How many times in the past six months have you heard that “customer behavior is changing rapidly”? According to Michele Fitzpatrick, Retail Industry Strategist with Acxiom, 89% of shoppers changed “how” they shop over the past 18 months, and they are not likely to return to pre-pandemic behaviors, ever. To keep up with these changes, Brand and retail marketers must seek to meet customers “where they are” in their purchasing journey, and the solutions to this challenge will be found in a new generation of marketing technology.
The question looms, how should you go about selecting the optimal technology partner to support the needs of your customer marketing efforts? In this article, we’ll share a solid list of considerations to identifying the right partner for any technology you are considering and suggest changes to your decision-making process that may surprise you.
Digital Transformation is here and now. The pandemic accelerated retailer development of all things digital, and they are continuing to devote resources and further investment to maintain momentum. It should be a path that your key stakeholders are walking with confidence. After all, if your customers have gone digital, why aren’t you moving quickly in the same direction?
A similar transformational change in the MarTech sector also occurred. Only a few years ago, a survey of one-hundred RFP’s seeking a loyalty management system would have centered on the same 5-6 providers, all of which offered end to end bundled solutions. Today, there are a more diverse set of options available to marketers, in many cases highly focused, best in class marketing technology solutions to address a specific part of the customer experience tech stack.
Modular loyalty technology solutions provide options
Through this transformation, the approach of seeking a loyalty management system to meet all needs has been disrupted by the concept of modular technology. This has made the end-to-end provider model just one option, not THE option.
There are now multiple groups of solution providers organized around individual components of the MarTech stack. The good news for brands is they can breathe easy that full replacement of enterprise platforms is not needed just to add new capability. Instead, there is opportunity to append nimble, lightweight technologies to meet specific needs without burdening either your budget or your IT resources.
Personalized loyalty solution provider Exchange Solutions is one such company to watch. Retailers can now accelerate the opportunity to grow their loyalty program performance by adopting modular loyalty solutions, such as Exchange Solutions’ new offering called Promo Enhance, powered by their ES Loyalty product. This SaaS based solution is an optimal fit for retailers that need to maximize their promotion personalization efforts but lack the resources and hefty budget required to completely replace their existing platform, including those offered by their competitors, according to their recent launch announcement.
The procurement process of the future should seek to match the nuanced needs of customers with the specific benefits of built-for-purpose software. It is more important than ever for marketing leadership