Heartland Logo Red
Heartland Logo Red
Heartland Logo Red
  • Heartland Homepage
  • Article
  • Infographics
  • Newsroom
  • Contact Us
      • Sales
      • Customer Service
  • Heartland Homepage
  • Article
  • Infographics
  • Newsroom
  • Contact Us
      • Sales
      • Customer Service
  • Heartland Homepage
  • Articles
  • Infographics
  • Newsroom
  • Contact Us
    • Sales
    • Customer Service
 
  • Heartland Blog

Do You Know Who Your Best Customers Are?

by Heartland March 23, 2015
  • facebook
  • linkedin
  • twitter
  • google+
  • email

 

 

A critical step in building a successful rewards program is understanding what makes your customers happy. This second article in our three-part Heartland Rewards blog series focuses on why utilizing customer data is key to your rewards program.

At the outset of planning your program—before you even begin to consider offers, processing or marketing—you must take a holistic look at your business and your customers. Specifically, seek deeper insight into their current behaviors and stated “needs” and “wants.”

Customer data can be used to help you find better and more cost-effective ways to meet the needs of your market. That’s a major competitive advantage over other businesses that don’t offer rewards programs. We can start using this data to identify your most loyal customers—by frequency or profit—for targeted marketing.

Many businesses rely on surveys to find out which kinds of rewards matter most to customers. While this is generally a good idea, remember that what people say they will do and what they actually do can be two very different things. Past behavior is usually the best predictor for future behavior, so use whatever customer data is available to you (common purchases, frequency, order/ticket size, etc.).

Leverage your existing data!

  • Use reporting and analytics to define customer segments

  • Registered accounts over store lifetime

  • Account visit/frequency details

  • Total active accounts

  • Customer demographics of registered users by age, gender

 

Don’t Have Enough Customer Data?


This is a common concern for many businesses.


Don’t Worry.

Your company almost certainly has a little data on customers, such as how much your best customers spend on average and how often they use your services. Use this to identify your most loyal customers—the top 10 percent by frequency or profit—and start there.

In addition to using your own customer data, there is a wealth of regional and national sources for trends data on who’s buying what, where and why. Do your best to make sense of the latest trends and market insights.

But you don’t have to go it alone—ask for help from your vendors and providers. Your payment processor, in particular, should be able to provide a wealth of insight, not only into consumer trends but also how similar businesses are building rewards programs.


Learn about Heartland’s Reward Programs


Part 1: What Can Rewards Do for You?



Part 3: How to Take Your Relationship(s) to the Next Level



Categories: Article
Tags: Analytics, Customer Data, Customer Demographics, Marketing, Rewards Program

Recent Posts

  • The Merchant Bill of Rights: A Sleep Aid by Heartland on April 11, 2018
  • April Card Brand Changes Have Arrived, No Signature Required by Heartland on April 8, 2018
  • Farm to Table to Farm: The Josh Moore Show by Heartland on April 7, 2018

Categories

  • Article (59)
  • Newsroom (20)
  • Infographics (15)
  • Merchant Bill of Rights (4)

Tag Cloud

401k ACA Acquisition Analytics Brand Awareness Chargeback Chip Card CNP Commerce Credit Card CVV Cyber Attack Cybersecurity Customer Data Data Breach Debit Card Customer Demographics Developer Ecommerce EMV Encryption Entrepeneur Events Customer Experience Credit Card Fraud Gift Cards Google Hacker Heartland HR Cyber Insurance ISV Lending Magstripe Marketing Mobile Managed Network NFC Online Fraud Mobile Ordering Outsource Apple Pay Mobile Payments Payroll Payroll 1 PCI Compliance POS Card Present Card Processing Loyalty Program Contactless Reader National Restaruant Association Retail Revenue Builder Rewards Program School Nutrition Out-of-Scope Secure Payment Heartland Secure Data Security See ID Self-Checkout Liability Shift NRA Show Small Business SmartLink Smartphone SMB Security Software Restaurant Solutions School Solutions Online Storefront Tax Tokenization VAR Minimum Wage Mobile Wallet Breach Warranty Moblie Website Wi-Fi
© 2017 Heartland Payment Systems, a Global Payments company (NYSE: GPN). All rights reserved.
Heartland Payment Systems Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA, and The Bancorp Bank, Philadelphia, PA.