As we heard at the Customer Relationship Management Conference (CRMC), the future of retail is bright for brands and businesses who are ready to meet the needs of the ever-evolving customer journey.
While the COVID-19 pandemic altered the ways existing customers interact with retail brands, speakers at this year’s CRMC in Chicago, Ill., were eager to point out that if you truly want to “know your customer” (KYC), utilizing advanced embedded banking technologies and emerging digital strategies are just some of the tools bringing brands closer to their customers.
Here’s a roundup of Alviere’s top business takeaways from leading brands that attended CRMC 2022.
Keep it personal
What’s one of the secrets to building customer loyalty and increasing your KYC value? Analyzing your game plan on a regular basis. Retail brands that are leading the charge in personalization are constantly reexamining and adjusting their marketing strategies based on KYC fintech measurements. To ensure their outreach efforts and offerings are always in line with what the masses desire, brands are focused on delivering a personalized customer experience that boosts website traffic and repeat purchases.
Leverage your first-party data
Collecting the right type of customer data is vital. Zero-party data – the information that a customer willingly shares with a brand that is typically gathered via surveys, pop-ups, and questionnaires – is a great way to gain insight into consumers’ interests and purchase plans. But for retail brands looking to take their marketing efforts to the next level of personalization, collecting first-party data is the strategy to embrace.
Aside from being more reliable and trustworthy, first-party data – a type of data that is collected directly from a company’s customers such as product preferences, demographic information, social media data, etc. – reduces marketing costs, optimizes the customer experience, and unlocks the ability for your brand to deliver seamless, personalized experiences to create loyal customers.
Bring customers back to the brand
“Community” was a buzzword that circulated widely on the show floor at this year’s CRMC. And as retailers seek new ways to serve communities that are important to their customers, many brands are focusing on loyalty programs that give back.
When it comes to creating the best rewards programs, brands finding the most success share a common outlook: bring people back to the brand. Today’s customers are looking for engaging experiences, so create a program that is enticing and meaningful. From cash-back rewards to white labeled gift cards to fee-free banking services, a good loyalty program adds value to your brand.
Go beyond customer expectations
Retail brands around the globe are quickly realizing that today’s customers are no longer a “one-size-fits-all” crowd. So marketing pros are rewriting their playbooks by creating memorable and personalized experiences that set their companies apart. One strategy that brands are turning to is integrating an embedded banking solution directly into their existing core offerings.
Embedded finance enables any non-financial brand, business, or company to offer digital banking features like branded bank accounts and branded rewards cards to their customers without the hassle of involving a bank. While the concept of adding embedded finance features isn’t new, the digital revolution has given rise to cutting-edge technologies that are taking the fintech industry to unimaginable heights.
One company at the forefront of this digital banking revolution is Alviere, whose embedded finance platform has the power to enhance customer relationships, increase profits, and boost your brand’s visibility. With Alviere’s platform, gain access to first-party data to see where, when, and how customers spend with your brand in and out of your store. And, you have the ability to design custom-built loyalty programs that offer branded debit, prepaid, and credit cards loaded with cash-back incentives.
The power to transcend the customer experience is strong for brands that are ready to keep it personal, leverage first-party data, and create a community around their rewards programs.
Ready to see what Alviere can do for you? Reach out to us today.