Capitalize on customer lifecycle changes

Description

How can you not only increase the customer life time value, but also capitalize on the life cycle changes that occur at each stage? It is important to identify if this is relevant for your brand, but based on our experience this will impact many brands.

From students just starting their journey, to expectant mothers, to physical active people, to older members with different needs. The key is to collect and maximize the use of your customer data such as #1 Key basic customer attributes; #2 Identifications and recording of lifestyle changes; #3 Purchase patterns and behaviors in the different cycles.

Examples of benefits:

• Customer experience: Make the person feel unique and appreciated by tailoring the experience, benefit and information based on their life-cycle stage
• Increase member transactions: More relevant benefits and information will drive additional transactions from the member

The overall objective is to keep the engagement relevant to the member over a long period of time, by evolving along with them, but also be sure that you treat each member with the right engagement and rewards based on what life cycle they are in.

The design of the loyalty best practice is important to ensure you find the right trigger points for when people are moving lifestyle phases and how to engage and reward them throughout the journey. Memberson can help you navigate both the business application and technical implementation.

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Concept

Increase the lifetime value of members by tracking and capitalizing on relevant changes that occur at each life cycle stage by using rewards and engagement

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Execution

1. Identify the important life cycle stages for your products and services and how it may impact purchasing behaviors of your members
2. Ensure automated segmentation updates based on member life cycle, don’t be afraid of using proxies to define this
3. Set up trigger-based engagements or journeys based on the different stages of the life cycle and what this means in terms of what they buy and when they buy with associated rewards
4. On a regular basis review, analyze and optimize the approach

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KPI

• Cost of analysis and set up
• Increase in transactions => 5% [very much depends on segmentation and rewards]

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Detailed Execution in Memberson Loyalty CRM Platform

Please contact Memberson for further discussions