How do you measure the effectiveness of your loyalty management system? The Forrester wave Loyalty Technology Solutions, 1Q 2023 The report is here with an answer. Collection of the industry leading vendors of loyalty technology solutions, this report shows us which suppliers are most important. What are the main criteria by which Forrester evaluated its participants? And what can this report teach us about the characteristics of the leading loyalty software vendors? Let’s dive into it.
Forrester Wave Loyalty Technology Solutions, Q1 2023 is a comprehensive 28-criteria assessment of the market’s leading loyalty technology solutions providers. It provides insight into the most successful initiatives and the critical characteristics that enable their capability, evaluating the 12 most significant players and dividing them into leaders, strong performers, contenders and challengers. It’s a guide for B2C marketers looking for loyalty program software tailored to their brand’s needs.
Based on Forrester’s evaluation criteria, here’s a summary Comarch loyalty program characteristics that we believe are shown to make a loyalty solution a success:
Zero part data
Data obtained directly from users is the most valuable type of customer information (due to the reliability of its source). And without knowing your members, creating an effective loyalty program has little chance of working. That’s why the best customer loyalty software focuses on collecting this information via member attributes, popup quizzes, quizzes, contests, i online surveys.
It’s also important to have a wealth of methods to collect zero-part data and the ability to adapt the customer data model and data sources at any time by business users, without the need for IT expertise. These tools allow any data point to be brought together to target members with more personalized promotions.
Management of rewards/benefits
The best loyalty software software uses personalized incentives to increase customer engagement, but the rewards themselves aren’t enough to stand out from the competition. A high-quality solution is also about the complete customer experience and the ability to recognize their special status or engage them through non-financial benefits such as gamification. Support all possible reward mechanisms, from cash back to points and rewards programs with a wide variety of member rewards and recording functionalities (cash back, vouchers, lotteries, auctions, charitable donations or gifts ), gamified engagement down to levels and states.
Measuring emotional loyalty
Behavioral loyalty metrics are not enough to fully understand customer behavior. Loyalty program platforms need to combine these with emotional loyalty measurement to understand the “why” behind the numbers. – as Comarch Loyalty Management does. CLM uses multiple metrics to determine customer satisfaction levels.
Management of the referral program
Key features of loyalty software include robust customer referral program management that capitalizes on the positive experiences of existing members. This functionality allows you to create a customer referral program that stands out, allowing for segmentation of referrals, incentivization of new and existing users, as well as prevention of fake accounts. It’s features like those that make Comarch’s solution the fourth best on the market, according to Forrester.
The strength of a vendor’s customer community translates into the strength of its solution. Comarch is focused on fully digitizing our growing customer base by implementing a learning management system structured around three main pillars:
1. Loyalty Marketing Academy: An e-learning course for marketing professionals focused on acquiring knowledge as well as designing and executing loyalty marketing programs.
2. Community of customers: An exclusive online space for Comarch customers that includes more than 50 product and strategy related channels (discussion groups), recognition for the most active contributors and industry-oriented sessions moderated by Comarch and industry experts.
3. Community of partners: A closed community and portal dedicated to different types of official partners.
“As the head of R&D for our loyalty products, I am delighted with Comarch’s recognition in the Forrester Wave. Loyalty is becoming mainstream and growing fast. We need new business models and simplified delivery/integration into martech ecosystems. In these challenging times of financial instability, it is essential to focus on customer loyalty through a great experience, personalization and providing meaningful value to loyal consumers. Our AI-powered marketing platform and a wide range of business services make it much easier for marketers. We’re here to support you every step of the way, from strategy building to day-to-day operations.”
– says Łukasz Słoniewski, Head of R&D – Loyalty and Marketing Solutions at Comarch.
The future of loyalty marketing
The Forrester Wave: Loyalty Technology Solutions Q1 2023 The report gives us an idea of the direction the loyalty landscape is going. Considering the challenges and needs faced by B2C marketing decision makers, this assessment shows the most critical issues for customers looking for the best loyalty management software for their business. Forrester sets the bar high – their conditions for being listed among their Top Loyalty Vendors list are extensive and often, in our opinion, difficult to meet, but that’s what makes this profile worthwhile. With the aforementioned features, functionality and offerings, Comarch is constantly pushing to not only meet, but exceed these expectations.
Click here to download the report
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