Adopt to Offer Management Strategies – Make them an offer they can’t refuse
Offer management has been very often used by companies these days. But have you wondered what difference it makes if you are sending personalized offers to your customers which shows how well you understand your customer instead of dumping him with a bunch of unwanted offers?
Personalized offers not just show a better understanding of the customer by a client but also help to generate high revenue, better conversion rate, customer engagement, and retention.
In the above scenario, we can see an unhappy customer who has shown interest in soccer and is getting offers related to other sports compared to a happy customer who is getting offers related to his/her interest.
Let’s understand what is Offer Management Platforms (OMP)
In this digital age, where brands operate at a large scale, creating the need for mass distribution of customer offer such as customer loyalty offers and discounts to the valued customers often as part of strategic rewards program.
Offer Management Platform is dedicated to helping marketers manage, distribute, secure, and track digital offers. With a dedicated offer management system, marketers get control over the offers throughout their entire lifecycle.
A centralized offer management process increases the scale and effectiveness of personalized offers resulting in higher revenue and faster time to market.
- Easily create, manage, and track your different offer types, across multiple lines of business, eliminating complex and time-consuming manual processes
- Quickly determine eligible audiences and prioritize offers based on customer and business value
- Present personalized offers to customers in any channel, including web, email, SMS, or push
What are the benefits of the Offer Management Platform to marketers?
Now, let’s see what benefits come with using offer management platforms.
- Improve Customer Segmentation – OMP can be used to segment your customers based on their past preferences and past purchase history.
- Personalized offers – provide a personalized customer experience by rewarding incentives tailored to their attributes and interests.
- Customer Loyalty – Offering personalized promotions & loyalty incentives to your customers, establishes an emotional connection between you and your customers as they feel appreciated. This keeps them coming back to your business.
- Gain valuable insights – Offer management platform can help you analyze customer trends and learn all you need to know to make more innovative moves in the future.
What can you achieve with Offer Management?
- High conversion rate
- Better Customer Understanding
- Good Customer engagement
- High revenue generation
- Customer Retention
Role of AI and ML in generating Personalized offers?
AI-powered marketing tools can help marketers better understand their customers’ journeys. AI can help analyze what digital channels your customers are using, recommend products based on browsing activity, and create optimized offers based on their location, time, and purchase history.
- Generate individualized next-best offers for customers, based on their previous choices
- Select the most effective target group for a new offer or a promotion without any pre-defined conditional segments
Top tools with Offer Management capability
- Adobe Campaign: Manage a portfolio of your offers or suggestions within Adobe Campaign by organizing them by ranks and capping the number of offers shown to customers. https://business.adobe.com/products/campaign/offer-management.html
- Adobe Journey Optimizer: Define and manage offers — Use Journey Optimizer to deliver the best offer and experience to your customers across all touchpoints at the right time. https://experienceleague.adobe.com/docs/journey-optimizer/using/offer-decisioning/get-started-decision/starting-offer-decisioning.html#about-offers-and-decisions
- Salesforce Marketing Cloud: Promotions give you the ability to define the right offers for various customer segments at the right time. https://help.salesforce.com/s/articleView?id=sf.loyalty_promotions.htm&type=5
Please feel free to provide your thoughts and comments on this article based on your experience.
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