How to flip the 'insane imbalance' in your businessBY ROB STANLEY
Today's empowered consumer means traditional forms of marketing and acquisition won't work.
With a unique confluence of market factors from technology, communication and social engagement, there will be an upcoming wave of big winners, and some major losers in the Singapore retail market - especially with market volatility from a US election, China growth gyrations, and an unpredictable Euro outcome.
Key to winning this issue will be flipping the funnel - from an insane imbalance today where businesses simply look at acquiring customers in any way possible, at any cost, to one where you engage and reward your customers, and get them to come back. To empower your business promoters and address your business detractors.
The central tool for building this engagement will be loyalty programs through the mobile phone - a mini-computer more powerful than anything we had on our desk 10 years ago that we casually carry around in your pocket.
And in Singapore with the highest smartphone penetration in the world it's even more important to open this channel with your customers.
Getting started is not difficult. Here are some tips:
1) Create a compelling offer that truly recognizes and rewards your customers
2) Launching your mobile loyalty program with this first offer is simple, and with no POS integration can be up and running within days
3) Ensure you have a platform that provides data and insight about the overall performance and ROI of the program, who your key customers are, their transaction behavior, and how to continually improve the program
4) Innovate, learn and innovate again in the most smartphone saturated market in the world!
Rob Stanley, CEO of Pointpal