By Karice Moore-Hill, SELP Digital
Innovation and collaboration are at the heart of driving our small but mighty industry forward. It’s truly exciting to see new technologies being developed and optimized every day, by businesses working towards the shared goal of bettering the customer experience. But with the cost of new acquisition at an all-time high, an average of 5x the cost of retention, now is the time for big, bold moves and for brands to invest budget and resources toward more innovative, effective loyalty solutions that help create deep, emotional customer connections.
As a long time provider of valuable Gift Card, Prepaid, and FinTech solutions for brands around the world, SELP Digital continuously invests in its technological capabilities to meet client needs and provide frictionless integration. In 2023, SELP’s team of experienced industry experts decided to tackle evolving industry needs by developing a first-of-its-kind, full-service customer engagement and loyalty solution to bridge the gap between gift cards and loyalty. By partnering with start-up loyalty tech provider, SoLoyal, SELP can now help brands improve customer experience and inspire loyalty using cutting-edge technology, personalized engagement, and rewards that generate repeat transactions.
Setting SELP apart as the only Gift Card & Prepaid program manager to actively drive sales engagement for loyalty purposes, this partnership focuses heavily on the use of innovative technology to capture, nurture, and utilize valuable customer data, with little to no integration required from clients.
Ideal for the retail and banking sectors, this collaboration is born from the evidence of client and industry demand for a more meaningful solution to improve customer retention.
Why is this new solution so unique?
The core objective of this groundbreaking solution is to break the mould and step outside the current “norms” of customer loyalty by focusing on hyper-personalized customer engagement, unique brand experience, and delivering the world’s stickiest rewards – gift cards.
How is this different from other loyalty programs? The key factors are:
A) Our solution can act as a stand-alone loyalty program or be easily linked with an existing loyalty program to boost engagement and return visits;
B) Our technology captures granular customer shopping data to develop highly personalized push messaging;
C) We provide customers with a game-changing “loyalty wallet” which aggregates many loyalty memberships into a one-stop digital profile. By providing customers a holistic view of their loyalty footprint, we can reduce stagnant memberships, increase brand engagement, and generate incremental sales.
The end-to-end customer journey
There are three distinct stages of the customer journey that are celebrated and amplified by this strategic partnership.
1. Acquisition
A key 2024 theme for the retail sector suggests that companies are focusing their investments on retention strategies thanks to the inflated cost of new acquisitions. This means that any acquisition channel still in play needs to work even harder than before, with less funding.
Utilizing this unique solution from SELP Digital helps brands to effortlessly market their loyalty rewards programs to drive new acquisitions, while simultaneously protecting the existing customer base.
2. Engagement
Using the combined technology of SELP Digital and SoLoyal, brands gain visibility to their consumers’ shopping behaviours and have the ability to communicate offers and loyalty status updates via personalized messages. This well-rounded insight enables delivery of hyper-personalized content which significantly increases customer participation with loyalty programs, and fosters long term, emotional loyalty with the brand.
3. Retention
For more than ten consecutive years, studies have shown that consumers prefer gift card and prepaid card rewards over traditional discounts. Thanks to the proprietary, cutting-edge technology and detailed customer data captured within the engagement phase, SELP Digital can compile and calculate loyalty activity, and facilitate delivery of the most sought after, effective rewards – open and closed loop prepaid/gift cards.
Conclusion
SELP Digital’s mission is to deliver exceptional consumer engagement and digital payment solutions that effectively help brands inspire customer loyalty, and generate incremental sales. Our team combines 60 years of industry experience with superior technology, and we are passionate about ongoing innovation to help clients resolve business needs and achieve strategic goals.
Contact SELP’s expert team to discuss how your customer loyalty program could thrive and generate incremental results in 2024!
