Every industry’s brands are looking for fresh approaches to captivate consumers. But which techniques really lead to connections that last? Achille Traore, the CEO of White Label Loyalty, spoke to FUTR Europe earlier this month. Fresh ideas and digital change in marketing, retail, and commerce were the main topics of discussion during the event.
Here are the key points from Achille’s speech on “how to utilize data to unleash the future of consumer loyalty,” in case you missed it.
With data and technology that may stimulate certain consumer actions, it is feasible to develop deeper ties with customers. However, White Label Loyalty anticipates the following 3 difficulties:
1) data silos. Due to outdated technology, company data is frequently separated and dispersed across various sources (or lack of tech). Because of this, businesses need a way to integrate the physical and online worlds because the current solutions are ineffective.
2) Lack of perception. Data is abundant in many organizations. But without crystal-clear, practical insights, data is meaningless.
3) Trust is strained. Existing loyalty schemes are purely transactional in 99.9% of cases. Traditional loyalty programs can’t foster emotional attachment in the digital age of today since they aren’t flexible enough.
Brands must properly arrange their data. Connecting data sources to a single platform is what this entails. Then, employ segmentation to identify micro-audiences from real-time consumer interactions and target them with tailored messaging.
Don’t be afraid to use the power of AI for businesses that are data-rich but insight-poor. Finding insights into your data and forecasting behavior, turnover, and consumer preferences are all possible with AI modeling.
The recognition of consumers who contact you at whatever level is crucial now more than ever in the attention economy. Customers desire (and anticipate) receiving rewards for all kinds of actions. You might, for instance, give someone a prize if they recommend your product on social media or write a review.
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Trends from around the world that will affect customer engagement
THE DIGITAL LANDSCAPE IS CHANGING
We are shifting into a ‘cookieless’ future. This is a major threat to brands that are not already collecting consensual and insightful first-party data. Many global businesses find it difficult to collect this kind of data without relying on wholesalers and retailers. That’s why they need technology that makes it easy to collect customer information and reward proof of purchase. One method of doing this is using receipt scanning technology. Receipt scanning allows businesses to pull detailed transactional data and begin a direct relationship with end consumers (both across B2B and B2C or D2C).
CUSTOMERS WANT A FRICTIONLESS SHOPPING EXPERIENCE
For brands that operate across different countries and sectors, the customer experience can get complicated. Card linking technology can create a seamless experience from a customer’s point of view by engaging them without requiring the traditional methods of proving transactions such as carrying loyalty cards or scanning QR codes.
THE RISE OF NFT REWARDS
There is so much potential in use cases that blend NFTs, blockchain technology, and the metaverse into the customer experience. Brands can create anything in the form of a digital token, with any kind of reward or unique experience attached to it. Since NFTs are completely unique, brands can also build an exclusive community of loyal NFT owners. These unique ‘blockchain tokens’ are already being used as membership passes, tickets to events, and “keys” that unlock special rewards.
LOYALTY IS MORE RELEVANT TODAY THAN EVER BEFORE
Customers are switching brands at a faster rate. Brands should be proactive in the strategies they use to retain them. In fact, customers are willing to pay more for a more valuable experience.
Some companies aren’t even conscious of all the client contacts that are concealed in their data. You may learn about your consumers’ behavior from any type of event, including offline transactions, campaign interactions, social media activity, and entrance into geofences. Additionally, you can reward these consumer “events” with the correct technology to encourage more of what you want to see.
Encourage and reward consumer interaction to improve connections and ultimately encourage loyalty.
How much are your interactions with customers worth? You’re most likely sitting on a data treasure trove! Take advantage of these priceless customer insights.
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