How to Leverage Customer Loyalty Software to Gather Powerful Predictive Insights
Drive Customer Loyalty with Powerful Loyalty Analytics Tools
A 5% increase in customer retention correlates with at least a 25% increase in profit.
Identify at-risk customers, take action to retain them, and cultivate a loyal customer base.
Identify at-risk customers
Voxco’s Customer loyalty software can conduct churn prediction modeling to provide a more comprehensive understanding of customer behavior and to identify patterns in the data. The model can be used to identify the risk of inactivity flag at-risk customers so that marketers can decipher where they must focus their retention efforts and devise effective reactivation strategies.
Identify customer segments that can be targeted to create more personalized experiences and enhance loyalty registration by using store, geo, and customer level segmentation, as well as response models.
Loyalty analytics tools help companies develop a better understanding of their audience’s lifestyle and life stage segmentation to develop effective context-specific cross-sell offers.
A key function of customer loyalty software is to predict customer churn by creating models that can be used to identify real-time triggers. It can notify organizations about at-risk customers so that appropriate and prompt measures can be taken to prevent churn. Leverage traditional transaction data and non-traditional data to build models to predict churn and increase customer loyalty.
The Buyer’s Guide to Experience Management Platform
Your customers engage with your brand on different channels. The majority of interactions they have with your brand do not result in a purchase.
Voxco Intelligence customer loyalty software collects and draws predictive insights from multiple customer interactions and delivers them to the right people and systems so you can:
✔ Drive more accurate forecasts about their future needs
✔ Offer a personalized customer experience tailored to their expectations
✔ Recommend the right products or services at the right time
✔ Build strong brand loyalty
An Impactful Loyalty Analytics Tool
Leverage Voxco Intelligence’s powerful customer loyalty software to identify pain-points, anticipate future needs, and stay ahead of your customers’ expectations.
Get an integrated view of all your customers across transactions, interaction, feedback, social, etc. to understand their behavior and patterns. Break down any existing data silos and boost the quality of your data with exhaustive customer profiles.
Our customer loyalty software leverages predictive analytics to help you rapidly test hypotheses, predict future customer behavior, and discover what they are doing before, after, and within their journeys. Additionally, identify at-risk customers with the use of churn models that notify you about forecasted churn so that prompt preventive measures may be taken.
Measuring customer satisfaction across their lifecycle and predicting customer churn is crucial to boosting customer retention. Our customer loyalty software gives you access to sentiment analytics that can carry out the contextual mining of large volumes of open text to identify the underlying sentiment. With sentiment analysis and NPS dashboard, Voxco Intelligence helps you assess customer satisfaction levels, so you can take preventive actions in real-time and drive customer retention.
Leverage the right loyalty analytics tool to deliver relevant, real-time insights to the right people with role-based dashboards for every person from leaders to the frontline workers. Voxco Intelligence’s comprehensive role-based alerts and action planning tools help position your staff to take predictive action with at-risk customer
Leverage the power of AI and ML to create predictive models and identify at risk customers.
Build a Dedicated Customer Loyalty Strategy
With Voxco Intelligence’s sentiment analysis, NPS dashboard, and integrated data sources, you have all the customer loyalty analytics tools you need to build a dedicated customer loyalty strategy for your company. Add new touchpoints, systems, and features to streamline unlimited amounts of data.
1. Targeted recommendations
The more attuned loyalty programs strategies are to its members’ needs, the more likely these members will engage with the company.
Research shows that customers who are actively engaged with a brand’s loyalty program make purchases at almost 90% greater frequency, and spend up to 60% more per transaction. It’s no wonder that companies are taking advantage of predictive modeling to better calibrate their recommendations to match member profiles.
While targeted recommendations can reinvigorate member engagement, it’s important to combine historical purchasing data with real-time purchasing information in order to create the clearest picture of what members need.
For example, if a customer recently booked five nights at a hotel your enterprise manages in Hawaii, suggesting they sign up for a tour of local waterfalls through your company’s website would be a viable way of expanding sales for your business and increasing value for your customer.
Failure to target customer needs will discourage even your most loyal members.
2. Personalized rewards
Almost as important as your loyalty program offering clients targeted, relevant suggestions is that it offers targeted, personalized rewards. Many companies use predictive analytics to anticipate the types of rewards that best incentivize members to continue engaging with the organization.
By doing so, loyalty programs can ensure that members of all types and preferences are motivated to consume more, without suffering the negative effects of losing customers who aren’t interested in certain types of rewards.
Most importantly, personalized rewards demonstrate to your members how grateful your company is for their business, and serve as palpable indicators of how beneficial their relationship with your company has been.
3. Promotions at the right time
Needless to say, offering discounts on Christmas trees in July is less likely to drum up sales than presenting these same discounts in late November. However, it’s more than seasonal promotions that depend upon the right timing to be successful!
By looking at the times during which members actually engage with their loyalty program, companies can engender a model that captures the most appropriate time to reach out to its loyalty program members.
In fact, many modern companies use information obtained via loyalty programs to narrow down when customers will be most receptive to new offers.
4. Predicting customer value
While many companies use customer loyalty analytics to improve their alignment with customer needs, they often overlook a critical application of loyalty program data: identifying which members are actually worth engaging with.
Let’s go back quickly to our earlier example about the Hawaiian hotel. Say a newlywed couple rents out one of its honeymoon suites for two weeks. By the time they’ve finished enjoying their honeymoon, they’ve likely made more than a few onsite purchases and accrued a tidy sum of loyalty rewards points.
The hotel’s marketing department can then craft a series of promotions that encourage the couple to use these accumulated loyalty points towards other similar rewards, long after the honeymoon has ended. This, in turn, maintains their engagement with the loyalty program, and fosters a closer relationship with the hotel branch.
With the right predictive models, your company can hone in on members with the highest customer lifetime value (CLV), as these members will generate the greatest amount of free cash flow for your business.