Learn how Kobie uses triple play data in an interview with Dave Andreadakis, Kobie’s Chief Innovation Officer, and Loyalty 360.
Just when many brands thought they had customer loyalty figured out with new technology and the ability to capture data, Dave Andreadakis suggests there may be something just as important that marketers need to do. “They need to relearn the customer. Many brands are looking at the data models that they have used for years, and realizing they don’t quite work anymore. They need to add more information — or go get new data points to reset the baseline because of the pandemic,” he says.
Dipping a Toe Back in the Water
“You’ve got customers who are dipping their toe back in the water, and they’re asking themselves, ‘is now the time to switch airlines, do I truly want to shop with this brand’, etc.”. Due to these changes, brands are quickly trying to figure out who their customers are, who are loyal, and what does it take to bring them back in.
Contrary to what some in the loyalty industry may say, Andreadakis believes, “Points do matter, and discounts do matter, because in our consumeristic society we are motivated to earn towards rewards.” But, he says the emotional loyalty component is a concept that creates long-term loyalty and is more meaningful for a consumer relationship.
Triple Play Data
Kobie’s approach is to break customer information down into what’s called “triple play data.” While transactional data is used to score a customer’s loyalty through purchases, Andreadakis says the addition of emotional and behavioral data is essential. These types of data help brands understand what is happening between customer transactions, and more importantly, what can be derived about their customers. These three components of triple play data are vital to providing a holistic view of the customer.
“No matter what’s happening — whether you’re applying data to loyalty, CRM, or if you’re just trying to create a better experience — triple play data tells you more about what’s happening with the customer compared to traditional transactional or behavioral segmentation. Ongoing collection of these three different types of data will help set brands up for success.” Andreadakis says.
The biggest change that Andreadakis says Kobie has seen over the last few years, is the notion that membership was for a brand’s best customers and simply a retention tool to keep them from going elsewhere. To deliver the best possible customer lifetime value, he says a brand’s loyalty program should address all customer needs and be available to everyone at a brand.
Customers Want to be Rewarded for Actions
“If the program does not address the needs of all customers, then it isn’t designed right,” Andreadakis adds. “Every customer wants to be true to you. Every customer wants to be rewarded for their action. Every customer wants to give you information to make their experience better and there’s no better way to collect that data than through a loyalty program.”
The key is capturing the consumer data and then activating it. He says issues may stem from the traditional view on loyalty programs, which suggests they are just a way to string customers together from transaction to transaction. However, everyone has a digital presence now, so loyalty is doing more than merely serving a narrow purpose.
“The bonus is not just that we have access to the data, but that we’ve captured it and activated it and turned it into something unique and interesting,” Andreadakis says. “It’s about optimizing engagement between the transactions, which might happen infrequently.” To learn more about what triple play data can do for you, contact Kobie today.