In a rapidly evolving business landscape, customer loyalty plays a pivotal role in driving growth and sustaining success. For small businesses with limited resources, implementing effective loyalty programmes may seem like a daunting task. To shed light on this important topic, BusinessToday had the privilege of speaking with Edward Cham, the CEO of Web123, a company that specialises in empowering businesses with innovative loyalty solutions.
In this exclusive interview, Edward Cham shares valuable insights on how loyalty programmes can serve as a low-investment, low-barrier solution for small businesses, as well as the importance of embracing data innovation, personalisation strategies, and the challenges involved in transitioning to digital loyalty programmes.
Loyalty Programmes: A Low-Investment, Low-Barrier Solution
Edward Cham emphasises that loyalty programmes can be a game-changer for small businesses seeking cost-effective ways to attract and retain customers. At Web123’s OneWayLoyalty, they’ve focused on creating an accessible platform that requires no additional software or mobile apps, making it an attractive and low-investment option for merchants. Moreover, they have ensured that the platform is user-friendly, requiring minimum training to kick start the loyalty programme.
“Many small businesses lack the resources necessary for expansive marketing campaigns,” says Edward. “Our goal is to help these businesses overcome that hurdle by offering an easy-to-use and cost-efficient solution.”
The platform also offers various automations, such as periodic campaigns, automated birthday greetings, and after-sales automations, all geared towards engaging customers effectively and boosting revenue.
Embracing Data Innovation for Pioneering Customer Strategies
In the digital era, simply going online is not enough to stand out among competitors. Edward Cham highlights the importance of data innovation in today’s complex and competitive business environment. “Data is equivalent to knowledge, and knowledge is power,” he states. Leveraging data and analytics allows businesses to gain valuable insights into consumer behavior, leading to improved consumer profiling and segmentation.
With OneWayLoyalty, businesses can automatically translate raw data into valuable information, including individual preferences, behaviors, and purchase history. “This information helps businesses understand what products or services customers want in the future, enabling them to formulate better marketing strategies,” explains Edward. The ultimate goal is to offer products or services that cater to the needs of target customers, fostering stronger customer relationships.
Translating Behavioral Data into Enhanced Customer Experiences
Behavioral data gathered by loyalty programmes holds the key to personalised engagement with customers. “Addressing customer preferences on a personal level makes them feel valued,” says Edward. OneWayLoyalty allows merchants to utilise this data to craft targeted marketing campaigns.
“For instance, if a merchant has a new kids menu, they can run a marketing campaign specifically targeting members with families,” explains Edward. Automated birthday greetings are another way to make customers feel special and remembered, creating a positive and lasting impression.
Privacy and Personalisation: Striking the Right Balance
While harnessing customer data is essential for personalisation, privacy remains a major concern. Edward stresses that Web123 takes privacy seriously, implementing several measures to safeguard customer data.
“We collect only a limited amount of personal data, such as name, telephone number, and date of birth, to protect customers’ privacy,” assures Edward. “We also have a clear privacy policy and limit access to customer data on a need-to-know basis. All sensitive customer data is encrypted both in transit and at rest on servers.”
Overcoming Challenges in Transitioning to Digital Loyalty Programmes
Transitioning from traditional loyalty programmes to digital ones can present challenges for small businesses. The primary obstacle is often the migration of data. To address this, Web123 offers an import feature that seamlessly transfers customer databases to the digital platform.
“For small businesses adapting to a new system, we’ve designed the platform to be simple, visually easy to understand, and organised in different modules,” says Edward. Moreover, online tutorials and support are available to help train staff, ensuring a smooth transition.
Empowering SMEs with One-Tap Loyalty Programmes
Edward Cham explains that Web123’s approach to assisting local SMEs involves understanding their unique challenges and business models. “Once we understand their goals, we propose loyalty models that suit their needs, whether it’s a point-based or digital stamps model,” he says.
By offering automated features, OneWayLoyalty helps SMEs address their challenges efficiently, empowering them with a user-friendly platform that strengthens customer loyalty.
New Initiatives on the Horizon
Edward Cham shares exciting future plans for Web123. “We aim to include gamification to enhance interaction between merchants and members,” he reveals. “Additionally, we’re exploring predictive selling to generate more precise marketing campaigns.”
These initiatives promise to elevate customer engagement and further improve customer experiences in the loyalty programmes offered by Web123.
In conclusion, loyalty programmes have proven to be a vital tool for small businesses to attract and retain customers. By embracing data innovation and personalised strategies, businesses can create memorable customer experiences. Edward Cham and Web123’s vision for loyalty programmes that are both effective and privacy-conscious ensures that businesses can thrive in the digital age, regardless of their size or resources.
