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Opinion Loyalty Strategy

Loyalty Program Trend Toward One-to-One Engagement

Yet another deal between a loyalty solution provider and a major retailer — in this case it’s DSW and Alliance Data. While the partnership seems pretty ‘vanilla’ (an enabling technology for a loyalty program), what lies beneath is representative of a major trend.

That major trend is ‘one-to-one engagement with key customer segments’. Previously unthinkable for economic reasons, now technology and data are creating a way to provide a more tailored experiences to key customers on an individual basis.

Necessary to compete

It’s beyond the ego of customers wanting to be treated like kings or queens. The real driving factor here is the amount of information customers are inundated with — making it harder to capture and hold their attention long enough to take them through a buyer’s journey.

The key variable in the fight? Relevance. The most valued thing in this sea of information is the ability to deliver relevance at a higher level than other content.
Relevance is all about leveraging data

It may sound simplistic but there are three basic keys in the ‘big data’ game:

1. Gathering data in large quantities
2. Processing it and turning it into actionable insights
3. Extending those insights into meaningful competitive advantage

Loyalty programs are more about data now

It wasn’t long ago that loyalty programs were about rewarding and driving customer loyalty. Now they should be called big data programs because the most enlightened companies are focused on generating more data than expecting massive shifts in loyalty from them.

There’s no more valuable data that behavioral data — it goes beyond and makes demographic data useful atleast as an categorization and valuation tool to estimate what different customer categories are going to be worth and how they should be handles

Apr 4, 2014 | Original Link

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