Michelle Tempesta
Michelle Tempesta
Listening to the market, making recommendations for scalable product requirements, and developing useful content are the services that Michelle’s group brings to Paytronix users. Her constant thirst for marketing results is underpinned by a BS in marketing from Plymouth State University and an MBA from UIC.

5 Ways To Help Create a Frictionless Customer Experience

Brands are constantly searching for ways to make the customer experience easier and more rewarding. After all, a better shopping experience will increase customer loyalty, visits, and spend.

How can restaurant and c-store brands make the shopping experience simpler at a time when consumers expect the items they order to literally appear on their doorstep? Whether they are shopping online, on their phones, or in the store, your customers seek convenience. The answer – by creating a frictionless customer experience.

What is a Frictionless Customer Experience?

In business terms, “friction” refers to how easy or difficult it is for a consumer to reach the end goal of making a purchase. Every element that makes an experience less convenient adds friction. However, many business owners are entirely unaware of exactly how much friction their average customer experiences with each transaction. Decreasing friction not only increases sales and brand loyalty, but it can also lure shoppers away from competitors.

[…]

The Only Four Measures That Matter for Your Customer Engagement Program

Facts and figures are easy to come by for any guest engagement platform, be it loyalty programs, e-club programs, or CRM. But what are the key measures that marketers can rely on to deliver material impact with the customer engagement program? Running more than 350 programs has provided Paytronix with a clear understanding of what works and what doesn’t, telling us where to focus effort for the greatest impact.

To remember the most important measures, use the acronym EAT. It stands for Enrollment, Activity, and Triggering. Plus, there’s an additional measure called Penetration Rate. Consider how these four measures impact your guest engagement program.

[…]

New Dashboards to Understand Customer Analytics & Improve Your Loyalty Program

Even the most brilliantly conceived loyalty program is only as good as its results. These new dashboards make it so much easier to evaluate them! 

We’re happy to announce new dashboards, all of which have been fully rolled out and are available for you to use and explore.

Access the numbers you need. Visualize the trends in the data that will help prompt ideas for other successful promotions. The more you understand your customer data analytics, the more you’re able to build customer loyalty and strengthen customer retention. 

Think of the main program dashboard as a high-level look at your loyalty program. Here, you’ll get the “executive summary” of key information like average spend per visit, new members added within a certain time frame, and more. You can also filter data to dive a bit deeper into the exact information you’re looking for.

[…]

New Accounting Rules for Loyalty Programs

Recently the (FASB) Financial Accounting Standards Board and (IASB) International Accounting Standards Board got together to try to make “revenue” mean the same thing in every industry and every country. 

And while that might sound easy, it turns out that the US alone is notorious for having different rules for different economic sectors. So, the FASB and IASB set out to fix that. 

In 2018, the new model guidelines they set for public companies went into effect. And in 2019? They go into effect for private companies. 

In a nutshell, these guidelines are going to affect nearly every program you run as part of your rewards or loyalty program. The new accounting rules for loyalty programs—even programs as simple as “buy 9, get 1 free”—may force you to change how you represent the costs and revenue in your accounting system. 

Tune into a free, on-demand webinar, “New Accounting Rules for Loyalty,” to learn how these new accounting rules affect your loyalty programs and what you need to know. Click here to watch.  […]