#MillenniumLive , Data , Digital
This article was written by Dan Slavin, CEO, CodeBroker.
Marketing automation and sophisticated analytics are making personalization a reality for retail marketers. Successful marketing personalization requires, what the Harvard Business Review calls, “integrating the three D’s: data discovery, automated decision making, and content distribution.” For personalization to work effectively, each of these need to be tightly synchronized.
The missing link, however, is in the content distribution phase – specifically in the area of “Offer Personalization.”
The reason? A security component is missing from two key areas associated with offers 1. Offer Distribution and 2. Offer Redemption. Marketers can conduct good analysis to match the right offer to the right segment. But without the security to ensure that the offer is used solely by the intended recipient – and only used once – then entire personalization effort can break down because:
Marketers can conduct good analysis to match the right offer to the right segment. But without the security to ensure that the offer is used solely by the intended recipient – and only used once – then entire personalization effort can break down because:
Customers can redeem an offer more than once.
Individuals can access an offer that was not meant for them – or the offer may even go viral.
Marketers can’t track and attribute individual behavior accurately to measure the offer’s true effectiveness.
Distribution and Redemption Security
CodeBroker clients are employing single-use coupons to address the offer distribution and redemption security dilemma, to ensure that:
Individual behavior can be tracked end-to-end to enable further personalization.
A consumer can only obtain an offer that is meant for her, and receives an offer only once, even if she tries to obtain it multiple times.
The consumer can redeem the coupon or offer only one time.
The POS system can validate/accept/redeem single-use offers at high speed, in real-time.
CMOs who once could not deploy single-use coupons are now leveraging them, and seeing a 30% to 50% increase in offer redemption across the marketing lifecycle (customer acquisition, engagement, and retention.)
By adding a security component to offer distribution and redemption, marketers can take personalization to a higher level by offering personalized promotions in a secure, risk-free manner, and measuring results more accurately, for a complete personalization workflow.
For more on the topic, here’s a new CMO report that digs deeper into how retailers are using single-use coupons and promo codes to deliver personalized offers securely and at scale.
Interested in learning more? You can meet CodeBroker at our Transformational CMO & Digital Retail Transformation Assembly next week in Atlanta.
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Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!
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