By: Ray Chelstowski
If you’re like me, you probably are probably served click
bait every time you arrive on a website. Most often, mine come in the form of
articles on life hacks. Life hacks are quick solutions to everyday problems
using common products in new ways. The one I see most often is for plastic
bread bag clips. Who knew that there were so many other uses for these small
pieces of plastic? From labeling spare keys, to fixing broken flip flops, bread
bag clips have dozens of alternate uses that make life easier and more
productive. Loyalty programs operate in a very similar way, helping marketing
heads meet a variety of pain points head on. They no longer are just about
rewarding repeat customers. At Kognitiv we are working with brands to reimagine
what loyalty can do and applying our strategy services, data protocols, and
PaaS platform in ways they have never before imagined.
Subscription Upsells
Any business that sells subscriptions is effectively in the
loyalty space. They just don’t know it yet. Loyalty is the evolution of
subscriptions and changes the engagement protocol in a meaningful way. Instead
of applying all focus and attention to recruitment and renewal, a loyalty
approach allows brands to engage customers throughout their subscription, creating
a more dynamic value proposition, ensuring better renewal rates, and protecting
price points. A loyalty approach further accelerates upsell opportunities to
higher tier subs and offerings. In a post-pandemic world where many customers
are looking to narrow the number of properties they subscribe to, a loyalty
approach to engagement can help these services remain “must haves”.
Clean Rooms
Many media agencies are encouraging their clients to put
customer data in clean rooms where they can work with other peer brands and
better reconcile the efficacy of digital ad buys in a cookie less world. But in
clean rooms populated with loyalty data brands can not only reconcile their ad buys
but leverage the data to be predictive and better inform buys before they are
placed.
Collaborative Commerce
It’s always been difficult to assign attribution in partner
marketing. Most campaigns deliver results that are directional at best. With collaborative
commerce, two non-competitive brands come together to build incentives and
rewards for consumers they share (or should share) that they could never create
on their own. These collaborations are driven by data and often bring brands together
that never would have thought that there was any overlap in their customer
base. When collaborative commerce works, all parties walk away winners.
Gamification
Consumers want more personalization in the offers and
incentives that they receive from brands they are loyal to. Perhaps the best
way to deliver this is to build compete customer ID’s that provide marketers
with not just contact info and purchasing history, but data tied to hopes,
dreams and aspirations as well. At Kognitiv, we’ve found that “gamifying” the
loyalty experience not only encourages members to share zero party data about themselves
- but it also rewards them along the way in a manner that matters to them most.
These are just a few of the ways that we at Kognitiv are
helping brands think more broadly about loyalty. In a world that is placing
less and less importance on a physical in-store experience, brands need to
create a value proposition that guard’s price, rewards return visits, and
creates a personalized user experience. A commitment to this kind of discipline
is now required across all market outreach and in turn has made loyalty the
ultimate marketing hatch of the moment, providing new solutions each day to marketers
looking to be nimble, strategic, and a step ahead of the field.
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