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Boost Your Customer Lifetime Value with Loyalty Programs

October 22, 2020October 22, 2020 admin

In this cutting-edge competitive environment, no brand in any industry is safe. Customers are highly volatile and experimental in nature. Options and offers are abundant so also the flow of information. Retaining a customer has become more challenging than ever before. In fact, getting a new customer seems easier than retaining an existing customer. In this condition, customer lifetime value (LTV) is now the primary focus of marketers. It’s now one of the most important metrics for any business that wants to expand their market. Marketers trying and experimenting with every possible tool available to them to enhance the LTV of customers. The Customer Loyalty Program Software is an effective and much cheaper tool providing many advantages to the brands in boosting customer lifetime value.

Develop a Pool of Brand-Loyal Customers with Exclusive Loyalty Programs

Why will your customers spend more? You have to develop a reason. This is where your loyalty programs are relatable. Lifetime value and loyalty are two sides of the same coin. These two factors are inherently linked with one another. With an incentive-based loyalty program, you can induce your customers to spend more on your products. This incentive can be of different forms like special offers, discount coups, direct discounts, money back, and reward points.

Here are a few definite and proven programs that you can adopt anytime to boost your customer lifetime value:

Design a point-based loyalty program – This is one of the most used but most effective loyalty programs known to the business world. Points are added with each purchase and after adding some points customers can use the cash value of accumulated points for buying any product.

Scratch card system – This is another popular and proven loyalty program. Offer a scratch card for spending a certain minimum amount on your products or services. Keep a surprise gift with each scratch card. This works effectively when every scratch card carries at least a small gift or money back or anything attractive.

Tier system – This is one of the best loyalty programs for the long-term engagement of the customers. Customers are assigned tiers according to their monthly, half-yearly, or yearly buying amounts. A higher tier means higher discounts or rewards for a certain period. For example, a tier 1 customer can enjoy a 5% discount on any food item they purchase from your departmental store whereas a tier 2 customer can enjoy a 5% discount on any item they buy from your departmental store.

Discounts on purchase from a partner company – This is another way to enhance brand loyalty or lifetime value of customers. Partner with another company or companies whose products or services are someway related to your business. For spending, a certain minimum amount on your products or services offers customers discounted or free products or services of the partner company. For example, if you are a pharmacy, offer a free blood sugar check from a reputed diagnostic center in your city for spending a certain amount from your pharmacy.

VIP customer program – Let your customers spend on the subscription for obtaining a lifetime or yearly membership for availing certain exclusive benefits. For example, a member could get the order delivered to their address free while a non-member needs to spend a certain amount for getting the order delivered at the doorstep.

Each and every customer of your business are valuable. Not let them go easily. Pay attention to them because they are the backbone of your business. With simple but result-oriented loyalty programs enhance customer lifetime value. It will make your business relevant and profitable in the long-run.

Loyalty Programs to Maximize Customer Lifetime Value

October 19, 2020October 19, 2020 admin

Revenue is a shared vision that empowers every business in the global marketplace. How many of you are doing business without the aspiration of monetary gains? How many of you aspirng to start their business without any dependencies of closing sale deeds and generating revenue? That’s the only truth of doing business.

Now, moving forward, do you know what helps you grow your business? Do you know what gives you revenue? Of course, a customer. That’s why the common saying “Customer is the King” holds great significance. So, the tactics to growth and success are simple; firstly acquire new customers and secondly focus on customer retention while increasing their lifetime value (CLV).

What is Customer Lifetime Value (CLV)

Whether you talk about the past, present, or future of business, it purely rests on the customer, his preferences, and his behavior. A business must know its customer in and out while gauging the actual value a customer can bring to picture. This is all about customer lifetime value. In simple words, it is a business metric that displays the net business profit you gain by one customer over time.

For example, if a customer makes an expenditure of $2,000 on your company, the net customer value for that specific annum is $5,000. However, if you can retain the customer for 10 years and every year, the customer makes a similar expenditure, then the Customer Lifetime Value (CLV) equals $20,000. This defines the contribution of a customer to the business revenue. One by one if you keep adding customers and retaining them, each customer will keep adding to your business growth and success.

