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.
As loyalty programs are becoming more complex within the restaurant industry, it’s important to take time to review your program to ensure it continues to meet the wants and needs of your diners. Schedule time to evaluate your program and test. Ask yourself:
Machine learning is a highly talked about topic. Amidst all this noise, it’s important to understand the meaning and relevance of machine learning to marketing and how it helps to enhance customer engagement, and do it at scale. Machine learning can be defined as an application of artificial intelligence that provides systems the ability to automatically learn and improve from the experience (without explicitly being programmed to do so). The benefit to marketers is that it helps them to collect and process massive amounts of data, enabling them to better get to know their customers in real-time, and act in milliseconds to provide relevant offers creating a personalized and engaging experience. And more marketers are adapting machine learning into their marketing programs. 48 percent of companies plan to use machine learning to gain a greater competitive advantage.