A 3-Step Approach to a Better Customer Rewards Program
There's now a much more effective way to reach the right customers with the right deals. The solution, while not obvious, is simple: partner with financial institutions to gain a 360-degree view of the customers’ spending habits and inherit the ability to put a tailored offer in front of any shopper who recently bought something from a competitor with their credit or debit card.
If it sounds too good to be true, read on. Implementation can be as easy as a ready, aim and fire scenario, with today's card-linked marketing programs enabling consumer payment data and the deployment of offers through financial channels.
With today's deals, automation is essential. From generating the initial deal to deployment to redemption at the point of sale (POS), card-linked programs streamline that entire process by electronically attaching the offer to consumers’ payment card, storing it on the account until it's redeemed at the point of purchase. There's no need to print the offer or present its digital version to the merchant, make any changes to POS systems or train employees.
At a time when nearly 80 percent of Americans report they're tired of receiving irrelevant email offers and discounts, according to a Harris Interactive survey, relevancy couldn't be more important. Simply put, consumers want discounts that meet their specific needs and wants.
Regardless of which metrics retailers seek from offers and promotional campaigns, most systems simply don't effectively align deals with customers’ buying patterns. Fortunately, programs that partner with financial institutions are different, as they have the ability to leverage this data anonymously and securely to tailor promotions based on actual consumer spending. This data can include information like what was purchased; when, where and from whom; and whether it was a repeat or first-time transaction. With this targeting, retailers can put a tailored offer in front of any shopper who spent money with a competitor in the last 30 days.