To successfully win and retain customer loyalty, retailers must have a thorough understanding of customer interests and spending trends.
Analytics company Loyalty Builders created Longbow 2.0 to help retailers calculate and predict future shopping behaviors. The cloud-based, self-service platform empowers retailers to analyze customer behavior and in turn, develop individualized marketing campaigns tailored at the individual customer and product level.
Leveraging basic transaction data such as customer information as well as type and amount of goods purchased, retailers can evolve from “spray and pray” tactics to more individualized marketing campaigns, according to Loyalty Builders. After users upload transaction data, the platform creates lists of target customers and specific offer recommendations, which can be downloaded and shared with variable data printers, email service providers or other marketing platforms. Once campaigns are executed, the marketing team can monitor day-to-day shopper behaviors and overall results.
Advertisement
Potential benefits include:
-
More relevant offers with better response rates;
-
Improved customer retention and customer lifetime value; and
-
Effective cross-selling and up-selling.
In order to use Longbow 2.0, retailers must have at least three years of customer transaction data stored in a database.
