Business Intelligence
Your hospitality business generates a lot of data. Captured within your business systems - POS, loyalty, finance, staff and inventory - is a mine of...
4 min read
Louie Scarpari : 10/01/2023 2:27:28 PM
In the increasingly competitive world of hospitality, businesses are always looking for an edge, for something to set them apart, help beat the competition and generate more revenue.
Loyalty programs and online ordering are high on the agenda.
Australians have a high level of engagement with loyalty programs – we just love to love our favourite stores, banks and hospitality venues. The MasterCard survey ‘Achieving Advocacy and Influence in a Changing Loyalty Landscape’ found that a massive 79% of Australian consumers are members of retail loyalty plans, 50% and 43% are in airline and financial institution programs with a much lower 28% taking part in restaurant programs and only 19% in hotel schemes. Which means for hospitality businesses there is scope to grow customer engagement and grow their business through loyalty.
In terms of why Australian consumers join a loyalty plan, the same survey shows the top three reasons as:
The most popular rewards are points (48% saying they valued them most highly), discounts and cashbacks (32% each). Millennials in particular want to have the choice of using their points in the venue or online.
But it’s not just the loyalty program itself that generates loyalty – true advocacy, where someone really loves your business, and is an active promoter, comes from being truly engaged and having a great customer experience. If consumers have a positive experience, they’re going to keep coming back – a.k.a customer retention. Research by Rosetta Consulting found that engaged customers are five times more likely to buy only from the same brand in the future.
This is where online ordering systems play an important role. Whether you have your own in-house branded ordering app, or whether you are a part of the online food delivery revolution (think UberEats, Deliveroo), making it easier for your customers to do business with you plays a big part in getting them to fall head over heels in love.
So for the Australian hospitality market, there is certainly scope to engage a larger proportion of consumers in loyalty programs and online ordering doesn’t look like it’s going away any time soon. Let’s take a look then, at the eight ways these approaches can help you grow your hospitality business.
Great hospitality providers have always focused on positive customer experience. Online ordering can enhance that experience, and loyalty programs help to capture vital customer insights that ensure the business is delivering what its customers truly want. These are essential business tools, because customer experience isn’t just a warm and fuzzy ‘nice to have’ – it is a crucial element of growing a successful hospitality business.
Author - Carol Benton
Sources:
http://loyalty.collectapps.io/customer-loyalty-guide
Your hospitality business generates a lot of data. Captured within your business systems - POS, loyalty, finance, staff and inventory - is a mine of...
We love our drive-thrus
Loyalty programs can be incredibly beneficial to a business.