In today’s world, it’s hard to recall the last time you made a purchase at a store location without being asked whether you were a member of that company’s rewards program. And more and more these days we are seeing an increased variety of companies across a number of industries, from restaurants, to retailers, and increasingly by financial institutions and credit cards, adopting rewards programs as a means to retain loyal customers.
For credit cards in particular, reward programs have gone from a differentiator to a requirement for many consumers. And at the same time, customer expectations for these rewards programs have risen and continue to escalate sharply.
These increased customer expectations, wants and needs put an additional burden on financial institutions to execute flawlessly on their rewards programs. Many are turning to ForeSee’s predictive customer experience analytics to help company leaders maximize their investment in these programs.
For example, executives of one financial institution learned through our data that their customers were experiencing issues with the fulfillment and delivery of their rewards items. Some of these obstacles were rooted in their fulfillment system, while others pointed to problems with the shipping carrier. The same client also learned through their ForeSee data that customers expected to receive their awards quicker than they actually were.
The client was able to use these insights to help develop a business case to change the way they fulfilled the rewards. They then worked with their retail partners to offer in-store redemption as well as electronic gift card downloads for immediate use.
This is one powerful example of a client leveraging customer experience data to understand changing customer expectations and to deliver a better customer experience. ForeSee data shows that a satisfied customer of the rewards program is 35% more likely to continue earning points, 160% more likely to recommend the site, 41% more likely to redeem in the future, and 48% more likely to return to the site.
One thing to remember, though, is that customer expectations are constantly changing and therefore need to be continuously monitored, measured, and managed with a system of accurate and reliable analytics. A set of data points is only useful if it can highlight the problem and will help direct business leaders into making the best strategic, operational, and tactical decisions.
Feel free to share below how customer experience analytics have helped your company manage problems and make decisions that worked in the interests of both the customer and your company.