Loyalty Pays-M’loyal Retail Analytics

DELHI, India - Jan. 29, 2015 - PRLog -- Customer preferences are changing globally. The new customer is more aware, highly demanding and has ever increasing variety at her disposal. Each customer is unique in her buying behaviour purchase pattern, product category usage and demographics. An existing customer is an asset that can bring repeat business year-on-year and give the much needed predictability to your retail brand.Customer touch points are exploding in our local, web, social and mobile environment. Our prospects are either purchasing or doing a social activity in and around our offline and online ecosystem. Retail brands cannot run web, mobile, social and stores in isolation. You need to stitch your ecosystem to give a seamless experience to your prospect / existing consumer. Data is ‘Oil’ of the new economy. M’loyal mobile loyalty platform maps your customer data across channels and helps dice/ slice them into specific clusters based on strong consumer tracking parameters. M’loyal real time data analytics engine integrates with POS, Social Media, eCommerce and helps you get a 360 degree view of your customer pattern and business trends.Customers are everywhere. They walk-in and out of your stores daily, they visit and logout of your website many times a day. They read your social posts and disappear across the social cloud; they interact with your promoters / staff and wander across to the competitor. Creating enough hooks across all available customer touch points is critical and the starting point for any loyalty / engagement initiative. All customers on your social media are either those who ‘like’ or ‘follow’. We do not know anything about any fan / follower except the social media handle. The idea is to convert each like into a recognisable consumer and then work towards bringing him to the store. It is imperative to create an ecosystem on social media to capture consumer details and push specific communication to the consumer.

Loyalty pays

Loyalty programs are the price you pay for capturing valuable customer data; you make profits by scientific mining and careful use of this data. Loyalty as a science has evolved from being a customer pull incentive driven, mass strategy to analytics driven targeted engagement exercise that is purely focused on driving up your marketing ROI. Rightly structured loyalty program segments your customers in different buckets based on a combination of vital parameters like purchase, frequency, product category usage, brand affinity and much more.Loyalty tier structure and cluster management allows you to identify your high loyal customers and helps you plan the right red carpet privileges for this segment to help drive stickiness and further increase in basket size. Importing your POS data to M’loyal CRM gives you instant customer segmentation that can be configured based on multiple parameters. You can find your dormant, lapsers and star customers in real time and plan rewards for them to drive up conversion, repeat or referral.Loyalty analytics is a key strategic initiative, it gives you real time live data feed and trends of past customer behaviour and even store / location performance. Critical business decisions can be made by using this data intelligently. M’loyal provides drill down analytics on store performance, city performance and customer purchase trends. It helps go down to SKU level analytics and identify fast / slow moving items, item trending over a specific month and colour / size preference of customers.

Loyalty campaign ROI

Targeted, differentiated and personalised campaigns are the order of the day. Consumer preferences are changing and aligning marketing communication to needs and expectations of the consumer is a necessity but a challenge. We need to move from a clutter of mass communication to one-to-one communication done consistently with defined objectives. Each customer segment needs to be sent out communication, specific to their behaviour.M’loyal allows you to configure and track all possible campaigns and schemes in real time. Campaign manager filters your customers on all vital parameters to send out SMS, coupon or email campaigns. All campaigns are tracked in real time and M’loyal provides ROI for every campaign done. Scientifically done campaigns based on data analytics and clustering get on an average 8X ROI for the brand.Campaign ROI is a factor of average bill size and average redemption rates in your business. M’loyal automated campaign framework uses your business stats, combines with industry averages to arrive at the optimum monthly campaign plan for your customers. This takes into account historical customer behaviour, current business need and schemes, specific events or trigger in the ecosystem, and above all, deep drill down of tagged customer transaction data. Predictive modeler built into M’loyal, provides a detailed monthly campaign plan across all categories of customers and predicts expense and ROI for every campaign.

M’loyal Retail Analytics

Customer behaviour tracking has many facets. Tracking purchase patterns from POS can help create strong trends about purchase values, family / individual shopper, gender bias, location, day and time of purchase, SKU affinity, brand category affinity and much more.These parameters tracked across months give a clear picture of our customer segments and density in each segment. Distinct decision making analytics coming out of the M’loyal platform help analyse top and bottom stores, top / bottom cities, top 100 / 1,000 customers and their contribution to total revenue. Response to campaigns or stimulus is captured in real time and hence, complimentary offers can be sent out at the point of action invoking much higher uptake and strong impact on incremental sales.Brands have their own challenges as their prospect is all over the digital world today and consumers are challenged as their loyalty is hardly valued by the brand. Brand and customer disconnect grows larger with use of mass media, untagged billing and no use of analytics in framing marketing communication. The idea is to understand each consumer, tailor made your communication to his expectations and see your ROI grow much larger. Digital world provides the much needed one-one interaction, but a layer of real time analytics on the top is critical in narrowing the gap between brand and consumer and drive loyalty and engagement in the same direction.