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Loyalty Management: Retail

Organized retailers are leaving no stone unturned to ‘know’ their customers better. By ‘knowing’ their customers, they feel that they can serve their customers better. Hence, customer centric strategies have remained the primary focus across businesses. Loyalty management is a very vital part of customer experience and has gained importance due to the increased efforts by companies to attract and retain customers.

With the advent of the Internet and a host of mediums online, the speed and scale of communication has changed drastically. The online medium has introduced newer and more interactive options for customers to express product or brand opinions, and even companies to update consumers on the latest products or services, which they offer. For companies, it is imperative that they base loyalty marketing on analytics, which includes demographic and transactional data.

Loyalty Square helps fuel your business growth and profitability through our marketing analytics such as response models, cross sell analytics, retention strategies, market basket analysis, sales force effectiveness and market mix models.

  • Customer Buying Behavior: At a basic, it is imperative to understand customer buying behavior in terms of month beginning shopping vs month-end shopping, weekday purchase vs weekend purchase, intraday purchase, shopping basket, etc. Loyalty Square helps in deep dive analysis of categories, identify monthly shoppers, etc.
  • Response Models: Through predictive analytics, we aid you in your market decisioning process, to determine purchase and loyalty propensities, to set prices, forecast sales or test the effectiveness of alternate marketing plans.
  • Cross-sell Analytics: If you want to increase value of your customer relationships, drive product penetration, increase the revenue per customer and thereby profitability, Loyalty Square's solutions will provide all the technology and analytic services required to deliver smarter and more actionable marketing decisions, allowing you to execute cross sell and upsell programs.
  • Retention Strategies: In an era of customer choice, brand disloyalty and low switching costs retaining good customers is no easy task. Our marketing analytics combined with market consulting and database services aid companies identify valuable customers and design the right strategies and allocate the right resources to retain them.
  • Market Basket Analysis: Understanding the purchase pattern of customers is highly beneficial in driving up sales. Loyalty Square’s analytic solutions will help you to identify affinity between various products. This information will help you to design combo offers, optimal store layouts, inventory management, etc.
  • Sales Force Effectiveness: Monitoring sales force performance and adjusting to shifts in market share positions are imperative to optimizing market strategies. Loyalty Square helps you sift through prospects and customers to select the best targets and build an effective strategic plan to meet your revenue and profitability targets.
  • Market Mix Models: If you need help in designing successful marketing strategies by assessing sales performance of your company with respect to competition, your marketing activities, pricing, response by store group/cluster or consumer segment, Market Mix models will help you achieve just that.

 

You may also like to read:

Behavioral Segmentation
Market Basket Analysis
Personalization: The Key To Success In The Online Era