Webinar- Importance of Personalization in Loyalty Programs

Personalization builds relationships with customers which turns into emotional loyalty. Long-term relationships with loyalty program members encourage more engagement in turn boosting average order value (AOV), repeat purchases, referrals, and more. A loyalty program gives you multiple ways to do this! Businesses can stand out by creating a stronger connection with customers using personalization in the most effective way.

In this webinar, Dibyo Ghosh, Director of Sales at TrueLoyal highlights why personalization is important and how loyalty programs help you achieve it. Watch the recording and presentation for the webinar below.

Watch the webinar recording here:

https://www.youtube.com/embed/aW8ioKuYvMc

See the webinar presentation:

Key highlights from the webinar:

Important Personalization Statistics

• 81% of customers would likely return to a loyalty program site if there was updated content available each month/quarter.
• 47% of customers are likely to use their loyalty program points for the chance to win a prize or experience (vs. discounts).
• 80% of customers are more likely to make a purchase with personalized experiences.

Leveraging TrueLoyal for Personalization

1. Generate data

• A loyalty program is one of the best ways to collect quality data while engaging the customers.
• Only with quality data can brands run targeted campaigns that improve the ROI for their marketing spends.

2. Loyalty features

• Personalized communication can be sent talking about their points balance, tiers, possible rewards, points expiration reminders etc.
• Each of these touch points can be automated.

3. Attributes framework

• Define unlimited custom “attributes” or “fields” for each member and/or transaction.
• This allows brands to create a very targeted and personalized communication by giving them the ability to set up rules for different customer segments.

4. Analytics strategy

• Recommend the right personalization strategies, define campaigns and success criteria.

5. Campaigns functionality

• Static & dynamic loyalty campaigns based on unlimited attributes.

6. Rewards catalog

• Monetary/non-monetary rewards, perks & experiences.
• Members would have a different preference for rewards. It is best to provide them with rewards they would appreciate.

3 Key Ingredients to Create a World-class Loyalty Program

1. Data Analytics

• The first step to launch a loyalty program is structuring it for a specific set of objectives.
• A data-driven program design is essential to create the financial modeling, set metrics & benchmark KPIs.

2. Technology platform

• A technology platform is the core of any loyalty platform. It must have all the features & functionality to cater to specific use cases.
• The platform should be able to create an omnichannel experience for the end user.
• It must be robust to offer unlimited customizability & scalability.
• Finally, technology must be secure to protect customer data.

3. Strategy Consultation

• The performance of any loyalty program must be analyzed continuously to get actionable insights. This helps in optimization of the program.
• Implementing the current best practices and proven strategies maximizes ROI of the loyalty program.

Success stories of leading brands

The webinar covers case studies and the success these brands have seen with TrueLoyal's loyalty platform.

• Jambu
• Coolhorse
• Yon-Ka Paris
• Teleflora

Excerpts from the Q & A section of the webinar

1. Are there any limitations to the attributes assigned to a member?

• Members can be assigned unlimited attributes.

2. What kind of metrics can be looked at? What is a reliable source of getting member's information?

• TrueLoyal provides reliable zero-party & first-party data of loyalty members.
• The metrics will be dependent on the campaigns that are run. It could be repeat purchases, AOV, retention, decreasing time between purchases etc.

3. How should brands provide a VIP experience

• Rather than discounts it is better to provide VIP experience that is contextual to the brand.

4. What attributes do your clients use to segregate end users?

• Primarily attributes are focused on details of purchases like frequency, AOV, etc.
• Second is the demographics data of end users.
• Third biggest bucket is for the end user's preferences.

5. What extent of automation do you have in any personalized campaigns

• Once campaigns are defined and setup, these campaigns will be automated completely.

Missed our holiday season webinar? Watch it here.