An Offer Management Platform- OMP for short- is a software that gives you the ability to manage your offers online.
It is an essential solution for modern marketers who wish to create, manage, distribute digital offers across various channels and audiences..
In this digital age, coupons and incentives have been digitalised and made convenient in tandem with various e-commerce platforms.
Here is where an Offer Management Platform comes into play. Offer Management Platform allows marketers to control the product offer/ reward life cycle from start to finish, automate delivery processes, optimise cost-savings and gain actionable customer insights to make decisive incentivise actions.
In this article, we will explore 5 benefits of an Offer Management Platform to marketers.
1. Improve Customer Segmentation
Companies often engage in customer segmentation to divide their large customer base into groups based on various demographics or characteristics. As such, an OMP can enhance customer segmentation by making use of your customer data and insights to help you create unique campaigns for your product offerings to target your intended group of customers.
For example, an OMP can be used to segment your customers based on their past preferences and past purchase history.
2. Personalised offers
According to Accenture, 91% of consumers say they are more likely to shop with brands that provide offers and recommendations that are relevant to them. Customers enjoy it when retailers factor in their interests when offering incentives to them.
As such, Promotion Personalisation entails personalised incentives targeted at customer segments with certain characteristics or attributes such as preferences, age, gender or purchase history.
With an Offer Management Platform, you will be able to provide a personalised customer experience by rewarding incentives tailored to their attributes and interests.
3. Customer Loyalty
A study by Harvard Business Review found that depending on the industry, acquiring a new customer can cost anywhere from 5 to 25 times more expensive than retaining an existing one. Shocking, right?
For that reason, businesses are constantly focusing on building customer loyalty in efforts to retain existing customers.
Offering personalised 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.
4. Seasonal offer
Another marketing strategy is to offer incentives that are relevant to seasonal holidays and celebrations such as birthdays, Christmas, Chinese New Year, New Year, Valentine’s Day and more. Whatever occasion it may be, you need to seize the opportunity to offer season-driven rewards to your customers.
With an offer management platform you can pre-plan / create and manage your seasonal campaigns with relevant incentives to suit the occasion. Not only does it make your brand more enticing, but it also motivates your customers to participate in the campaign and spend more during the holiday season.
Examples:
- New Year’s promo (Minimum spend $100, Enjoy 30% off)
- Christmas Special Offer
5. Customer Data & Insights
As a data repository system, an Offer Management Platform tracks and collects customer data & insights as well as create a database for your digital offers to be readily available. Moreover, the platform is able to create complete customer profiles, pinpointing their transactional history which will all be vital factors when creating unique campaigns.
Conclusion
As consumers’ demand for a personalised customer experience continue to grow, companies and marketers need to implement an Offer Management Platform to streamline offer marketing efforts.
Vouchermatic is a one-stop offer management platform and a promotion engine that can help you execute the offer marketing strategy. Its API-first infrastructure provides flexible & easy integrations with any of your existing systems for a seamless offer marketing approach. By diving into customer insights, Vouchermatic segments your customer base to create Time-based, Customer-based and Product-based campaigns. Its intelligent system enables users to create personalised incentives and distribute them via multiple channels to engage and build stronger customer loyalty amongst your customers. If you want to learn more about Vouchermatic, you can connect with us here.
