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There is a growing trend in customer loyalty programs to deliver more personalization and customized programs, but how important is that customization to the end consumer?
Loyalty360 CEO Mark Johnson spoke with Chief Marketing Officer of Redpoint, John Nash, about these trends and a recent study conducted by Redpoint to determine just that.
Brands today understand the importance of collecting customer data, but creating value out of that data can be a challenge.
Brands need to personalize engagement with their customers by coordinating data analytics and actions for new customer experiences, and then differentiating those experiences to improve loyalty with their customers.
There is a gap in what to do with the data and how to manage it. Businesses don’t know the technology themselves, so there is a need for software companies like Redpoint to help brands decipher that data and determine how best to use it to customize their loyalty programs.
Says John Nash, Chief Marketing Officer, of Redpoint, “How to define the perfect customer experience is predicated on perfect customer data.”
By starting with a single customer view, companies can aggregate the data and attributes in real-time, utilizing machine learning and AI to recommend next best actions based on that data. Taking advantage of that data and those next best actions in the context of the customer’s journey allows companies to drive the most value and the most loyalty, and ultimately drive up revenue.
“We do that in an omnichannel way,” explains Nash. “We keep up with consumers as they are going across all channels, making the journey seamless and taking all the friction out of it.”
Redpoint’s innovative software works in combination with the brand’s existing MarTech stack to keep existing data in place and secure. By overlaying the data, analytics and orchestration, it is a seamless experience.
Research Study Reveals Diverse Consumer Behaviors
Redpoint recently surveyed consumers about their thoughts on brand connection, brand loyalty and personalized loyalty efforts. The results solidified what many companies have been thinking all along: customers want to be treated as individuals.
“We like to survey consumers to make sure we are on top of our game,” says Nash. “How brands are working with their consumers and consumer experiences are always changing, and there is more of an emphasis on loyalty within the growing customer base.”
Given the cost and growing difficulty of customer acquisition, with the rise in costs and removal of third-party cookies, marketers want to grow their customer base even more. The goal of the study was to understand the dynamics and discover the opportunities.
There were two key insights found from the study: personalization is key to brand connection, and that personalization paired with a frictionless experience is fundamental to building lasting relationships.
“But it’s not just doing personalization,” Nash stresses. “It’s doing it in a leading-edge way and standing out with your brand.”
It’s Not Just About Discounts and Perks
While discounts and perks are a staple among loyalty programs, the study found being valued and understood is even more important.
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