April 30, 2015 | Written by: Guest
Categorized: Customer Analytics
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The following is a guest post by Jane Ricciardelli, CMO of Exchange Solutions.
Loyalty programs are table stakes for retailers these days. But, with all the money that marketers spend on loyalty promotions and programs, do they truly increase customer engagement and provide value to the organization? A recent Colloquy study showed that although there are now 3.3. billion loyalty program memberships in the US, less than half of enrolled customers are active.
The reality is, in order to truly engage customers and drive value to the bottom line, retailers need to have more than just a run-of-the-mill loyalty program; they need a Smarter Loyalty program to drive customer engagement and profitability. That’s why Exchange Solutions is so excited to be showcasing its Smarter Loyalty for IBM Commerce solutions at Amplify 2015, in San Diego this May.
What is a Smarter Loyalty program? Here are five key characteristics of a Smarter Loyalty program:
- It focuses on marginal behaviors by using customer interaction data to identify and value customer behavior gaps. Behavior gaps are things that customers aren’t doing that drive value for the retailer, such as increasing basket size or cross-purchasing from a new category.
- It uses individualized offers to close those behavior gaps, with both the right amount of incentive and the right type of incentive.
- It allows marketers to optimize their marketing spend, focusing reward or promotional spend on low propensity customers.
- It works in real-time. The best time to intercept your customers with an individualized offer is when they are on your site, ready to buy.
- It delivers incremental profitability, so it is self-funding, enabling a pay-for-performance pricing model.
Smarter Loyalty for IBM Commerce, from Exchange Solutions, is the only loyalty solution to have its integration with WebSphere Commerce validated as a Ready for Smarter Commerce solution. If you’re attending Amplify you can find out more about Smarter Loyalty in two breakout sessions during the conference – one in the Customer Journey stream, and one in the Customer Analytics stream.
In the session How Smarter Loyalty for WebSphere Commerce Engages Customers Across the Journey and Delivers Profits on May 12th at 1:20pm, you’ll find out how the Smarter Loyalty for IBM WebSphere Commerce solution provides marketers with everything they need to supercharge their existing loyalty or promotional program, or implement a brand new one.
The session on May 13th at 4:15pm targets analytics practitioners, and is entitled Create Smarter Loyalty Programs with IBM Digital Analytics and IBM Tealeaf. In this session, you’ll learn how to leverage the data provided through IBM Digital Analytics and IBM Tealeaf to identify and value your customers’ “behavior gaps”, one of the key steps in developing and delivering a Smarter Loyalty program.
Exchange Solutions is an IBM Business Partner and has achieved Ready for Smarter Commerce validation, with synergies on an array of IBM products, including IBM Tealeaf, IBM Digital Analytics, and IBM WebSphere Commerce. To find out more about Smarter Loyalty for IBM Commerce, please go to www.exchangesolutions.com/smarterloyalty or visit us at booth #111 at IBM Amplify 2015.
About the Author:
Jane Ricciardelli is responsible for corporate marketing, overseeing Exchange Solutions’ brand presence in the marketplace, as well as leading marketing strategy for the Client Solutions team and business development.Jane has held positions on both the client and agency side, with a deep expertise in digital strategy, marketing and operations. Before joining Exchange Solutions, Jane was Vice President, Digital Strategy at Marshall Fenn Communications, an advertising and PR agency. Jane also worked for Lavalife, as VP of Strategic Projects, where she was responsible for the internationalization of the company’s web offering, as well as the launch of a niche product, LavalifePrime.com. Jane also has experience as an entrepreneur, having launched her own interactive agency, MediumOne Productions, which was acquired by Mosaic Group in 2000.Jane has a BComm from the Rotman School of Business and an MBA from the Schulich School of Business and is a certified Usability Analyst.