The appeal for personalization is high among consumers: They not only want it, but expect it. In fact, 80 percent of consumers are more likely to make a purchase when brands offer personalized experiences. And marketers now have the technology to make a data-driven impact for consumers.
Earlier this year, Amazon announced it has more than 100 million Prime members and ever since, there’s been a lot of chatter in the market about paid subscription loyalty programs. The lines between loyalty and subscriptions have increasingly blurred over the past few years as consumers now value convenience and time savings as much (or even more than in some cases) as money savings. To add, companies’ eyes have dollar signs on them knowing margins may improve with the potential incremental revenue subscription programs can drive. However, before plunging into a subscription-based loyalty model, marketers need to take a step back and evaluate if subscription models are best for their brand and its customers.
Epsilon’s Retail Strategic Consulting practice counsels clients on CRM and loyalty strategies that help drive profitable growth. Advising on best practices to optimize customer acquisition, retention and personalization, the team helps clients navigate through customer-centric transformation. This Meet a Marketing Expert series is designed to pull the curtain back on new viewpoints from across Epsilon, its affiliates and partners, on deepening customer intelligence and implementing programs with impact.