You can measure the CLV by:

Identifying where the customer is creating the value
Mapping the customer journey with the business growth records
Measuring revenue generated by a customer at every touchpoint

These metrics can help you create an overall record of the expenses a customer made on your company. From the actual value, reduce the cost of acquiring and serving a customer. The outcome is the final measure of the CLV.

How to Increase Customer Lifetime Value

Research and technologies have come up with many proven ways to increase CLV. Some of the most common measures include improved customer engagement, understanding customer pain points, providing relevant solutions, customized solutions, upgrades, and loyalty programs. However, among the long list of such initiatives made by companies across the globe, loyalty programs are working at its highest scale of productivity and positivity.

What are Loyalty Programs

Getting to understand what are loyalty programs, the first and foremost definition is the thoughtful measure to improve customer engagement and loyalty. The program includes offers and schemes like additional discounts on products, advanced access to a new range of products, free merchandise, birthday discount coupons, and complimentary services with specific products. These incentives often encourage customer retention while driving the customer to return for purchases on and often.

It is a simple marketing model that allows customers to earn and collect points on all their purchases. Further, the customers use the accumulated points to redeem for reward or discount. This, in turn, drives repeat customer purchase.

How Loyalty Programs Help Maximize Customer Lifetime Value

With more and more points, customers ought to return for new purchases and more points while adding more value and profit to a business. Popular research done by Bain & Company also states that when a brand works on increasing customer retention even by 5%, it holds the capability to boost business profit by more than 95%. This research makes it evident that even with a 5% effort if you can get maximum ROI, then why not put in extra efforts and measures to reach the highest ROI.

Benefits of Self Kiosks machine – Hospitality Industry Kiosks

October 12, 2020October 13, 2020 admin

The self kiosks or the ‘self serve hotel kiosks’ are a recent phenomenon in the hospitality industry. Hotels across the world are taking up this new practice, clearly explaining its numerous benefits. These kiosks are used to check the guests in and out of the hotel and issue key cards. These intelligent kiosks have eased client management in the hospitality industry.

Benefits of self kiosks machine

Here is a quick guide to the several benefits of these automated kiosk machines –

No long queues

With the self-serving kiosks in place, the hotel authorities, its staff, and the guests can bid a final adieu to long queues in front of the reception center. Now with several kiosks in the position multiple guests can start filling up their details in these kiosks to get an entry and a room in the hotel at the earliest. This is how a crowd is distributed throughout the reception lobby and other points in the hotel area and the process of checking in the guests becomes faster and easier.

Maximum staff utilization

Now that the hotel and the reception staff are no longer responsible for the check-in of the guests the manpower of the hotels can be better utilized. The same manpower can be used for carrying out other functions that can add to the customer delight of the guests. This is how the optimum utilization of manpower is possible.

Better data management

When the guests feed in their own data, like their names, mobile numbers, email ids, address, date of birth, health issues, etc chances of making mistakes in recording the data is reduced to a large extent. This can help the management and the other staff of the hotel in their official work in times to come.

Multiple data

The system of feeding in information through the self-serving kiosks is rather discreet and prompt. Data assimilated as per the designed system that the management or the serving personnel can access quickly through their systems. Through this process of generating data, the hotel management and staff can serve their clients better. Even the guests feel comfortable providing the information silently.

Flexibility and convenience for guests

Research and survey reveal that these kiosks have increased the convenience and the flexibility index of not just the hotel staff but also the guests. Now the guests can easily access these kiosks in any part of the hotel and they need not go to the reception lobby every time for updated information. This self-service system adds to the freedom and privacy of the guests.

Can promote other services

The hotel management can offer various service programs in their portfolio for an improved experience of their guests. The hotel management can give complete information of all the other services that the guests can avail during their stay in the hotel. This is a strategically indirect but effective way of promoting the other services of the hotel and improves its business volume.

Personalization

Guests on their arrival are informed about designed packages they can avail in terms of the services available and the prices they need to pay. Often the guests do not agree with all the elements of the package. A kiosk can be a perfect solution to this problem. Through these kiosks now the guests can select all the services and the amenities they are looking for and can pay just for them.

