Google, IBM, Apple, Facebook and Microsoft all have the same goal — to connect with consumers. Thanks to the democratization of information technology, the global retail landscape has drastically changed in the last decade.
Welcome to the Knowledge Era — it’s the Klondike again, but this time we’re not gold mining; we’re data mining. Therefore, to remain competitive, retailers must start to connect with their customers and collect relevant information about them.
One of the most effective ways to do that is to launch a loyalty program. A good program will allow you to capture relevant data and eventually make offers that truly cater to customers’ needs. Contrary to an ad campaign, where the main objective is to attract new customers, a loyalty program is designed to retain and engage customers. In this time of economic slow-down, customer retention is becoming even more important for retailers.
Loyalty programs aren’t new — they’ve been around for the past couple of decades — but with technology trends such as social media and mobility, the game is changing … once again.
While some retailers have established their own loyalty programs, they may not yet be taking advantage of social media and mobile devices. It can be a daunting task to build a customer database and design a loyalty program that effectively incorporates these new technologies. But there’s an easy solution.