How big data analytics can boost customer Loyalty | Use of Big Data in Loyalty program
We’re on the edge of enhancing customer experiences with each passing day, why? you ask, Customer is the King and the phrase does make sense more than ever today! Customers are the driving force of any business, bringing higher profit margins and fetching better long-term outcomes.
Why are some businesses doing great while others are just at the margin? The biggest reason behind business popularity is how they manage to engage customers and keep them gripped. There’s no shortcut to retain customers, it takes time and constant efforts. The biggest challenge so far is understanding your customer and Big Data is the most powerful tool to get you through your customers understanding and provide them exactly what they require!
Big Data for Customer Retention
Your business is already having the required data to boost customer retention but, what might block the way is using it correctly! Get the most out of your accumulated data with the advent of Big Data Analytics ready to pick the most relevant information out from your business, further using it in a way your customers would love.
Acquiring new customers always cost you more than retaining the existing ones! Let’s breakdown the big data strategies to let your customers stay loyal to your brand!
Customers don’t follow a pattern, demands fluctuate and the customers hop as and when they’re required to! The ultimate challenge is keeping them stick to your brand and that is possible with an agile approach, shifting your strategies as per the customer’s requirements and letting them know you understand. Big data gathers the necessary information and let you stay agile at delivery.
- Cover what’s necessary
Make sure you’re on everything which can get you maximum insights into your customer’s needs and regular demands. The process enhances customer’s experience and behavior. In case you miss the critical information, there would be a bigger loss to lose your loyal customers with skewed experiences.
- Know your customers
Millions of loyalty programs are functional for a single aim- Customer Retention! It’s all about knowing your customers and sometimes this doesn’t just come to light with assumptions through the data instead it can simply amplify with regular customer surveys to understand their demand and act likewise. Let the data play its part and keep on availing insights into your customer’s demands.
How’s Analytics transforming the picture?
“Customers who are actively engaged with brands and their loyalty programs make 90% more frequent purchases, spend 60% more in each transaction and are five times more likely to choose the brand in the future”
The most relevant way-out to keep the customers engaged is sending them targeted product recommendations based on their past purchases or frequent purchases. Customers tend to deviate if not receiving deals on their regular products. The industry is competitive and all we see is the race to put on lucrative deals and get the customers onboard.
Customer data is the powerhouse to strengthen all your business strategies and that’s what big data services companies tend to fetch for you! To make the most of the regular accumulated data, integrate real-time purchase data with historical purchase data to filter out specific recommendations. Analyze your data to create highly targeted product recommendation offers. For better outcomes, analyze the consumer data in separate categories such as demographics, lifestyle, products purchased by category and type, frequency of purchase and the purchase value.
Promotions can be the next plan of action in terms of retaining customers! You must have your promotional and marketing angle ready to launch. Customer loyalty takes in a lot of efforts, not every brand stays successful in attracting the audience. The ones who’re already taking up the charge are probably high on promotions or already working out on their product marketing. Though everyone is trying out a specific marketing strategy, at the end of the day, you must understand the importance of the right offers sent at the right time and to the right customer!
Uncomplicating the process, promotions aren’t a piece of cake, you ought to have them striking on the appropriate rod. Use the power of big data analytics to filter customer choices, their purchasing pattern and surprising them with deals on special occasions like birthdays and anniversary. Send them promotional offers of the product they like, get them exclusive deals on crossing a certain sale mark and so on! There’s a lot of have on the serving tray once you willfully decide to customize your strategies pertaining to your customer’s & industry requirements.
Every business is looking for customer loyalty solutions! Let’s revolutionize the process through Big Data Analytics.