Kiosks have proven to be a huge boon for the hotels and the hospitality industry. These amazing machines embedded with artificial intelligence and data management system have been making the hospitality industry more dynamic and customer-oriented. In near future the use of self kiosks machine will be indispensable in this industry.

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IoT Innovations in Medicine

October 5, 2020October 14, 2020 admin

Internet of Things (IoT) has penetrated almost every industry, and healthcare is not an exception. The last decade has witnessed a huge impact in the healthcare domain, thanks to IoT. With healthcare technologies gaining sophistication, patients can benefit from highly tailored attention concerning their healthcare requirements. With IoT, you have smart devices to remind you of your calorie count, appointments, exercise hours, variations in blood pressure and much more.

Let’s explore how IoT has been leveraging the medicine and IoT Solution for Healthcare Industry over the last few years.

IoT for Physicians

IoT enables wearables, and other equipment for home monitoring would allow physicians to track the health of patients with greater efficiency. They can even remotely track whether or not the patients are adhering to their treatment plans. In case they require any medical attention on an immediate basis, the physicians get to know and do the needful.

Besides, healthcare professionals can be more watchful with IoT devices, and this protective approach works well for patients. Similarly, they collect data using these devices and choose the right process of treatment to obtain the desired outcomes.

IoT for hospitals

In hospitals, sensors are integrated with IoT devices to keep a track on of medical equipment like defibrillators, wheelchairs, oxygen pumps and nebulizers in real-time. Besides, the authorities can analyze the deployment of healthcare staff in real-time at various locations.

Specific smart devices, enabled by IoT, can take care of infections. In the process, it can prevent patients from getting affected by the same.

Besides, IoT devices help in managing assets, such as environmental monitoring and pharmacy inventory control. Again, these smart devices have other functions in hospitals like temperature and humidity control, checking the temperature in refrigerators, etc.

Detecting medical errors

Inevitable medical mistakes are preventable, but unfortunately, they account for thousands of deaths each year. Deploying IoT helps in preventing these errors to a significant extent. These days, healthcare professionals use wristbands connected to IoT to verify the identity of patients. In the process, they eliminate the chances of mix-ups. Besides, these smart devices help medical staff in checking allergies and other medical data.

While recording data, machines do not make mistakes in typing, thereby eliminating human flaws. This makes IoT a valuable mechanism to check and sort patient data.

Managing operational costs

Over the years, healthcare is becoming expensive. The most strategic approach to control costs is to enhance efficiency and maintain quality. Using IoT, hospitals can automate their workflow and make significant savings in terms of money and time.

With IoT devices, it becomes easier and faster for transferring data, as compared to the manual efforts. The staff has a lesser amount of responsibilities to shoulder, which reduces the operational expenses. Besides, the risk of time-consuming and costly data entry errors is also low.

Apart from the benefits presented here, IoT has been playing a crucial role in controlling diseases. Cancer, arthritis, and obesity, for instance, affect millions of individuals across the globe each year. IoT serves as tools for disease management, through which patients and doctors can continuously monitor temperature, blood pressure, cholesterol, etc. Eventually, it primarily serves as a preventive mechanism while dealing with chronic diseases. The coming years are likely to witness far more sophistication in the healthcare industry with intelligent systems.

How Digital Transformation keep your business safe in COVID-19

September 30, 2020September 30, 2020 admin

As of now, as per my knowledge every Business Leader plays a vital role in determining whether their organization exploits the innovative opportunities provided by technology or not.

So, now these days everyone means 7 out of 10 entrepreneurs talks about Digital Transformation but really a very few know about it and actually how to do it for growth!

So, here I want to say that digital transformation is imperative for all types of businesses, from the micro, small, medium, to the big enterprise. That message comes through loud and clear from seemingly every keynote, like panel discussion, article, or study related to how businesses can remain competitive and relevant when the world becomes digital very fast. What’s not clear to many business leaders is that, what is digital transformation means. Is it just a catchy way to say moving to the cloud? What are the specific steps we need to take to adopt it? Do we need to design new jobs to help us create a framework for digital transformation, or hire a consulting service? What parts of our business strategy need to change? Is it really worth it or not?

