Is it just me or are you also feeling it hard to believe that it’s March 2021 already🤯 During exactly this time last year, we had no idea that our world is going to be flipped upside down. Sometimes it feels like all of this happened decades ago and on other days it’s like a yesterday thing, there’s no in-between.
Am I making sense to you or not? If not, just know that I haven’t had my morning coffee yet so pardon me. Let’s just dive into today’s edition.
In today’s edition:
- How effective are rewards in building strong customer relations?
- Google to phase out third-party cookies? Is it the end of targeted ads?
- How Personalised product experiences are changing the way Fashion shoppers buy
- Developing a customer-ready approach for the FY 2021-22
The Power of Rewards Programs in Building Strong Customer Relationships
Merkle's recent Loyalty Barometer Report talked about how consumers feel about loyalty and rewards programs and where brands should pivot to accommodate fluctuations in consumer preferences as a result of the events of 2020. Here are the key findings from the report:
- Earning points for rewards continues to be the favorite loyalty program structure, and customers prefer to redeem these points for discounts.
- Customers are most comfortable with brands that utilize engagement and purchase history to enhance the loyalty experience, such as receiving personalized offers based on individual purchase activity.
- Three key tactics allow brands to cultivate relationships and foster emotional loyalty: delighting through surprises, making the customer’s life easier, and simply saying “thank you.”
Read the full report here.
How is Google planning to serve ads once cookies are dead?
Google has said that it will phase out the third-party cookies but once that it is done, it would not replace the cookies with any other tracking tech. In simple terms, this means that Google will now stop selling web ads to users based on their browsing history. The decision will have a significant impact on digital advertising given that Google Chrome is the most popular browser across the world.
Google is proposing a new approach called Federated Learning of Cohorts or FLoC which aims to track clusters of people with similar interests, instead of individuals. So the targeting will simply shift to collective habits of users. Google says it will continue to support first-party relationships on its ad platforms for partners, in which they have direct connections with their own customers. More about it here.
️How Personalised product experiences are changing the way Fashion shoppers buy
Personalization has finally reached the maturity point where it’s all about the shopper. And today’s shopper no longer tolerates siloed channels or touchpoints. They want a consistent experience across the board that provides real-time personalization.
To connect with these empowered consumers, fashion companies should think about how to offer products and experiences that are perceived as unique. Using AI, brands and manufacturers can use previous purchasing behavior, preferences, previous search preferences, and choices to advance new personalization. New technologies such as Product Information Management (PIM) tools also help to create personalized product bundles and display relevant product recommendations so that individual customers can find items and provide a contextualized shopping experience with products that match their preferences.
Learn more here.
🧐Personalization is no longer an option anymore. Develop a customer-ready approach for FY 2021-22
The financial year is coming to an end. Are you prepared for the next one?♀️
Time’s have changed, your customers have changed and so are their expectations from you.
This means your CRM and Loyalty programs also need to be digitally transformed to match the expectations of today. It's time to give up those age-old blanket communication approach and move to 1 to1 marketing, and for that, we need a different technology. A next-gen CRM is that technology.
It is the path to customer retention & ROI maximization for the FY 2021-22.
Brand & Marketing News
That’s all for today folks. Have a great weekend, and enjoy while it last
Before I go, Women’s day is coming up on the 8th of March so make sure to appreciate all the amazing women in your life, not just on 8th but everyday️