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There are certainly things that have become trendy or catchy in customer loyalty. You want to be careful to make those choices efficiently, whether it’s opening a virtual store or leveraging social. You want to ensure that the ultimate goal again is to give a good experience and drive revenue.
Customer lifetime value (CLV) is critical. How often does a shopper come in? Is their basket size growing? Did I encourage or motivate that additional purchase? Did I motivate a behavior outside their norm? If they’re always buying pants, did they come in and buy a top the next time? If they only flew to Chicago on business, did they take their family to Florida?
Really motivating that change in customer behavior is what’s critical. That’s what we at Capillary really look for. We’re not just that punch card who’s just tallying points and issuing rewards. We’re looking at giving a good experience that motivates change in behavior.
Everything is about giving that consumer a great experience. The reason we want to provide a great customer experience (CX) is to generate revenue. It’s to keep them coming back; it’s to improve their future lifetime value, which is something I think that brands really need to pay attention to. Are these shoppers coming once and then churning? Are they coming over and over and spending more and more money? Or is the duration between visits or between purchases shortening? Are we getting closer to the consumer and getting them to come back and engage more?
Loyalty is really the way to drive revenue by improving future lifetime value. The customer lifetime value (CLV) will grow, and that in turn is going to make revenue grow. We’re seeing brands that are increasing revenue 20%, that are improving customer happiness by over 50%. Again, there is that integral tie between happiness and purchase.
If we love a brand, we feel comfortable, just like when you walk into your favorite bar, and everyone knows you and says hi and has your favorite drink ready to go. When that experience happens, you’re going to come back again and again. That’s going to be your go-to place. Maybe they’re going to recommend a new cocktail because they know what you like, and that’s going to make you comfortable coming there. We want consumers to feel comfortable coming to your brand over and over because that’s going to grow revenue, and they’ll spend more with you.
Capillary Technologies provides the top SaaS loyalty and rewards platform solution for CPG brands. Our loyalty strategists and data consultants, combined with an industry-praised technology platform, can help brands improve their engagement strategies through data analysis.
By collaborating with the Capillary and Brierley loyalty experts, brands can navigate the intricacies of data analytics, unravel insightful findings, and craft engagement strategies that resonate with their unique customer base. Contact us today to learn more!