Looking at the importance of CRM to retailers, this case study reveals how they have adopted loyalty programs and big data analytics in order to attract and retain customers. With these relatively new tools, retailers are now in a position to predict a customer's shop, and even know when a customer is pregnant. Find out how retailers are using this information in increasingly diverse ways.
Features and benefits
* Provides a history of loyalty programs and how they have evolved as technology has advanced and customers have become more sophisticated. * Looks at the beginnings of big data analytics and how it has evolved from relatively simple data mining to sophisticated algorithms and analysis. * Details what CRM is and what is necessary for it to succeed. Looks at how loyalty programs, big data and CRM have become intrinsically linked. * Demonstrates how the retail sector has embraced to great success the triumvirate that is CRM, big data analytics and loyalty programs.
Using loyalty programs and big data analytics, retailers are capable of predicting customer buying habits, with Target developing a pregnancy predictor model. CRM uses the insights gleaned from these tools to better serve the customer, however the power of big data now means loyalty programs are no longer necessary to collect customer information.
Your key questions answered
* What is customer relationship management and why is it so important? What elements are necessary for it to succeed? * What is big data analytics and how is it used? What are loyalty programs, and why is customer information so important to retailers? * How do CRM, big data analytics and loyalty programs work together, and what can these three tools achieve in a retail environment?
Table Of Contents
From token loyalty to meaningful relationships: How loyalty programs and Big Data Analytics are facilitating CRM in the retail sector OVERVIEW Catalyst Summary USING CRM TO RETAIN CUSTOMERS AND ESTABLISH LOYALTY Retailers utilize CRM to justify their existence Successful CRM combines people, relevant processes and technology Loyalty programs and big data analytics drive successful CRM in the retail sector FROM STAMPS TO SWIPES: THE EVOLUTION OF LOYALTY PROGRAMS Big data analytics an essential tool in the quest for the loyal cash cow From incentivized reward tokens to sophisticated marketing tools Loyalty programs bring big benefits for the retail sector Big data analytics used to predict customer pregnancies Big data analytics also used to make operational decisions BIG DATA ANALYTICS, THE CLAIRVOYANT BUSINESS TOOL Unstructured data is being tamed by big data analytics to aid business decisions Spying on the customer through big data analytics Using big data to turn your social media profile and your location into quantifiable data CONCLUSIONS Retailers to remain one step ahead of the savvy consumer APPENDIX Sources Further Reading Ask the analyst About MarketLine Disclaimer