#376: Leveraging Known Customer Data to Acquire New Members (Short Summary Show)
Loyalty programmes are traditionally designed to retain customers, but rarely is that incredible data used by marketing teams to inform how they run acquisition campaigns to ensure they focus on “profitable” new customers – quality over quantity!
This technique has proved invaluable as cookies have disappeared from the toolset that digital marketers have relied on for so many years.
In this week’s episode of Let’s Talk “a little” Loyalty, Tom showcases how we can all use the data and profiles of your most valuable loyalty programme members to help acquire new customers with the same profit potential, from the original podcast hosted by Paula Thomas and featuring Joseph Taylor, previously SVP of Strategic Consulting and Operations for Epsilon.
Joseph shares real case studies and examples of brands who have already leverages this clever idea – so you can too!
Hosted by Tom Peace
2) Epsilon Guide to Personalisation
4) #201: Leveraging Known Customer Data to Acquire New Members
Paula: Welcome to Let’s Talk Loyalty, an Industry podcast for loyalty marketing professionals. I’m Paula Thomas, The Founder of Let’s Talk Loyalty. Today’s episode is hosted by Tom Peace, Managing Director of The Loyalty People, a strategic consultancy with a laser focus on loyalty, CRM, and customer engagement.
The Loyalty People also runs a free global community for anyone working in the loyalty industry. If you are working in loyalty marketing, make sure to join Let’s Talk Loyalty every Tuesday, Wednesday, and Thursday to hear the latest ideas from loyalty experts around the world.
Did you know that 91% of consumers will trade personal and preference data in return for loyalty rewards? Consumers want a better experience, and it all starts with collecting the right type of data. Zero Party Data. In the Complete Guide to Zero Party Data 2023, you’ll discover how collecting zero party data can lead to better personalized campaigns and better relationships with your customers.
Visit meetmarigold.com to learn more about zero party data and relationship marketing, as well as download the complete guide to Zero Party Data 2023.
Tom: Hi, I’m Tom Peace, Managing Director of The Loyalty People and presenter of Let’s Talk a Little Loyalty. Welcome to this week’s short summary show, on behalf of Let’s Talk Loyalty, this week my Let’s Talk a Little Loyalty podcast showcases Paula’s interview with Joseph Taylor, previously SVP of Strategic Consulting and Operations for Epsilon.
In this show, I’ll be highlighting the use of profiling your existing customers to drive profitable acquisition campaigns. The loss of third party data has been a huge challenge for marketing teams who now need to look for other ways to capture data, form a relationship with customers, and generate revenue.
We know that loyalty programs can be a huge benefit in this area, and all brands should be looking at their customer data in their loyalty programs to support these initiatives. In this interview, Joseph talks about how, as marketers, we need to look at quality over quantity and use the data we have available to create highly relevant and personalized communications that are focus to the customer’s preferred channels, locations, and purchase habits.
I think this is very insightful and absolutely true today. We can no longer look for volume of communication and offers to attract the customers we need to maximize each and every opportunity. Joseph goes on to talk about how brands can use the wealth of first party data to also structure acquisition, based on very specific lookalike profiling or private identity graphs, as Joseph calls them. Brands can set up several of these to identify different segments of engaged customers and use these profiles to attract similar customers who are not currently customers or members of the program. Epsilon in particular, are able to accomplish this through their network of customer devices that enable them to see customer locations, behaviors, and demographics so that they can enable brands to target customers in a truly secure, private, and ethical way.
Other partners are available, of course. So how does this help us as brand marketers and loyalty program owners? Well, firstly, this is great advice on how to ensure your customer relationships are highly relevant, personalized, and targeted. We must get this right in today’s marketplace. Secondly, acquisition is an expensive process and getting more costly all the time.
Being able to use first party data to reach new prospects and acquire them into our programs is an incredible opportunity. It’s great to hear some expert tips on how to maximize the customer relationship using the data already in our databases. You can check out the main show at www.letstalkloyalty.com, which first aired on the 24th of March, 2022. Episode number 201. Thanks for listening. I hope you enjoyed my summary Show all the best and speak you soon. Tom.
Paula: This show was sponsored by The Wise Marketer, the world’s most popular source of loyalty, marketing, news, insights, and research. The Wise Marketer also offers loyalty, marketing training, through its Loyalty Academy, which has already certified over 500 executives in 38 countries as certified loyalty marketing professionals.
For more information, check out thewisemarketer.com and loyaltyacademy.org.
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