Best loyalty programs mean understanding customer habits through their data will help businesses serve their customers best with less effort.
Loyalty programs are not just about rewarding customers. All best loyalty programs meet the requirements of a sophisticated tool to track every transaction between customers and brands, thereby better understanding buyers’ habits and needs.
Therefore, customer data is currently at the forefront of the strategic program of all loyalty programs. Strategic marketers need to analyze customer profile data to understand customers, their motivations for action, and what brings them back to the business.
Retail marketers have to analyze many types of data to provide the best service possible. For every kind of customer data, a company will need specific ways to improve its services and increase profits.
1. Determine essential types of data
- Data of time — what is the busiest time?
Every business leader must know their busiest working hours. Knowing the busiest time can help improve your business workflow in a variety of ways. You can encourage customers to come to shop at another time to avoid waiting due to overload and achieve the time required for each customer to serve the best.
For example, food retailers will have busy times during lunchtime, with peaks typically seen between 12:30 and 1400. Having to wait in queues too long can keep people waiting, this inevitably affects your bottom line, so using data to identify when customers come to you and try to change their behavior can be a significant help for your business.
By offering discounts to your store before or after the scheduled lunch rush hour, you also encourage people to miss queues, create better workflows for your employees, and ultimately improve the friendly service you provide in the busiest times. You will benefit customers by providing lunch at a lower price with an offer that can be delivered directly to their mobile phone. It is a win-win situation. That’s how best loyalty programs satisfy their customers.
- Data of places — what are the best and worst branches?
It is evident that in the retail chains, some branches will perform better than the others. But identifying these less-effective branches isn’t always straightforward because the discrete customer information systems are preventing you from seeing the big picture.
A fully integrated system that aggregates data across your entire business area shows you how each store is operating much clearer. This system allows you and your management teams to identify weaknesses and deal with them with a push of a button.
Your business can offer a discount only available at that branch for a week/month to create an event that encourages customers to go there. On the other hand, you can also rely on this information to analyze and reconsider this branch’s situation — Why does it have so few visitors, and is it necessary to change any detail?
For franchised retailers, identifying underperforming facilities also helps solve customer service problems and control inventory and distribution.
- Data of products — what are the best-sale products?
Gathering data to give customers what they want is essential, and if you can track the number of products purchased, it will help keep up with inventory and identify market trends to improve profits.
For example, regular analysis of product sales means tracking the product’s life cycle, determining when to maximize distribution, and promoting product sales. You can also choose long-term products to sustain and short-term products requiring constant rotation.
Powerful data tools can improve inventory, rearrange, and offer discounts and deals that can deliver better returns on best-selling products.
2. Create success CX’s loyalty program
Regardless of form and size, all loyalty programs are designed to encourage customer return and provide a steady revenue stream for your business.
The specific way that a loyalty program works will depend on how you want to motivate your customers and the type of benefits you wish to offer. Harnessing the value of customer data at the best efficiency will help you come up with the right offers at the right time to boost your business.
However, when your loyalty programs are using the data you have already collected, you also have to face inevitable challenges. Top-priority will come up with top challenges.
Privacy and security are the two most important problems. When customers agree to share their data, it means that they lay their trust in your brand. You have to take care of their needs and ensure their data security at the same time to enhance the connection.
Built on Hyperledger Fabric, the enterprise blockchain platform akaChain is developing the best loyalty programs for customers. Our loyalty program model encourages customers to share more with your business based on a belief in data security.
Our blockchain loyalty platform uses tokens as the core of loyalty points because tokens have real cash value while regular loyalty points don’t. Tokens can also reduce customers’ reliance on promotion program rules and increase their motivation to buy and redeem their rewards.
However, tokens go with the challenge of consumer adoption because of their novelty. That’s why we only use tokens in underlying technology instead of using them directly in client transactions.
Adopting a data-based approach to enhancing loyalty and engagement allows brands and agencies to stick to real-world needs and develop customer acquisition programs to deliver good results.
Discuss developing an effective blockchain-backed loyalty program, leave your contact information, and we will get back to you as soon as possible.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since its Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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