Driving Multidimensional Loyalty through 360-Degree Customer Engagement

Loyal customers develop a deep connection with brands, which keeps them coming back for more. Loyal customers are ten times more valuable than one-time shoppers on average. Therefore, implementing a loyalty rewards program has become a top priority for all retailers. By leveraging a customer data platform (CDP), brands can provide a highly personalized loyalty experience to their customers. This results in customer retention, brand loyalty, and incremental revenue. Through its innovative loyalty rewards platform with a built-in CDP, California-based TrueLoyal empowers brands to create data-driven, easy-to-use, and highly customizable rewards programs that maximize repeat sales and per-customer revenue through 360-degree customer engagement.

TrueLoyal enables multiple dimensions of loyalty, including transactional, social, referral, engagement, emotional, and behavioral loyalty, and supports omni-channel deployments across desktop, mobile, and physical stores. “A well-structured loyalty program can help businesses capture a comprehensive view of their customers across multiple touchpoints.

“Through our multidimensional loyalty platform, we provide brands with unprecedented visibility into every customer and help them curate loyalty programs designed for their needs” – Jai Rawat, VP of Product Strategy at TrueLoyal.

Unlike traditional transaction-driven loyalty programs, TrueLoyal's unique loyalty platform enables businesses to track and reward customers across different engagement points.

For instance, TrueLoyal tracks the various behavioral activities of customers, be it from product reviews or engagements on social media, and encapsulates the data into the reward program. Increasing measures to strengthen data privacy have made it challenging for marketing professionals to collect behavioral data from customers, which is key to personalizing rewards.

TrueLoyal's rewards program platform addresses this challenge by incentivizing customers to allow the tracking of their behavioral data as well as declarative data, which offers brands key insights into customer buying behavior.

Case in point, for a multi-channel retailer selling products through both online and physical stores, gaining a comprehensive view of customers can be challenging. Through TrueLoyal's reward platform, they can create a unique loyalty program that rewards customers for sharing or following on social media, taking surveys, or even conveying their preferences. TrueLoyal has also created a unique receipt scanning solution that allows brands to reward customers who buy their products through a wholesale channel. “When customers submit a copy of their receipt, they earn rewards and brands gain visibility into their shopping trends, such as products purchased, place of purchase, the amount spent, and more,” says Rawat.

TrueLoyal's loyalty rewards solution delivers significant revenues and ROI for a wide range of customers worldwide. When French skincare company and pioneer in aromatherapy Yon-Ka Paris was experiencing fluctuations in their sales, they approached TrueLoyal to help them overcome the challenge. The company analyzed the client's user behavior patterns and customized a program to stabilize and ramp up their sales. TrueLoyal was able to improve their customer retention and double their sales during the slow periods, resulting in a 48 percent increase in revenue.

To create the perfect customized program for each client, TrueLoyal takes a three-step approach. The first is an analysis of the client's historical transactional data to understand their customer's lifetime journey. The company also looks at the client's financial metrics to understand the ROI requirements, profit margins, expected redemption rates, and more. Based on all the information, TrueLoyal creates a program structure optimized for their business. The next step is the integration and implementation of the program, which is usually completed within two weeks.

Once the program is up and running, TrueLoyal analyzes the performance of the program by comparing data from before and after the launch to measure the various KPIs. The company also provides suggestions to their clients to improve the program's performance on an ongoing basis. The final step involves creating different customer segments based on the specific attributes of the customers and personalizing the program according to their needs with targeted loyalty campaigns.

Steering ahead, TrueLoyal is keen on leveraging machine learning algorithms and data science strategies to automate its loyalty programs and identify the appropriate strategies for different customer segments. TrueLoyal's comprehensive loyalty API also enables organizations to implement headless loyalty solutions and seamlessly build loyalty into a variety of customer experiences. The company is focused on developing new partnerships and bringing new innovations to make its products easier to launch while aggregating more data sources into its platform. With an increasing demand for TrueLoyal's programs outside the retail sector, the company aims to extend its solution to serve organizations across new verticals.

This article was originally published at Martech Outlook