Driving Product Growth with Data-Driven Loyalty Programs
DOI:
https://doi.org/10.63282/3050-9246.IJETCSIT-V5I3P101Keywords:
- Data-driven loyalty programs, Customer retention, Product growth, Customer engagement, Data analyticsAbstract
In the current world of business with high competitiveness, customer retention or building customer loyalty is the key to sustainability and profitability. Exacting customer loyalty has thus become a central management technique for achieving this goal, with data-driven loyalty programs becoming the new popular tools for delivering the necessary incentives through the efficient use of analytics. Consequently, the focus of this paper is to investigate the application of data analytics in the implementation of loyalty programs in order to improve the customers’ retention and growth of the product. The paper provides a literature review of the existing literature, the procedure of data-driven loyalty programs and the result of applying the data-driven approach in practice. We also analyzed that using data analytics to understand the loyalty programs in progress makes customer interaction, as well as consumption, enhance, leading in favor of the business organizations aiming to build up their strategic positions in the market.
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References
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