FMI launches new analytical loyalty system
A new stand-alone loyalty application, ValuScape, from Frequency Marketing has just been launched, with the aim of helping businesses increase their revenue from best customers through purchase tracking and sophisticated analytics, by allowing marketers to score, segment, analyse, and report on customer transactions and behaviours.
FMI's ValuScape product is essentially a data warehouse focused on customer transactional behaviour, storing and analysing information from potentially millions of customers and hundreds of millions of transactions.
Among the information stored in the 'datamart' is the nature, payment type, and location of purchases, allowing ValuScape to score, segment, and model data to both drive and evaluate marketing initiatives.
According to FMI, the system helps answer three key marketing questions:
- Who are my best customers?
- Where should I invest my marketing budget?
- Which customers should I target for retention and increased spending?
The system works either independently or integrated with FMI's proprietary Loyalty Solutions Platform, and can be deployed on any database platform. Third party technology support also includes a number of reporting engines, and the ability to accept data from external CRM systems and legacy databases.
Early adopter North America's Red Roof Inns has recently adopted the product to analyse the behaviour of its best customers. "ValuScape has been a great tool for us to gauge the effectiveness of our RediCard Preferred Member frequent guest programme," said Mark Anderson, senior director of partnerships and loyalty programmes.
The software offers data analysis features including: Recency, frequency and monetary value (RFM) segmentation; Value, potential and attrition scores; Tier mobility; Attrition risk; Return on investment (ROI); Relationship value chain analysis.
Operational options The software is available in two configurations with pricing starting at US$20,000 depending on transaction volume, purchase terms, and delivery and implementation options.
With the ValuScape Service Bureau option, FMI hosts the application and charges a monthly fee for operational assistance, data processing, and report generation.
With the ValuScape Software License option, you host the application, and the pricing includes a licensing fee and monthly charges for technical support.