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The world is changing – the way for brands to reach customers now is through data

30-second summary:

  • One innovative way in which brands and businesses can find new and compelling insights from their customers is by implementing cashless payment solutions.
  • Engagement coupled with adoption of new systems (like cashless payments) will in turn deliver loyalty and revenue. And the good news is – it’s not that difficult to achieve.
  • The first step to creating loyalty is to actually understand your customer. If you don’t know their habits and preferences, it makes it impossible to reward loyalty and increase the relationship between brand and customer. If you don’t have that data then you’re stuck at step one, and no amount of customer surveys and focus groups will change that.
  • Finding a way to engage customers, create a safe way to pay and keep them immersed in your own digital ecosystem is nirvana for all forward thinking marketers and businesses. In particular, the most engaged organizations are focused on white label mobile pay solutions.
  • You have fans and customers that appreciate the offers they’re sent. The communication is relevant, it adds value to their experience and what’s more, you’re tailoring offers in a way that helps grow your business.

COVID-19 has turned marketing and consumer engagement on its head. Customers are physically further away from brands than ever before, but the opportunities to be gained from engaging with them and keeping them close are more important than ever.

One innovative way in which brands and businesses can find new and compelling insights from their customers is by implementing cashless payment solutions.

Working with sports and entertainment brands around the globe and particularly in the USA, we have seen a huge increase in interest around cashless solutions that can help fill in the missing pieces that help brands completely understand their consumer and bring them closer than ever.

How can consumer data strengthen the bond between customers and brands?

The value of targeted and personalized marketing cannot be understated when it comes to getting customers to more actively engage with your brand.

Whether you push tailored offers through a brand’s app or you use a loyalty program to incentivize purchases, using consumer data to speak directly to individuals helps to develop a closer relationship with your brand.

Engagement coupled with adoption of new systems (like cashless payments) will in turn deliver loyalty and revenue. And the good news is – it’s not that difficult to achieve.

However, gaining access to all the customer insights and data is essential, and this is what comes with choosing the right cashless technology. Once you have the data and the insights, you can really start to build that fan loyalty. 

So, why is loyalty so important?

Put simply, loyalty drives revenue.

The stats speak for themselves. If you ensure your customers feel a sense of loyalty, the business value increases in terms of length of relationship and share of spend.

  • A 5% increase in customer retention correlates with at least a 25% increase in profit. (Bain & Company)
  • A business’ top 10% of customers spend 3x more than the average customer.  (Adobe)
  • Your chance of selling to an existing customer is 60-70%, while your chance of selling to a brand new customer is 5-20%. (Marketing Metrics)
  • Customers with an emotional relationship with a brand have a 306% higher lifetime value and will recommend the company at a rate of 71%, rather than the average rate of 45%. (Motista)

And it’s easy to get there.

The first step to creating loyalty is to actually understand your customer. If you don’t know their habits and preferences, it makes it impossible to reward loyalty and increase the relationship between brand and customer.

If you don’t have that data then you’re stuck at step one, and no amount of customer surveys and focus groups will change that.

Cashless payment systems offer the best consumer data available

If organizations choose their cashless solution correctly, not only can they minimize the risk of COVID-19, but more fundamentally, they can ensure the sustainability of their business.

The data collected from cashless systems delivers a view into operational efficiencies, increases consumer spending and most importantly, enables a full view of each and every customer.

And this is where the true value lies. Purely by going “contactless” (i.e. using a bank to deliver your payment) rather than seeking out “cashless” solutions, organizations lose out on incredibly valuable data.

Finding a way to engage customers, create a safe way to pay and keep them immersed in your own digital ecosystem is nirvana for all forward thinking marketers and businesses. In particular, the most engaged organizations are focused on white label mobile pay solutions.

A white label mobile pay solution sits seamlessly in brands’ own apps and ensures that customers engage for longer with brands and can have the full 360 experience of entering a venue or store, getting the latest news and offers, being rewarded for their purchases and behaviors and being able to make payments.

The most important part is the fact that by embedding mobile pay into your solution, you can truly understand your consumer through data around purchasing, behaviors and preferences – which enables you to create engagement opportunities and loyalty – which in turn drives revenue.

Lastly, reward and encourage your customers in ways that matter to them

So you need to have “step one” firmly in place. For example, would someone who parks in the parking lot and buys Pepsi at a game every week be interested in beer promotions? Unlikely.

Imagine if you could reach out to them and offer them an additional Pepsi or snack if they came down to the venue a bit earlier instead of their usual arrival 30 mins before the game — information you also can gather from parking data.

You have fans and customers that appreciate the offers they’re sent. The communication is relevant, it adds value to their experience and what’s more, you’re tailoring offers in a way that helps grow your business.

The result is increased loyalty, engagement and revenue. It’s the perfect solution to the battle for consumers’ spend and eyeballs.

There are some great examples of who is using cashless and mobile pay to drive adoption and loyalty. Until recently, Starbucks was the most successful mobile pay wallet in the world, beating Apple Pay and Google Pay.

Now with brands including Walmart and Chick-Fil-A enabling people to purchase within their mobile apps – the seamless integration and rewards connected to this action means that businesses bring their consumers closer, understand them more and reward them for loyalty – it’s the perfect scenario.

The post The world is changing – the way for brands to reach customers now is through data appeared first on ClickZ.

Reblogged 1 month ago from www.clickz.com

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