Welcome Loyal listeners in today’s episode of the loyalty minute we’re going to be talking about mining your customer data to improve loyalty.
Equipped with loyalty programs, convenience stores and other retailers are collecting more data on their customers than ever before and the reasoning behind it is clear to data experts.
It’s imperative to use loyalty data to retain customers since it’s seven times more expensive to acquire a new customer than it is to encourage a visit from an existing customer.
Collecting data, though, is just the first step. The real results come when retailers dig deep into their loyalty program data and uncover insights to drive more traffic and sales.
Loyalty data such as date of purchase, items purchased, location of purchase and customer loyalty ID should be enriched with demographic and psychographic data on the individual customer. You can even take weather into account when you look at retail data… There is really no detail too small.
That said, it takes a keen eye to know what to look for and how to properly parse it when mining data… But finally and most importantly, you need to leverage the data to create predictive models. Remember, the data you are looking at is history. Even if it is recent history like yesterday, so the key is to let it help you paint an accurate picture of the future.
To learn more about this and other great customer loyalty insights, please visit theloyaltyminute.com Enjoy!