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TCS Digital Software & Solutions launched in 2014 as a strategic growth business within Tata Consultancy Services – an IT services, consulting, and business solutions organization serving large businesses across the globe. Businesses navigate critical digital transformations with modular, scalable, and fully integrated industry-tailored licensed software and solutions delivered by the TCS unit.
AI-powered analytics solutions help accelerate sustainability journeys and net zero initiatives, as well as improve customer experience and customer lifetime value in retail, banking, financial services, insurance, and manufacturing industries.
As part of the Tata group, India’s largest multinational business group, TCS has over 613,000 employees in 55 countries. The company generated consolidated revenues of $25.7 billion (U.S.) in its fiscal year ending March 31, 2022.
Mark Johnson, CEO of Loyalty360, spoke with Padmashwini Raghunathan, Product Manager for CI&I Retail and TCS Loyalty Management at the Digital Software & Solutions Group, about transforming an organization from transactional to emotional loyalty, building a foundation of customer knowledge, and fostering emotional loyalty by creating customer communities.
The Three Keys To Move from Transactional Loyalty to Emotional Loyalty
Raghunathan highlights three imperatives to transforming an organization from transactional loyalty to emotional loyalty: Hyper-personalization, Experiential Marketing, and Authenticity.
Personalization uses basic customer data such as name, gender, location, transaction history, browsing information, and similar factors to tailor messages, offers, and recommendations that speak to a customer as an individual. However, hyper-personalized experiences go further.
“Hyper-personalized experiences leverage analytics, artificial intelligence, and machine-learning capabilities to create detailed customer personas based on multiple attributes including demographic, psychographic, and transactional data collected from shoppers,” Raghunathan explains. “It models customer journeys based on product or persona and links relevant offers and next-best-action recommendations at each step of the customer journey to ensure higher conversion rates and improved customer satisfaction.”
Brand values are demonstrated through experiential customer journeys that are customer-centric and involve direct engagement. By creating participatory, purpose-driven experiences, brands can align themselves with causes supported by their customers and build emotional connections – forming the basis of stronger relationships.
A brand’s loyalty programs, including hyper-personalization and experiential marketing, must align with its broader purpose. Based on the brand’s actions, consistency, and commitments, customers know when a brand is authentic.
“Authenticity creates believability, confidence, and deep bonds with customers through its purpose-driven actions,” asserts Raghunathan.
Who, What, Where, When, How – and Why
A marriage of goals, values, and purposes between a customer and a brand based on mutual trust and respect builds emotional loyalty. To create such a relationship, companies must gain a deep understanding of the customer and their relationship with the brand. Customers are driven by different motivations.
“The herculean task is to uncover this understanding based on all the cues the customer leaves behind in their interactions and transactions with the brand,” says Raghunathan.
Building emotional loyalty requires two primary capabilities:
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