Increase Retention, Reduce Attrition
The goal of loyalty programs is customer maintenance/retention. Keeping your customers i.e. retaining brings in stable revenue streams and most definitely reduces all the cost customer acquisition costs.
The Data mining process of customer information informs and supports your retention strategies, it actually creates valuable information for the marketing managers, which eventually influences the way they approach to the different types of buyers.
Data mining can also serve to identify at-risk customers. You will be able to understand if your customer is moving on to another loyalty program or store – based on the actions you are able to see. It’s all about the spending and usage patterns…
Targeted Product Recommendations
Nowadays it all about personalization- this is one of the most important ways to keep your customers engaged in your program.
Imagine Unique customer data points, e.g. purchase information, demographics, preferences and habits, when analyzed, these can create a picture of a shopper that makes it possible for retailers to offer well-targeted, personalized product recommendations.
We are able to combine real-time data with historical purchase data, loyalty program managers and leaders in retail analytics teams can create specific recommendations that are appropriate to each customer and in real time.
We believe one of the mistakes the traditional loyalty programs make is generalizing a loyalty program the customer segments. The assumption is that each customer values the same promotional offers and rewards.
According to studies done on this topic we see that the segmented and know-your customer approach is very successful.
Payolog Loyalty solution provides you with the tools to segment by data analysis, which enables a retailer to offer relevant discounts and promotions to different consumer profiles and, at a the most minute level. It’s a one-to-one marketing solution.
Our system allows retailers to use a variety of data and methods for segmentation, such as transaction data, credit reports, member profiles and customer demographics. The analytics will also be able to track the movement of customers between segments as they are influenced by a loyalty program or provide insights into the behaviors of members versus non-members.
The retailer will be able to look at all the factors driving the retention of various customer groups to even determine how to drive the loyalty within each segment