CUSTOMER ISN'T JUST YOURS
With the dynamics of current market scenarios where your customers isn’t just yours and can be easily distracted by overflowing promotional information. As a brand manager; automation of customer engagement communication is the most viable option but the click through rate does make you question the effectiveness.
Current market scenarios gives us a picture where customers are spoilt for choices, one can safely assume that traditional loyalty programs are perhaps not enough. The monetary rewards are what your brand might use as its strongest retention point however such automation mostly end up in the spam folder. On the other hand not all your customers are same, they might have similar needs but possibility of contrasting behavioral patterns are high.
Imran (Vice President Operations - Altius) believes that’s, ”Customers today demand highly personalized services and a wide range of accrual and redemption options in exchange for their loyalty” He adds, “Fortunately technology have revolutionized the game plan”. A CRM can help your brand have a treasure trove of customer data, right from basic profiles to detailed transaction histories.
Since the data is captured right from the prospect stage, it can help predict various trends & patterns for each customer. This data can be further utilized to segment customers into multiple categories to create personalized rewards and redemptions. The data can also be used to gain a deeper understanding of customer needs and preferences to personalize their experience with the your brand.
A NEW MODEL
Our project managers who have lead loyalty campaigns for some of the biggest Indian businesses proposed a scoring model where each customer is scored since the beginning of the purchase cycle. Scoring happens on the basis of engagement and click through rate where each customer is bucketed into different categories; each category having its own engagement strategy. The CRM follows a linear regression model to identify attributes possible having the highest level of significance in determining the overall satisfaction of program members. The analysis can help define attributes like “Recognition as a valued customer, Ease of earning points, Ease of redeeming points, Customization of rewards to suit needs, Broader ecosystem of alliances (e.g. airlines, hotels etc.), Rebates/cashbacks, Real-time promotions based on past transactional records, etc”
“With more than a 3 decades of experience of handling varied customer segments, synergizing technology automation with contact center expertise is the most effective way to get the right attention without missing any chances of retention” concludes Imran. We have witnessed over in past that one way of communicating or one strategy for all customer has underperformed in comparison to integrated communication automation including voice, social & emails with distinguished game plan for each segment. Not only the latter has justified expectations but also has boosted engagement rates upto 89% from earlier. We conclude this article by simply stating one fact, “adapt the evolution and win over differences”.
This blog was written with expertise from Imran Lokhandwala; who had successfully lead operations for various industry leaders including fortune 500 company over the past 2 decades.
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