America’s Customer Festival 2015- Omnichannel Loyalty
America’s Customer Festival has finally begun and if you missed out on attending, don’t worry we have the inside scoop for you right here!
The opening of the event started with our keynote speakers Gary Kearns, Group Executive of Information Services, MasterCard Advisors and Brandon Logsdon, President and CEO, Excentus Corporation addressed how smarter, not bigger data can transform your business.
Transaction data and analytics = SMART DATA. What’s the advantage of smart data?
- Smart data starts with customer segments
- Smart data creates a 360 degree view of the customer
- Smart data reveals the path to purchase
Excentus is a loyalty marketing company focused on lowering the cost of everyday life. There are about 22 million fuel rewards transactors. During his presentation, Brandon Logsdon discussed the opportunities and challenges Excentus faced with their fuel rewards program and how MasterCard Advisors was able to guide them to success. Some of these challenges include:
- Gain a deeper understanding of 6 million members to increase engagement and relevancy
- Insights to drive new merchant partners…
- Attribution of merchant value
To sum things up, here are their advice on the key steps to SUCCESS
- Identify the top drivers for your business
- Identify the data assets that match your top drivers
- One team approach
Following them, Sandeep Varma, Vice President of Enterprise, CRM, and Loyalty, 1-800-FLOWERS spoke up on how to change focus from purchaser to recipient to create double loyalty.
1-800-FLOWERS started off as a florist and gift shop that expanded into a multi-gifting brand that ships across the globe. Important takeaway from this session is that the ultimate goal for any company is to increase customer lifetime value (CLV/LTV) which can be achieved by creating customer-centric loyalty programs. Sandeep also mentions the importance of refreshing and updating your loyalty framework ever so often to surprise the customer and delight the customer.
Simply put, here are a few general steps that can lead to a higher ROI:
- Identify opportunities
- Devise a simple framework- context- connectivity- content
- Create a comprehensive customer strategy
- Higher ROI as a result
Lastly, our keynote panel presented before the speed networking sessions. Panelists included Abeer Bhatia, CEO, Plenti, Michael Gore, Global Cards and Loyalty Executive, ExxonMobil, and Mike Beck, Chief Sales Officer and Head of Marketing, Direct Energy. The main topic of this panel session is how US’ first coalition program will dictate the loyalty mobile ecosystem- going Plenti by going mobile.
Plenti was launched in May 2015 and within 4 months being active in the market, it has already exceeded every expected KPI. Abeer mentioned that creating a really good loyalty program is not cheap, but now in a coalition model, everyone can share it. Michael Gore added, that it’s all about the consumer. The consumer averages on about 30 loyalty programs, but they don’t use all of it. To have one loyalty program that links all of their consuming efforts just makes the process a lot easier for everyone. An added benefit through coalition is the ability to understand consumer behavior through multiple industries. Coalition in the long run is the right model and it is proven right worldwide. For the companies that have been struggling in creating new loyalty programs, it’s the perfect opportunity to join this new idea.
Stay tuned for more at America’s Customer Festival 2015 and follow the hashtag #ACF2015 on Twitter!