rch report on top loyalty management software: Forrester Report
How can you evaluate the success of your loyalty program? Forrester Wave Forrester Loyalty Management Solutions, Q1 2020 report has the answer. This report gathers the industry’s most important loyalty technology solution providers and shows which ones matter most. What were the key criteria used by Forrester to evaluate its participants? What can we learn from this report about the main characteristics of the leading loyalty software providers. Let’s get started.
What is the Forrester Wave Loyalty Technology Solutions Q1 2023 Report?
Forrester Wave Loyalty Technology Solutions Q1 2023 provides a detailed evaluation of 28 criteria for the leading loyalty technology providers in the market. The report provides insights into the most successful loyalty initiatives, as well as the critical features that make them possible. It evaluates the 12 major players, and divides them into four categories: leaders, strong performers and contenders. This guide is for B2C marketers looking for software that can be tailored to meet their brand’s requirements.
Top loyalty software providers: Key features
According to Forrester, we have listed the Comarch loyalty program attributes that we think are important for a successful loyalty solution:
Zero-party data
The most valuable information is data that comes directly from customers. This is because the source of the data can be trusted. Without knowing your members, a loyalty program is unlikely to be successful. The best customer loyalty software gathers this information through member attributes and online surveys.
It is also important to have a variety of ways to collect zero-party information and to be able to adapt your customer data model at any time. This can be done by users without IT knowledge. These tools allow you to assemble any data point in order to target members more personally.
Management of rewards and benefits
But rewards alone are not enough for the best software to be the best. The quality of a solution also depends on the customer’s experience, and their ability to engage through non-financial incentives such as gamification. Supporting all possible reward mechanisms, including cashback through to points and rewards programs, with a wide variety of rewards and burning functionalities for members, such as vouchers, raffles, auctions or charity donations.
Measurement of emotional loyalty
To fully understand customer behavior, behavioral loyalty metrics alone are not sufficient. To understand “why”, loyalty program platforms must combine behavioral metrics with emotional measurements. Comarch Loyalty Management is one example. CLM uses multiple metrics to determine the level of customer satisfaction.
Referral Program Management
Customer referral programs are a key feature of loyalty software that takes advantage of the positive experiences already enjoyed by members. This feature allows you to create a unique customer referral program – segmenting referrals, rewarding both existing and new users, and preventing fake accounts. Comarch’s product is ranked 4th on the market by Forrester because of its unique features.
Community engagement
The strength of the vendor’s community of customers is a good indicator of how strong their solution will be. Comarch is focused on digitalizing its growing clientele by implementing a Learning Management System (LMS) backbone, which is structured around three main pillars.
1. Loyalty Academy is an e-learning program for marketing professionals that focuses on learning as well as creating and managing loyalty marketing programs.
2. Customer Community: A space exclusively for Comarch’s customers, with 50+ channels (discussion group) relating to product and strategy. It also features recognition of the most active contributors and sessions geared towards industry.
3. Partner Community: An exclusive community and portal for different types of official partner.
Comarch has been recognized by Forrester Wave as a leader in loyalty product R&D. I am thrilled. Loyalty has become mainstream and is growing rapidly. In order to achieve this, we need to simplify the delivery and integration of martech ecosystems. It’s important to keep the focus on loyalty in these times of financial instability. This means focusing on great experiences, personalization and offering significant value to loyal customers. It is easier for marketers to use our AI-based platform and business services. From strategy development to daily operations, we’re there to help you.
Lukasz Slniewski is the Head of R&D – Loyalty & Marketing Solutions for Comarch.
The future of loyalty marketing
This report, The Forrester wave: Loyalty Technology Solutions for Q1 2023 gives us an insight into where the loyalty landscape will be heading. This evaluation, which takes into account the needs and challenges of B2C marketers, identifies the top three pain points that customers face when searching for the right loyalty management software. Forrester has high standards. Its requirements to be included in its list of top loyalty vendors are lengthy and, we believe, often difficult to meet. But that’s why this profile is so valuable. Comarch strives to meet and exceed these expectations with the above features, functionality, and offerings.
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