How many promotional emails did you send your existing and prospective customers today?
Small businesses and retailers offer various rewards and discounts so that their existing and/or new customers buy from them again, and again and again... Therefore, the more customers spend at a retailer, the better their rewards are. This selling strategy is a part of a company’s effort to build ‘Customer Loyalty,’ i.e. the customer’s preference to buy from the same company to fulfil their needs and wants.
Almost 90% of all companies worldwide implement loyalty programmes to sustain and grow their businesses. They try to achieve this by influencing buyer behaviour through endorsements of products by celebrities, running frequent promotions, adding features based on customer feedback, etc.
In fact, the recent COVID pandemic has amplified the importance of customer loyalty for companies of all sizes.
Laracle can help you implement these in the most seamless way possible with our customer loyalty software.
What is customer loyalty software?
Customer loyalty software is a SaaS-based offering that analyses, manages and tracks all the aspects of a loyalty programme. It helps with gift card management, loyalty reward management (points earned and redeemed by customers), customer behaviour insights, and customer segmentation. The analysis by the software is important to drive customer engagement, increase customer retention, and raise brand awareness for repeat business.
Interestingly, 81% of customers claim that they spend more when businesses have a loyalty programme. Effective loyalty programme software successfully creates and implements B2B and B2C loyalty campaigns to increase customer lifetime. This software offers easy API integration with POS terminals, mobile applications, websites, and channel partner websites to engage customers.
Key features of customer loyalty software
Running a customer loyalty programme sounds like a walk in the park. Isn’t it? No, not really! Having good quality software can make a huge difference to drive your customer loyalty.
The buying behaviour of customers has changed over the years. Today, 66% of customers perceive greater value for money when they are loyal to a brand. Here are the key features that make shifting to bespoke customer loyalty software a much-needed move.
API-based integration: This type of architecture makes it easier when the business expands into a new location or vertical. Developing an API is also a faster and more cost-efficient method to communicate with new software and hardware, thereby reducing time to align the loyalty programme.
Real-time customisation: Millennials are outspoken, choosy, and easily bored. It is important to keep them engaged at all levels. All thanks to AI (Artificial Intelligence), loyalty software allows you to market to your customers exactly how they relate to the product in real-time.
Automation: Managing every customer account isn’t humanly possible. It would require a huge workforce, lots of man-hours, and incur high costs to sort that much data. Customer loyalty platforms automate the data segregation based on VIP points, birthdays, anniversaries, etc. This ensures that certain criteria are met before customers can redeem awards. It also helps to automatically send updates to the customers and update personal data.
Virtual card: Since our loyalty programme software is cloud-based, customer data is easily accessible with a unique identification number, usually a mobile number for maximum convenience.
Your customers can choose from a range of platforms to make a purchase. Bespoke loyalty software from Laracle integrates all platforms into one.
6 benefits of customer loyalty software for your business
Given the endless choices, it is easier for customers to switch loyalties. Businesses know that the only thing that will keep them as a favourite amongst their customers is innovation in customer management.
Here are the 6 key benefits of implementing bespoke customer loyalty software developed by the expert team here at Laracle.
Omnichannel customer interaction: Customers are getting as equally tech-savvy as the businesses they buy from. Loyalty software lets businesses communicate with customers across all channels, including social media. You can create and send individual messages over email, SMS, WhatsApp, etc. Being able to communicate across multiple channels like this is the best way to inform customers about upcoming deals, update them about loyalty points and the monetary value they hold.
Scalable cloud environment: It is understood that initial programmes are always run on a pilot mode or cater to a much smaller demographic segment. A software cloud environment enables businesses to expand loyalty programmes immediately, irrespective of demography, buyer persona, and distant geographical locations. This large scalable environment lets businesses take control over processing times and data storage capacities.
Data-driven customer behaviour analytics: Data-driven targeted marketing and promotions ensure repeat businesses. Using the mechanics of artificial intelligence and machine learning, our software analyses the gathered data and derives buying behaviour patterns, which can later be used to create customised product lists that can be shown exclusively to the customers that are most likely to buy. This also determines customer lifetime value and decides the right time to send out marketing material to individual customers.
Robust and reliable: Bespoke software provides scale and robust architecture. You can run multiple loyalty programmes simultaneously without any replication of data. Customers not only expect a high level of customised communication online, but they demand equal ease and reliability in their in-store shopping experience.
Loyalty fraud detection: Loyalty fraud detection helps you to identify any unusual activity on customer accounts by acute analysis of purchasing patterns, duplicate account registration and point redemptions. An alert will help your team to take necessary action in time to prevent any financial burn.
Quick partner onboarding: Loyalty programmes are not just limited to points that customers can accrue and redeem. A lot of companies are cross-selling products on partner platforms. Loyalty software allows the partners to quickly create promotions for their products on your platform and refer traffic, increasing website hits and expanding your customer base.
Bespoke customer loyalty software helps businesses to actively engage with their customers. It includes sending automated real-time updates, modifying marketing strategies based on external and internal stimuli, and offering off-the-shelf quick API integrations to integrate third-party hardware and software.
How does Laracle build customer loyalty software?
Laracle is a data-driven development company that helps its customers scale their businesses using technology. Our experts listen to your needs, understand the data that you share, propose a plan, reach an agreement, and implement the plan with continuous iteration.
Here is our comprehensive six-step approach.
Understanding your brand: Every brand offers something unique to its customers. Loyalty points vary for each brand. Once you contact us, our team will reach out to you and understand your brand ethos. A few of the questions they would want to seek answers to include - Why a particular brand name? What consumer segmentation do you have? What customer demography do you cater to? Understanding your brand will help in developing brand-relevant loyalty software.
Understanding the product offering: Every product demands a different loyalty programme. What works best for shoes, may not work for groceries. Why? Because you buy shoes less frequently while you buy groceries almost every week. The spend and frequency are different. Understanding your product offering in detail will help us in defining the features and possible future integrations.
Analysing customer buying behaviour: Customers’ buying behaviour depends largely on the product and customers’ spending habits. Some like to shop offline, while some do it online from the comfort of their homes. Analysing the past data of customer buying behaviour can help our team identify key features you’ll need in your customer loyalty software.
Including key stakeholders: At Laracle, we take an inclusive approach to working with our clients. We involve our customers in each and every aspect of development. Our experts will be available to assist with any hiccups, share updates and impart training so your team can use the software to its full potential.
Setting a budget: Once everything is reviewed, a proposal is developed and shared with you for approval and suggestions before finalising the agreement. Once the budget is set, we move to the next step.
Defining measurable goals: Measurable goals and milestones are mutually decided to ensure timely development and deployment of the software.
These steps are carefully considered so that the software is as per the customer’s needs, robust and expandable, easy to integrate using APIs, and self-explanatory while using.
Grow your business with Laracle’s customer loyalty software
Customer loyalty software is the complete Customer Relationship Management (CRM) solution that not only helps businesses run loyalty programmes, but also allows businesses to run large-scale campaigns across different locations and channels.
In the UK, 45% of customers prefer to buy via a loyalty programme. Laracle’s customer loyalty software uses machine learning algorithms to propose customised offers to your clients for repeat business, engage with new customers, raise brand awareness, and integrate the overall marketing strategy. Thus, we help you to drive your customer loyalty through your exclusive loyalty rewards platform.
Laracle has been recognised as a top developer in the UK by Clutch. If you are looking for bespoke customer loyalty software for your business, we look forward to hearing from you.