Custom loyalty solutions for specific business needs

  • Added:
    Apr 05, 2013
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    1014
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Custom loyalty solutions for specific business needs Photo by Yasmeen Smo

Businesses have to make a quick rethink about satisfied customers as they are unable to convert them into truly loyal ones. According to a research study in the UK, only half of those satisfied made repeat purchases. Customer loyalty is game changer! Little wonder, that loyalty solutions are hitting a large number of enterprises all over the world. Industries such as retail, FMCG, Aviation, Banking, Financial services, Utilities, Media and Entertainment have added loyalty programs in their marketing campaigns using mobile technology. Cards business is in the forefront of loyalty programs, which is designed to reward customers for frequent transactions. However, most of the loyalty program solutions are modeled on the existing customers rather than convert the fence sitters or attract new customers. Loyalty programs follow the “one-size-fits-all” approach rather than based on customer segmentation.

Customer relationship

Customer relationship is the key to service industries – and that’s what makes it unique. Therefore, a loyalty program designed to reward customers for usage of products or service is inherently flawed. . A rewards program based striving to be relevant to majority of customers enjoys a higher success rate. In the fast changing world, customer relationships should be enhanced adapted to changing markets as well as changing consumer habits.

Loyalty solutions for different business verticals

When an enterprise is launching a new loyalty solution or expanding an existing program, it should possess the necessary experience, domain expertise, and scalability to improve time to market and provide a competitive advantage in different industry verticals such as retail, banking, insurance, hotels, travel and entertainment. An effective loyalty solution should address the specific business requirements, and deliver the best practices and exploit the workforce capabilities. The program should be designed to promote customer trust and retention objectives.

Loyalty Solutions approach

An effective loyalty-based program can increase the value and duration of your most important customer relationships. Loyalty initiatives can leverage rich customer insights to deliver innovative and ground-breaking programs that offer matchless customer experiences across multiple channels at a cost-effective manner and gain competitive advantage.
Industries need fresh and innovative loyalty programs to attract new customers, strengthen loyalty, and improve product acceptance while raising overall client satisfaction.  An ideal loyalty solution includes:

• Increase in Sale
• Long-term customer relationships
• Brand awareness and loyalty mobile solutions on focused product lines
• Foster adoption of under-performing solutions
• Cross-sell products / services
• Consumer and industry interface

Benchmarking loyalty solutions

Program strategy:

An effective loyalty infrastructure for industries enables them to launch different types of programs with targeted objectives. It also allows enterprises to launch loyalty mobile solutions in line with business, geo-targeting, and customer segmentation, adapt to new initiatives and promotions quickly in a cost-effective way.

Redemption:

A variety of redemption options provide customers with an eye on the reward that ensures consumption of products and services, such as retail loyalty mobile solutions. A value-based redemption program reinforces desired customer behavior.
Customer interactions:
Maintaining an excellent rapport with the customer is business-critical to reinforce trust and loyalty. Doing so in a mutually beneficial manner will ensure that customers perceive the enterprise as a trusted advisor.

Author's Profile

Anubavam offers custom mobile loyalty solutions for different business verticals such as retail, banking, FMCG, Aviation and more to drive customer loyalty to brands. Our scalable loyalty program solutions can easily be integrated into IT infrastructure and help businesses to improve customer engagement, customer relationships and place customers at the core of business.


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