Why digital transformation matters?

A business can take on digital transformation due to several reasons. But by far, the most likely reason is that they have to take it as the survival issue. In the wake of the pandemic i.e CORONA, an organization’s ability to adapt quickly to supply chain disruptions, time to market pressures, and rapidly changing customer expectations has created a critical situation for all the business persons.

How COVID-19 pandemic changed digital transformation?

Due to this CORONA pandemic “We’ve seen a rapidly re-shaping of both the “what” and the “how” of companies’ digital transformation agendas.

So, in this you can take employee experience for example. “Even as an employee experience has become a key theme in the HR community, in IT circles this notion had been getting a mixed reception – sometimes stereotyped as “spoiled employees expecting best-in-class consumer-grade tech on shoestring budgets,”.

“Today, with a vast portion of the workforce now remote, employee experience of digital technology has gone from “nice to have” to “the only way work gets done. Consequently, it’s getting the problem-solving focus it likely long deserved.”

Digital transformation efforts that COVID-19 pushed higher:

Furthering the reach of customer support via tools including chatbots
Automation tools for resilience reasons
Radical housecleaning of redundant or conflicting systems

In the response to this pandemic, many CIOs have also embraced the notion that “the perfect is the enemy of the good,”. “Nothing silences an individual’s – or an organization’s – inner perfectionist like a full-blown crisis. In response to dramatic disruption, many organizations have undergone a healthy re-negotiation of their relationship to digital technology – prioritizing “hey, it works!” over “after years of slaving over this initiative, we’ve assembled the very best bells and whistles.” The “working software” lionized in the Agile Manifesto is getting a true moment in the sun.”

What does a digital transformation framework look like?
Although digital transformation will vary widely based on organization’s specific challenges and demands, there are a few constants and common themes that all business and technology leaders should consider as they embark on digital transformation.

For instance, these digital transformation elements are often cited:

Customer experience
Operational agility
Culture and leadership
Workforce enablement
Digital technology integration

While each guide has its own recommendations and varying steps or considerations, many other CIOs should look for those important shared themes when developing their own digital transformation strategy, for more details about the digital transformation you can call us or email us, all the contact details are available https://www.razorse.com/touch-with-us.aspx here.

Best Cloud Services Comparison – AWS vs. Azure vs. Google

September 23, 2020September 23, 2020 admin

Cloud computing is the process of using a network of remote servers available over the internet to store, manage, process, and secure important data. The process has come a long way in the field of technology and is now revolutionizing the industrial sectors while helping companies and individuals free themselves from buying and maintaining physical data centers. This has made it evident that everyone is now relying on cloud computing for their operations. However, the major concern is which cloud service provider to choose with the market getting mature and flooding with numerous such service providers.

Talking about the current scenario, the battle for cloud computing is most prominent between three dominant cloud service providers, Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).

Here’s a look at how these thee cloud leaders stack up in the market and handle their operations in the global marketplace.

Cloud Computing with AWS – 33% Share in the Worldwide Cloud Infrastructure Market

Amazon Web Services (AWS) is one of the oldest and the most comprehensive cloud platform with an intelligent infrastructure integrated with more than 175 fully functional features. This, in turn, is supporting the service provider help millions of customers to climb the way to success with lower cost of business operations, faster innovation, and improved agility.

Pricing

Pay-as-you-go: Helps you adapt to the changing needs of your business.
Save when you reserve: Helps you invest in reserved capacity for certain AWS services.
Pay less by using more: Helps you get discounts based on the volume of services you use.

Products

Amazon Web Services offers a huge spectrum of cloud-based products including:

Application Integration
AR & VR
AWS Cost Management
Blockchain
Business Applications
Customer Engagement
Quantum Technologies
Security, Identity, & Compliance

Features

The powerful features of Amazon Cloud Directory include:

Managing multiple hierarchies of powerful data and defining attributes for relationship.
Ensuring flexible schema management to avoid any kind of data duplication.
Offers a fully-managed infrastructure to eliminate expensive and time-consuming operations.
Makes the process easy with built-in search capabilities and data encryption features.

