Recently, Voyado released a report on how Swedes consume and respond to marketing campaigns in loyalty programs. The report reveals statistics and insights based on millions of transactions from Swedish retail companies. Most importantly it tells us that modern commerce is constantly changing, and data, when used correctly, can give us the tools we need to understand our customers and communicate with them in a more relevant manner.
Sadly, very few are using data to improve their customer relationships.
8 signs that loyalty work is neglected in a company:
- Weak or no system support for modern omni-channel commerce
- Lack of ability to create other customer values than discounts
- Lack of personal and relevant communication to customers
- No general usage of consumer insights
- Loyalty is not a management concern, meaning no trickle-down effect to the organization
- Lack of knowledge about the customer base within the company
- A/B-testing is not structured or non-existing
- Investments in business development are not prioritized
Why should a customer chose your company before another?
The notion of loyalty remains the same - it is a measure of how satisfied our customers are and to what extent they prefer X before Y. But the importance of channel choices and a company's ability to communicate and act according to customer insights has changed dramatically.
In a world where there is too much of everything and the choices are endless, loyalty and trust in your brand becomes crucial for survival. The products you sell are becoming less important compared to the service you offer and the relevance, timing and channel choices you do. To win in the fierce competition about customers' attention, your company needs to deliver on brand promises, on all levels, with your customers in focus all the time.
Customers today want to know "why should I chose your company and not another company?". So start by getting to know your customers better so you can give them what they need.
The CEO of our partner Voyado puts it very elegantly:
