New guide from Formation details how businesses can make personalized offers smart and scalable
Formation, the machine learning-powered Dynamic Offer Platform (DYNOO) company, released a comprehensive guide for brands and marketers who want to accelerate their journey from mass offers to continuous, data-driven, dynamic offers.
Consumers have too many choices and too little time and in order to capture their loyalty, brands need to implement dynamic offers. The guide provides examples of brands already using dynamic offers to win their verticals, and practical, how-to advice for brands who are ready to make this jump.
“Modern, digital consumers have a myriad of choices in the brands they choose, and the channels through which they make purchases,” said Christian Selchau-Hansen, co-founder and CEO of Formation. “Combine this with the fact that most people have too little time in their day, and brands need to find new ways to make loyalty easy and valuable for their customers. Dynamic offers are a critical solution that enable brands to deepen relationships and positively drive purchase behavior from their customers.”
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“Winning loyalty from the digital consumer not only requires brands to meet their customers where they are today but also to continue to adapt to their needs and preferences in the future”
A practical guide for the modern loyalty era
Retailers have traditionally relied on mass offers and discounts to reduce friction for customers to complete a purchase. Unfortunately, mass offers build transactional relationships with customers who learn they never really need to pay full price. On the other hand, dynamic offers demonstrate to consumers that a brand understands what they want and when they need it, by engaging them with relevant, personalized and valuable offers.
Formation’s new guide provides how-to guidance about:
- Why loyalty offers are a powerful conversion tool, not a tactical program
- Customer lifetime value and why it matters
- Dynamic offers and why they’re critical to building customer relationships
- If your brand’s tech stack is ready for dynamic offers, and how to leapfrog to that stage
- Practical ways to pilot dynamic offers
The guide also includes examples of how other brands have successfully implemented dynamic offers and step-by-step guidance for how your brand can get started.
“Winning loyalty from the digital consumer not only requires brands to meet their customers where they are today but also to continue to adapt to their needs and preferences in the future,” added Selchau-Hansen. “Dynamic offers help brands do that.”
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