The Importance of Customer Data to your Business.
The growth of loyalty programs has sky rocketed in recent years and there is a good reason why. Businesses that utilise loyalty programs succeed in driving revenue growth which is great news for our Brilliant Reward’s merchants! Let’s talk about how loyalty programs can generate useful data for businesses to improve customer experience and influence shopping behaviour.
How loyalty tracks data and why it’s so valuable for businesses.
Customer loyalty schemes are an excellent way to improve your customer retention levels and significantly boost bottom-line profits. According to Selfstartr, 83% of customers say loyalty programs make them more likely to continue doing business with a company. This is great news for businesses looking to see returns on modernization steps such as loyalty programs. Perhaps the most important benefit of a loyalty program is the ability to collect useful customer data. We live in the world of big data. As a result, data and clever analytics is ruling the roost of business tools. Technology like apps are useful as they offer a platform where you can find out your customer’s preferences through clever software and analytics.
How can you use this data to better your business practises?
Once you have the data the possibilities to shape new deals, products and also review current products are endless. You can also use that data to utilise patterns in consumer behaviour that can help you with your business through seeing what promotions are popular and which ones aren’t. You can minimise the risk of future products not meeting customer wants or needs. Therefore, future success of new product launches becomes much more likely. That’s what we like to hear!
That brings us nicely onto our second point about knowing who your customers are both current and potential. By connecting with them through loyalty apps and all its bells and whistles you can solve customer and industry problem points. Customer-facing businesses can understand customer problems through better connections, better information and better real time updates. This allows you to be more in tune with trends and use them to appeal to customers as a modern, well-informed and human business.
There is a great world of opportunities out there for companies that integrate loyalty into their full customer experience. Be Brilliant. Get Brilliant Rewards.