Review Loyalty Solutions
Learning Objectives
After completing this unit, you’ll be able to:
- Explain the types of existing loyalty vendors.
- Explain what Loyalty Management has to offer.
Existing Loyalty Vendors
A program like NTO Insider is built using a loyalty solution, which lets NTO configure all the components of the program.
There are several loyalty vendors that businesses can choose from. Although each vendor offers a unique loyalty solution, most loyalty solutions have the following features.
- Help businesses narrow their target audience.
- Include options to set up rewards, such as points, tiers, vouchers, and other incentives.
- Have tools to monitor and analyze member engagement.
Based on the features they offer, loyalty vendors can be broadly classified into three categories.
- Enterprise vendors
- Niche/specialized vendors
- Point solution vendors
Let us find out more about them.
Enterprise Vendors
These are typically large enterprises offering several software solutions. They have expertise in a wide spectrum of areas and partner with companies specializing in loyalty solutions to provide a complete loyalty management solution. Loyalty solutions of enterprise vendors have strong integration with other CRM solutions related to marketing, commerce, analytics, segmentation, and so on. The integration enables them to gather and analyze customer data, which allows them to offer a unique and personalized customer experience.
Niche/Specialized Vendors
These are vendors that have the required loyalty technology and services but typically cater to specific industries. They collect data from various touch points and use that data to segment audiences and predict customer behavior. Their solutions have tier capabilities and offer complex, point-based tier structures and rewards.
Point Solution Vendors
These are vendors that partner with industry leaders to provide loyalty technology and services. They work with businesses as consultants and help them improve sales through these loyalty solutions.
They offer in-depth customer analysis and out-of-the-box solutions that include standardized promotion types, rewards, and so on. They have expertise in loyalty strategy and integration across verticals. Using analytics and reporting, they analyze customer data and optimize orders and campaigns.
Reimagining Loyalty Solutions with Loyalty Management
We’ve taken a look at some common loyalty vendors. How’s Salesforce’s Loyalty Management different? Loyalty Management is an integrated ecosystem that leverages the Salesforce platform to deliver seamless loyalty solutions. Since it’s built on top of Salesforce’s CRM solution, it integrates seamlessly with Service Cloud, Marketing Cloud Engagement, Sales Cloud, Experience Cloud, and Data Cloud. NTO has been using Salesforce’s Sales Cloud and Loyalty Management. With Loyalty Management, NTO can create intelligent and differentiated engagements that increase customer lifetime value. Loyalty Management is also integration-ready with any third-party system leveraging Salesforce’s platform APIs.
Here’s a look at what Loyalty Management offers.
End-to-End Loyalty
A loyalty program benefits from an integrated solution offering, where all the customer data is under one platform. Salesforce Loyalty Management integrates seamlessly with the CRM platform, helping businesses get a holistic view of their relationship with their members.
The intuitive user interface enables members to easily track their points and redemptions and improves member engagement. The communication interface helps businesses present their members with personalized offers at the right time. It delivers services across all channels, including web, phone, and call centers.
Integration with commerce platforms gives businesses a unified view of their members’ orders, visits, views, and so forth. It also helps reward members seamlessly and enables them to pay using points. Similar integrations with Sales Cloud and Service Cloud facilitate a connected experience across channels.
Loyalty Management is great for admins too. It offers a suite of tools for admins to create and manage loyalty solutions. Using these tools, admins can create business rules and promotions, transform business data, and process high volumes of data.
Personalized Experience
Loyalty Management integrates with CRM platforms across all touch points to facilitate a holistic understanding of customers and deliver personalized experiences to them. It offers businesses more than just a points-based system. Businesses can offer experiential promotions and benefits, which keep members better engaged and build customer loyalty.
Insightful Analytics
Loyalty Management integrates with CRM Analytics to provide dashboards that help businesses predict member disengagement and promotion profitability. Dashboards help track program, member, promotion, and partner performance with real-time data. They can be embedded across other Salesforce apps to provide a 360-degree view of members to other teams. For example, the servicing team can use the data to deliver a more personalized member experience.
Industry Orientation
Each industry has its nuances and unique needs. Loyalty Management offers industry templates that include industry-specific processes and data models, allowing businesses to get faster time to value. Because it seamlessly integrates with Service Cloud, Marketing Cloud Engagement, and Data Cloud, it helps businesses connect to other ecosystems, which could be Salesforce or non-Salesforce systems.
Partner Driven
Loyalty Management connects programs with partners and improves interoperability by making it easy to calculate liabilities across program partners. It provides a seamless experience for customers when they interact with the program and its partners.
Businesses cater to different audiences. Loyalty Management enables businesses to create different types of loyalty programs. In the next unit, we see how businesses tailor their programs based on the audience.
