6 Emerging Technology Tools to Build Customer Rewards
Here are the top 6 key technology tools that will help you to improve customer engagement and retain them for a longer period.
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6 Emerging Technology Tools to Build Customer Rewards
Customer rewards are one of the most important factors in business today, especially because greater rewards towards a brand equate to higher retention. In today’s intensely competitive world, companies can no longer depend upon traditional ways of advertising and interaction to improve customer engagement. It has, therefore, become a huge challenge for business owners to recognize and engage customers in a personalized and relevant way.
To achieve the success they desire, companies should look for improved ways to meet the needs of customers. Implementing new technologies can help businesses to achieve this and improve customer engagement as a whole.
New technologies have given us the ability to adopt an entirely new pattern in improving customer rewards. Though it can be an expensive investment, if used to its fullest capacity can never be an investment that you’ll regret. Technology is changing the very nature of the relationship between customers and businesses, transforming it from a one-way transaction structure to a more holistic and interactive way. It is not only changing the way businesses operate, but it is also providing an effective way to interact with customers.
Listed below are a few key technologies that will help you to connect with customers on a deeper level.
1. SMS
In this device-driven world where consumers are increasingly social and mobile, SMS is one of the most effective and relevant ways for businesses to communicate with customers. Companies can send messages to customers regarding any number of topics related to their enrollments and earnings that tend to drive engagement and improve customer rewards. These topics include point-related information such as available point balance, points earned, points redeemed, etc. Through messaging services, organizations can also send offers and promotions regularly to entice customers which will build more brand affinity. Personalized text messages sent by organizations act as a more personal tool to retain customers and drive long-term rewards.
2. Interactive Voice Response (IVR)
Interactive Voice Response is the most cost-effective way through which businesses can build and foster personal relationships with their most loyal customers. The IVR is an intelligent self-service system that offers round-the-clock assistance for various customer queries regarding available point balance, overall transactions, recent offers and deals, announcements, etc. This proposes an intuitive service experience that allows customers to self-serve and resolve their queries within the IVR. Calls are further transferred to live agents if the issues are unresolved by the IVR. This results in better customer experience, improved business outcomes, and minimum operational costs.
3. Mobile Apps
In this technologically-driven world, mobiles have increasingly become an integral part of consumer’s day-to-day life. To retain customers and build a loyal customer base, businesses must focus on building a compelling mobile presence through apps. If used correctly, mobile apps are capable of interacting with customers straight away to generate brand rewards and demonstrate that the business cares about them and their personal needs. Mobile apps store information regarding the customer’s profile, current point balance, total points earned, points redeemed, etc. In addition to all this, it places, rewards, coupons & offers in one place alongside that makes real-time purchasing available.
4. Internet of Things (IoT)
With the emergence of the internet to connect millions of objects together and the inexpensive addition of sensors and microchips to any physical product, a digitally connected physical world has now become a reality. The Internet of Things is expanding rapidly and has proven to make an intense impact on rewards programs by creating more flexible options for payment, rewarding members for specific activities, and posing more opportunities for personalized communication. It allows you to understand your customers and track their daily activities and tendencies more consistently. With IoT, companies can make a strategic plan to improve customer rewards and increase effectiveness and create exciting experiences for their customers.
5. Short Code Messaging Service
In this technology-driven world, businesses are constantly looking for smarter and more innovative ways to build stronger relationships with their customers. One of those smart ways that have proven to reach out to customers and boost customer rewards is the SMS short code service. A shortcode SMS consists of a short virtual number in simultaneity with a unique keyword that allows customers to contact businesses through a short code SMS. This service enables your business to develop an automated message flow based on specific/unique keywords. It allows customers to communicate with a company or brand for various queries such as points received, points redeemed, etc. Focusing on SMS short codes on providing customer value will improve brand rewards and sales rapidly.
6. Missed Call Alerts
The missed call alerts are the shortest, easiest, and most convenient path for customers to reach your business. It is the best way to give customers updates via a computerized system. Whenever a customer makes a call, it automatically gets disconnected after the first ring which is thereafter followed by either an SMS or a voice service to complete the interaction loop with the caller. This provides customers with immediate action or response from the company. Different numbers are given to the customers to perceive information regarding point balance, point redemption, available point balance, etc. This automated process not only enhances the user experience but also reduces the need for human resources to engage customers further.
Consider implementing these bits of technology in your rewards program, if you haven’t already, and be prepared to experience the level of increased customer engagement that will follow. Always remember that the best thing about customer rewards is that there is no limit to them. It can increase and expand, and if you manage it effectively, it will continue to grow rapidly.
Would you like to implement a rewards program for your business to boost customer rewards? Get in touch with us at talktous@loylt.works for a demo.
