Loyalty management system

Loyalty Management System is a component of FiO’s iCRM, is a platform that intelligently manages your customer loyalty program including customer purchases and returns, points, rewards, and levels. What sets FiO’s LMP apart from other loyalty platform providers is its intelligence and closed-loop integration with CDP, CEP, and CSP, allowing for smarter rewards and promotions delivered through the right channels at the right times. Simply having a loyalty program is no longer enough.

To build your base of returning customers along with their basket size and propensity for repeat business, it is essential that your loyalty platform is intelligent and integrated. Once that is achieved, all your basic processes can be automated which will innovate the way you interact with your loyalty customers.

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McKinsey found “executive teams that make extensive use of Hyper-Personalization and Predictive analytics to influence their business decisions to see a 126% profit improvement over those who don’t. Instituting a loyalty program using the right analytics can improve customer appreciation and increase sharing between clients and those closest to them.

Although innovations such as Artificial Intelligence (AI) may be trending, it should not overshadow the value of data found in the Customer Experience (CX).

The main goal of loyalty programs is to increase customer retention. You want to turn customers into patrons and have them continue using your Brand after their initial purchase. For businesses, higher retention rates mean a steady flow of bottom-line revenue, which cuts costs when acquiring new customers. This is precisely why your loyalty programs must be highly effective and serve a real purpose.

By fusing data with retention strategies to provide your customers with the best experience, you can dynamically increase your revenue and impact your team’s approach to reach potential buyers. Now, influencing customers to become loyal isn’t a magic trick. It just requires data you more than likely already have that’s only not being used to its full potential. The beauty of loyalty is that regardless of your industry, most organizations have mounds of useful data. Take this data and assign team members to analyze your most valuable customer data points and begin to uncover the correlation between purchasing behavior and customer characteristics to find commonalities to infuse with your sales and marketing strategies.

know more visit our blog: https://www.groupfio.com/how-hyper-personalization-improves-customer-loyalty/