Reigniting shoppers’ love affair with loyalty programs

Successful loyalty programs are all about building deeper relationships with customers.

While many retailers have loads of data on their customers, few are mining and using this data to deliver a more relevant and rewarding customer experience.

My boss, Dr. Matthew Green from emnos USA, recently authored an article outlining 5 steps to achieving greater personal relevance with customers. In summary:

1. Focus on the data that really counts. The obsession with #BigData can distract you from your real goal - giving customers more of what they want. Target your analysis to stay on track.
2. Retain your team. Analyzing and acting on #BigData requires transformation and change management.
3. Set clear objectives. Without a strong focus interpreting results can lead to lots of debate. So establish clear goals to help everyone understand the customer behavior you're trying to change. 
4. Inform customer interactions. Apply the data you have on customer buying behavior to ensure your messaging and offers are relevant and meaningful. 
5. Get support to overcome barriers. Don't let the challenges of cultural resistance to doing new things, inadequate infrastructure or capabilities, or implementation complexity stop you.

Loyal customers are often 10x more valuable than acquiring new ones. Don't make the mistake of investing all your money chasing the customers you don't have. 

When approached in a disciplined, pragmatic and integrated manner brands that invest in building relationships with loyal customer are sure to realize greater growth in sales and profits.