Global Cloud Infrastructure

The AWS Global Cloud Infrastructure comprises of 77 Availability Zones within 24 geographic regions across 245 countries and territories. Moreover, it has announced plans for additional 9 Availability Zones and 3 AWS Regions in Indonesia, Japan, and Spain.

Cloud Computing with Microsoft Azure – 18% Share in the Worldwide Cloud Infrastructure Market

Microsoft Azure is a safe, secure, extensive, and an ever-expanding cloud service that is constantly helping brands and organizations overcome various business challenges. It makes it convenient to use the desired tools and frameworks to build, manage, and deploy various business applications on a cloud network.

Pricing

Pay-as-you-go: Helps improve responsiveness with price changing with the needs of the business.
Cost Savings: Helps you realize cost-savings as you migrate application workloads.

Products

Azure offers a vast pool of cloud-based products including:

AI + Machine Learning
Analytics
Compute
Mixed Reality
Databases
Developer Tools
Hybrid
Internet of Things
Management and Governance
Windows Virtual Desktop

Features

The stunning features Microsoft cloud computing service offers include:
A thoughtful and functional set of features with improved capabilities.
An integrated Machine Learning Studio that works on algorithms as well.
Offers capability to support all languages and framework with continuous innovation.
Seamless operation for hybrid cloud with easy integration of all working environments.

Global Cloud Infrastructure

Azure Global Cloud Infrastructure is believed to have the largest network with160+ physical data centers arranged into 60+ Azure regions. Moreover, 170+ points of presence along with 1, 30,000 miles of fiber optic delivering faster connectivity at 100 Gbps makes the infrastructure more efficient and powerful.

Cloud Computing with Google – 9% Share in the Worldwide Cloud Infrastructure Market

Google Cloud Platform is a computing service offered by Google. It uses the same internal infrastructure that Google uses for a range of its user-specific services like Gmail, YouTube, and Google Search.

Pricing

No upfront costs: There are no commitments for any competitive pricing structure.
Customer-Friendly: Opaque and customer-friendly pricing model with discounts and incentives.
Pay on the go: Pay for cloud computing services as and when needed.
No termination fees: stop paying if service is turned off.

Products

GCP offers a comprehensive range of cloud-based products that include:

Cloud Functions
Big Query
Compute Engine
Data Analytics
AI and Machine Learning
API Management
Containers

Features

Features that attract Google cloud customers include:

Helps you modernize your business workloads on a state-of-art infrastructure.
Easy migration of application workloads with prepackaged cloud infrastructure solutions.
There is a multilayered security feature for enhanced data security.
Intelligent analytics to uncover various data insights and come up with scalable solutions.
Easy operations of applications in multi-cloud and hybrid environments.

Global Cloud Infrastructure

GCP with a reliable, secure, and efficient infrastructure works across 24 regions and 73 availability zones across 144 network locations available in 200+ countries and territories. The infrastructure is soon to add more regions including Doha, Melbourne, Delhi, Paris, and more.

Final Thoughts

There is no doubt that AWS has lived a long and healthy life in the field of computing services. However, this does not put the other service providers on the back seat. Each one of the cloud computing service provider has its own set of strengths and weaknesses. The comparison is just to help you make an informed decision while choosing the computing services for your business. The final choice is yours. Make a wise choice!

Ask to the Best Web based Software Development Company in Delhi that which services are good for your products

Author: admin

Boost Your Customer Lifetime Value with Loyalty Programs

Loyalty Programs to Maximize Customer Lifetime Value

Benefits of Self Kiosks machine – Hospitality Industry Kiosks

IoT Innovations in Medicine

IoT for Physicians

IoT for hospitals

Detecting medical errors

Managing operational costs

How Digital Transformation keep your business safe in COVID-19

Why digital transformation matters?

How COVID-19 pandemic changed digital transformation?

Digital transformation efforts that COVID-19 pushed higher:

For instance, these digital transformation elements are often cited:

Best Cloud Services Comparison – AWS vs. Azure vs. Google

Services

Technologies

Industries

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