Loyalty management solutions to increase customer loyalty

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Loyalty management solutions to increase customer
loyalty
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The success of any loyalty program relies
entirely on its active member engagement. Thus,
loyalty management solutions capture a
significant position. They aim at the strategic
management of a company, making the company
resources employed to meet or surpass the
corporate objectives by increasing the loyalty of
the customers. They allow marketers to frame
continual customer engagement by delivering
timely, innovative and relevant
propositions. Making loyalty work for them, the
marketers can engage the customer proactively
with a wide range of compelling offers, designed
to encourage customer involvement, spending
levels and usage. These offerings, in turn
enhance customer acquisition and retention. Thus,
there have been searched some essential tools,
processes and people to support customer loyalty
management.
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Features
Loyalty management solutions must be designed in
a way that they well-target the customers to
ensure their active participation in order to
drive profitability. The markets can keep in
their minds the various aspects of the key
customers and their behaviors identification of
loyalty driving factors and designing
personalized incentives on the basis of multiple
attributes like product affinity, life-stage,
location, channel, spending, visiting frequency
etc. Earn and Trade Points - Marketers provide
some incentive to the member customers to spend
more. They provide greater gratification with
incentivizing to the ones who spend more. In
addition to the basic transactional credit, the
marketers sustain the active participation of the
members by extending options like Free Bonus
Points, Points Transfer, Win Back Points, Gift
points and top-up points. The members, who
redeem reward points, stay engaged with the
loyalty program. The redemption can be defined in
form of rebates, points, cash-back, discounts or
even in a combination of these.
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Rewarding Experience Loyalty management
solutions offer a variety of time-bound
incentives such as exclusive deals, gift catalog,
instant rewards, sweepstakes, daily deals, local
deals etc. to drive higher participation and
continued activeness. On-the-go rewards- The
rewards allow the marketers to interact with the
customers over the course of the program,
rationalizing the serving cost. The rewards allow
the customers to gift or transfer points, refer
friends, track and redeem points, view current
offers, provide feedback etc.
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The Benefits

• The loyalty management solutions help the
  marketers enhance customer spending, in turn
  enhancing a profitable customer behavior. They
  not only present a favorable situation for the
  markets but also they work in favor of the
  customers.
• Benefits for Marketers
• Increased member involvement
• Assured engagement
• Higher customer retention
• Better customer knowledge
• Enlarged membership
• Ancillary revenue generation
• Enhanced customer profitability
• Decreased integration cost

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• Benefits for customers
• Usage ease
• Higher flexibility
• Frequently rewarding
• Higher value for money factor
• Better service experience

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Summary
The loyalty management solutions require
actionable analytics in order to gauge program
effectiveness against the indicators of a
critical performance. Customer Churn cannot be
treated any better than through loyalty
management solutions.  After all, customer
retention is always more important than acquiring
new customers. Thus, loyalty management solutions
make a very significant space for themselves.
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Thank you

• Visit us at www.mahindracomviva.com

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