September 5, 2023
Customer loyalty programs have become an essential component of modern business practice. Many business owners are looking for the latest trends and innovations in loyalty programs to set them apart from their competitors and increase their market share.
There are many different types of loyalty programs that a company can adopt to build customer relations, for example: reward points programs, cash-backs, referral programs or even through gamification. Loyalty programs are designed to reward customers through different means, from redemption options to monetary returns, to retain their patronage.
An increasingly popular trend in encouraging customer loyalty is the use of market research platforms, as this enables businesses to develop long-term relationships with customers.
With the wealth of information generated through market research platforms, businesses are using this research as a tool to create customer loyalty programs. Market research platforms allow companies to gather meaningful insights about their target audience, which allows for more effective marketing campaigns and services. These platforms often offer multiple functionalities and tools for data collection, including surveys and polls, and aid in helping businesses stay ahead of their competitors—especially in highly competitive industries.
A market research platform can function as a dynamic loyalty program, enabling businesses to gather data on different areas of interest through various strategies. It is also highly versatile compared to traditional loyalty programs, which might be harder to recalibrate if needed.
Here are four reasons why market research platforms are an effective loyalty tool:
Constant distribution of market research content increases members’ opportunities to earn points, which motivates them to continue visiting and using the service/app.
Market research platforms also allow customers to feel more involved in the brands or companies they purchase from, increasing customer engagement, as described in this case study. In addition, through surveys and polls, customers will feel that their voices are being heard and their opinions are valued, leading to increased brand loyalty.
Unlike traditional loyalty programs, which would cost a business more money, market research platforms operate more cost-effectively. Instead of having to allocate funds for customers’ redemptions or discounts, a market research platform can open up a new income channel for businesses. For example, suppose a company already has an ongoing membership program—a market research platform can be another alternative channel for members to earn points and encourage frequent spending on the brand’s platform.
A market research platform gives businesses deeper customer insights to understand their needs, preferences and patterns of behaviour. As mentioned, the wealth of information generated allows them to spend their marketing dollars more effectively, as marketing strategies can be tailored, based on the gathered data. This also allows for a more personalised experience, thus strengthening customer relationships and leading to higher customer satisfaction and retention rates.
It is crucial for businesses to either be one step ahead or at least up-to-date with market trends. Market research platforms allow business owners to study customer patterns and identify new business opportunities to cater to demands. This approach differs from traditional loyalty programs, such as referrals or cash-backs, which does not provide the business with the much-needed insights to identify new opportunities.
So, with market research platforms, businesses can look forward to a multi-prong approach to establishing customer loyalty.
Market research platforms are fast becoming one of the more effective ways to establish customer loyalty. With solutions from Z.com Engagement Lab, businesses can unlock new revenue streams while enhancing customer loyalty and engagement by integrating our API.
Contact our team today to learn more about what we can do for your business!