Unlocking the Power of Data & Securing Customer Engagement in the Digital Age
In today’s tech-driven landscape, businesses find themselves swimming in a sea of data. But the question remains: What do you do with all that information? Coniq’s recent Big Tech Breakfast in partnership with Mallcomm and Across Magazine shed light on the challenges faced by shopping destinations to not only collect but leverage their data to inform strategic decision-making and nurture mall-tenant relationships.
In a world where data is abundant, it’s essential to view it as an untapped resource. The key lies in transforming this wealth of raw information into actionable insights that not only decipher customer behavior but also drive meaningful customer engagement. As we navigate the digital age, active participation is no longer an option; it’s a necessity for businesses striving to stay relevant and competitive.
Why You Should Care:
Lots of Data, Now What?
The abundance of data can be overwhelming, but it’s a goldmine waiting to be explored. The key lies in turning raw data into actionable insights that drive customer engagement.
Data Management
Understanding the complexity of data management is crucial as not everyone has in-house experts to decipher intricate customer data. Investing in proficient data technology and allocating resources to build a robust team is an investment in the future success of your business. Ensuring you have the right technologies in place to capture and visualize this data can help shape your data into meaningful strategies for success.
Create Personal Connections
Today’s shoppers want unique experiences, they want to feel special and be differentiated from other informal customers. Beyond marketing tools, engagement is about connecting on a personal level. Understand your customers, and their preferences, and tailor your approach accordingly.
The biggest challenge for mall operators and their tenants is elevating customer experiences, and building a community of shoppers who feel an attachment to a specific location. Loyalty can be the cornerstone in reaching this level of connection with shoppers, not just through discounts and rewards but by building a community and giving back to those who contribute.
Loyalty as a Pillar for Tenant Engagement
Mall tenants frequently operate their loyalty programs, posing a challenge for operators to effectively integrate them into mall-wide initiatives. Nonetheless, a comprehensive loyalty program spanning the entire mall can serve as a powerful acquisition channel for tenants. The combined reach of a mall-wide program can exceed that of individual brands and give them access to a larger audience of ready-to-buy shoppers.
To engage tenants in this collective effort, showcase the advantages of participation through tailored data reports and insights into shopper behavior. While brands possess detailed information about their customers, they often lack visibility into shoppers’ activities across the entire mall after leaving their store. An engagement platform enables tenants to gauge their share of wallet across the mall, helping them connect the dots and understand their position within their category.
This approach allows them to customize strategies, targeting specific shoppers and expanding their customer base. Consequently, brands not only enhance their visibility but gain access to a large group of customers who frequent similar brands, establishing a mutually beneficial relationship for both mall operators and tenants, that also delights customers.
Brand Recognition and Sustainability
In an increasingly carbon-conscious world, shoppers not only seek sustainability in their surroundings but also desire responsible recognition for contributing to a greener planet. Loyalty programs present a distinctive opportunity to elevate brand recognition and foster customer engagement by integrating them with sustainability initiatives, catering to the expanding base of environmentally conscious customers. Operators can seamlessly incorporate sustainability campaigns within their broader loyalty offerings, capitalizing on key strategies for successful implementation: cultivating a sizable audience for effective communication, and incentivizing desired eco-friendly behaviors.
From an ESG perspective, aligning with the global trend toward net zero means leveraging data to understand the impact of various functionalities within your shopping destination (i.e. energy consumption, water usage, and other ecological factors.) This data-driven insight aids in identifying areas for sustainable improvements and taking proactive measures. For instance, analyzing footfall and parking data allows operators to incentivize shoppers with discounts for eco-friendly practices like cycling to the destination or walking specific distances within the mall premises.
The strategic use of data not only promotes sustainability but also helps identify and address areas for improvement early on, bolstering the reputation of the landlord. A noteworthy example of this approach is Coniq client Apsys, which executed a dedicated sustainability campaign aimed at rewarding customers for eco-conscious behaviors. Customers were encouraged to recycle plastic bottles in exchange for exclusive offers, and the collected bottles were transformed into a captivating sculpture displayed within the mall—a creative and tangible manifestation of the positive impact of sustainability efforts through loyalty programs. Read the full case study here.
Gamification is a Game-Changer!
When it comes to customer engagement, gamification can be a game-changer when it comes to entertaining and engaging customers. Celebrate milestones with gamification. Hidden QR codes, anniversary gifts, and recycling initiatives can turn routine shopping into an exciting and rewarding experience that surprises and delights your customers.
AI for Personalization
As the digital world enables us to do more than ever before, AI engines such as chat GPT have emerged as a useful tools for personalized communication. Utilize AI features to tailor your emails and curate exclusive offers that resonate with individual preferences, ensuring your customers receive the right information at the right time. In conclusion, as we navigate the challenges and opportunities presented by big data, the strategic use of data for loyalty programs emerges as a catalyst for sustained growth, customer satisfaction, and a competitive advantage. Embracing the power of data is the key to securing customer engagement and will have a direct impact on shaping the mall of the future.
