One size fits one: Loyalty through hyper-personalisation
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How can you elevate your customers’ experience?
The customer loyalty landscape has changed as consumers expect far more sophisticated experiences across all digital interactions. This disruption has resulted in a generational shift in consumer behaviour – in turn, reshaping the discipline of loyalty marketing.
As such, innovative and engaging strategies are now being employed by leading brands across all sectors. We look at what it takes to win in loyalty in today’s world of choice-rich consumers and key actions that businesses can take to gain back control.
For over 30 years Collinson’s market-leading travel experiences programmes Priority Pass™ and LoungeKey™ have been chosen by the world’s leading payment networks, banks, and travel brands to enhance customer experiences for over 400m end consumers. With 86% of loyalty programmes designed by Collinson still running today, we know first-hand what it takes to run and evolve a leading benefits and loyalty programme.
In the age of the consumer, experience is everything; a positive customer experience ultimately increases retention and promotes brand loyalty. So, it’s no surprise that everyone wants to get closer to the consumer. But how will you get there first?
Acquire, retain and reward
your most valuable customers
The crux of it: Loyalty redefined
Loyalty is generated through us feeling known and understood, and in turn having perspective acknowledged and our needs proactively served.
An increased focus on the personal preferences of individuals rather than
broad segments is enabling brands to deliver enhanced customer experiences.
Each of us has our own perspective about what constitutes a meaningful experience, and that perspective includes personal attitudes to relevance, convenience and luxury.
With this in mind, hyper-personalisation or the ‘segment-of-one’ is the holy grail that marketers aspire to. The term refers to an organisation’s ability to track and cater to the needs and preferences of each customer, one at a time.
In the loyalty industry, segment-of-one marketing remains a futuristic goal; though innovations taking place in Artificial Intelligence (AI) and accelerated data analysis are helping reveal the possibilities.
Leading organisations are thinking beyond broad ‘target audiences’ and rigid stereotypical segments or personas. To identify and serve each customer in a distinctive way, they rely on two-way, interactive communication, AI, and the interrogation of sophisticated first-party and zero-party data to build a complete picture of an individual and their personality traits.
The information held by a brand on their customers will in turn be enhanced through collaboration with like-minded brands; with each participating brand helping to build a more sophisticated Single Customer View – as a result, enabling greater awareness of an individual’s personal preferences and interests, and enabling a hyper-personalised ‘segment-of-one’.
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While many consumers are wary of businesses misusing their personal data, they also acknowledge that refusing to provide data (particularly to digital brands) can undermine organisations’ ability to serve them fully.
As a compromise, they are choosing to engage with brands they believe will manage their data responsibly and provide worthwhile, personalised experiences in return for their data – known as a fair value-exchange. As more data is collected and leveraged, respecting customers’ personal data will remain absolutely key.
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While data can be challenging, it is a critical factor in creating more meaningful relationships with customers and improving business operations. In turn, gaining the required context to define and apply urgent and effective loyalty programme updates. However, as access to third-party data is increasingly reduced, the insights and data gained through a well-managed, engaging and rewarding loyalty programme will increasingly prove valuable to brands.
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The key here is to build a clearer picture of your customers in order to continue delivering the experiences your most loyal customers have come to expect. In the world of personalisation, context is king. The same individual may be a business leader, a holiday maker, a parent, a sibling, and a partner, and in each of these contexts, their buyer behaviours create different data signals.
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Ensure customer loyalty is at the heart of your business strategy – versus a siloed, marketing-led concept. This requires an ‘all hands-on deck’ approach across the organisation to help to ensure your brand maintains an agile retention strategy, in turn reducing customer churn by remaining relevant, and thus maximising the lifetime value of the customer.
Put your customers first
"Loyalty is generated through us feeling known and understood, and in turn having perspective acknowledged and our needs proactively served"
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and LoungeKey, owned and operated by Collinson, to deliver meaningful experiences with stronger engagement and brand differentiation that maximise the lifetime value of their customers.
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