It is often underestimated how much information is generated through basic traffic in all sectors; retail, internet and business in general. This information has been sought after by many large industries since the internet became a normal household product back in the late 1990s. Billions of dollars are generated just in companies set up to interpret, analyze and harness that data for consumer ends. For some individuals, this mammoth-sized concept can be quite daunting to understand, or even to implement into their business. But never fear, we here at Spartavity are at the peak of our game in managing this large undertaking by being able to implement the latest analytical and process optimization strategies for your business.
As we have gathered, every business-minded individual running a business knows how many advantages come from implementing a loyalty program. Such benefits from having a system in place include;
- Accessing new customers
- Deepening customer relationships with branding
- Creating effective communication channels
These all together power the incentive for repurchasing or to use services more frequently. However, the preparation of a properly tailored and technically refined program brings many more benefits. What benefits you may ask? Well in this article we are going to take a deep dive into which tools you can add to your arsenal.
How to optimize your loyalty program in the most important areas
Time is money, money is time – as an entrepreneur, you’ve definitely heard this phrase before not only in theory but also in practice. In the multitude of duties and deadlines, all improvements are worth their weight in gold. Speaking of gold – a gold standard in any business is ‘Process Optimization. This will not only help your company to run efficiently and achieve new business goals but allow you to visualize which processes are defunct and which news is required. Another added benefit is that it will not only facilitate everyday work, but also gain space for the implementation of KPIs in the long term and, as a result, for the development of the company.
There are three areas that will help optimize a loyalty program platform such as the Sparta Loyalty Platform. They are sales, marketing and also customer service.
Sales management control and loyalty programs
With the implementation of a dedicated loyalty program, you have the ability to manage your sales targets by several benefits, these include; Easy access to data, and the ability to check activity and transactions in one place. This is the solution that you get with the implementation of a dedicated loyalty program that highlights your business requirements. Furthermore, the platform will allow you to check what transactions were carried out and what was their amount. From this information, you are easily able to learn and interpret important sales parameters. The transactional information will also be additionally linked to the customer base and adjusted to which specific payments are made by which clientele.
With this knowledge, it will be easier for you to manage actions that should bring you closer to achieving your KPIs. You will also quickly diagnose any problems with sales – generally or at a specific point. As we have mentioned previously in the past, data management is paramount.
Effective communication thanks to loyalty programs
The loyalty program itself is a marketing tool that allows you to build relationships with customers. However, you cannot forget about everyday activities – mailing communication and communication carried out in other channels. Targeting offers, informing recipients and encouraging them to use your company’s products and services. This area will also help to optimize the program created for your company, as you can select which target demographics or customers by sales you wish to focus on.
The establishment of a loyalty program will allow for technically easy handling of communication via e-mail and SMS, as well as the creation of many scenarios. Automatic messaging is a great help to get you started. This is due to the fact that the system has data about customers, it can assign them to appropriate segments and then send a dedicated message to them, which will be sent at the optimal time.
Easier customer service – an additional advantage of implementing a loyalty program
By working on loyalty, you also have the chance to improve service in your business. First of all – if you implement a loyalty program, you are most likely going to use a digital format, namely an application (physical cards are so 2000’s). Your customer then has the ability through the application to see their previous purchases or the services they have used. Properly designed functionality will also allow your customers to perform the most important operations – including possible returns, exchanges, or raise potential queries. It will also assist your customer to be in constant communication with your brand, at the touch of their fingertips.
With the help of the loyalty program, you can also measure the mood of customers. Check how they evaluate the offer or the service itself in your company. Importantly, encouraging those who are reluctant to share an opinion can also be part of a review scoring mechanism, which can help with anonymity or writing lengthy reviews.
Increasing the knowledge about your target audience thanks to your loyalty program
Knowledge about the client can be obtained not only by checking his answers but also by delving into the data that is collected and analyzed. The program will provide you with information about the audience as a whole, the transactions they have made, the amounts that its members are willing to spend and many other important aspects. These vital pieces of information then can be used to predict trends, create offers, customize your product line, the list is endless!
As you can well see, implementing a loyalty program can bring many additional benefits to your company. Do you want to test them in practice? Contact us. Together, we will prepare the best plan for your business.
