This week Retail Quick Scan focuses on Customer Loyalty, reviewing what are some of the Customer Loyalty Management (or CRM) : some might already be well in place. Some might need some additional work.
During the last 4 years, almost every single merchant equipped its store with a Loyalty Program. My favorite Bakery has one, my dentist has one. And my card is swiped, or my phone number is collected, for each transaction. And pretty often, the Loyalty stops here, just enabling me to use some points for a discount on selected products.
As shopping behaviors are globally moving towards less shopping trips and an increased usage of digital channels with a reduced spending on several categories, the understanding of Customers’ Shopping behavior has rarely been as important.
From new Customers On-boarding to Customers Segmentation, from the actions taken to activate Customers who seem to be at risk of being lost to targeted promotions and Range improvements, some retailers might be sitting on a Gold Mine.And the good news is that with today’s technology, mining this Gold is not only very affordable, and also probably delivers some of the highest ROI in Retail.
On what existing strengths can you build the next steps of your CRM Strategy?
Check the complimentary Retail CRM Assessment, click Download PDF