Hansen, CEO of Formation, a global leader in developing scalable solutions for individualized offers. If you missed the first part of our interview, read Part I of the Q&A here.
In the second part of the interview, learn more on how to form a successful loyalty program, some of the challenges brands have, and how Formation uses AI and machine learning to bridge the gap between customer data and actionable insights. From years of industry experience, Formation gives brands the knowledge they need to know to be able to personalize their offers to a customer’s individual needs.
What makes a successful loyalty program?
If you can act in a way that is coherent and personal to a consumer, throughout all the stages of their customer journey, that’s a way to build true loyalty. To understand what their needs are and to make it possible for them to achieve their need and to do it with less friction than they ever could before. That will keep people coming back. What it requires is a very high bar for relevance, and that’s where I think today’s loyalty programs have generally put in place one of the foundational building blocks for that, which is understanding your customer and that starts with your data infrastructure. Can you match up, for example, your transactions by customer? Understand what are they doing, how are they engaging, what products are they purchasing? Having that granularity of understanding, that’s really important.
Where do you see the biggest challenges and opportunities for brands today?
One of the Top 4 Trends/Topics Brand Members have asked Loyalty360 to focus on in 2020 is personalization, segmentation, and cadence management. How are you looking at personalization, segmentation, and cadence management? How can your offering/expertise help brands in this area?
How can Formation help brands improve the efficacy of their loyalty programs?
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