Formation, the Dynamic Offer Platform (DYNO) company, continues to expand its offer library with the announcement and general availability of additional gamified three-step offers.
As marketers look to deepen the relationship between brand and customer in the digital world, typical offerings like mass discounts are no longer effective. In the digital marketplace the needs of customers and brands have changed. Customers need to be continually engaged in new and innovative ways with a level of personalization that is not only engaging but which also builds trust with the brand.
The Next Phase of Dynamic Offers: Three-Step Offer
Formation’s 3-Step Offer provides brands with a new and innovative way to engage customers. Traditionally, retailers have relied on mass offers to reduce barriers for customers to complete valuable behaviors such as purchases, but mass offers have become a race to the bottom for many brands:
- The relationships they build are purely transactional and never engage on a deeper level
- They train consumers to wait for a discount rather than pay full price for products
- They aren’t flexible and make it difficult to drive specific consumer behaviors such as increase frequency of store visits, accelerate second purchases, or explore other categories or brands
This new offer capability further extends the Formation Platform’s unique and patented capabilities. “Now marketers can easily create highly engaging gamified experiences using any event data they provide to the Formation platform, not just transactions,” said Christian Selchau-Hansen. “Marketers can create experiences and offers using any event – out of hundreds of potential actions – and it all can be done from within an easy-to-use UI. This enables personal gamified journeys to be easily and quickly created leveraging the Formation platform’s A.I. and automation.”
The addition of the 3-Step Offer to Formation’s offer catalog enables marketers to create personal gamified offers out of any three actions, selecting from both transactional and non-transactional actions. Marketers are now able to engage customers not only across traditional transactional use cases but are also now able to target non-transactional behaviors such as: registering for a loyalty program, downloading a mobile app, completing account profiles, referring a friend, and/or writing a product review.
The launch of this offer type provides marketers with a range of benefits:
- Deepen relationships with customers because they build fun multi-step journeys that result in larger rewards to the customers
- Increased flexibility – marketers can now combine digital non-purchase and purchase actions into a single offer
- Immediate feedback/improved customer experience – as soon as we’ve seen the qualifying action(s) the customer can see they’ve progressed, and relevant rewards can be distributed, with no need to wait for business hours activities to create those updates
Why Dynamic Offers Are the Future
Formation’s Dynamic Offer Platform automates the execution, fulfillment, and measurement of personalized offers at scale. Marketers build campaigns focused on a specific business objective from a wide range of single-action or multi-action offer types. The platform then automatically generates a unique offer for each customer within the guardrails determined by the marketer and continuously optimizes each campaign automatically, enabling the marketer to focus on gaining new consumer insights and designing campaigns to new business objectives. Formation’s platform integrates with an existing marketing stack to ingest and process data from a customer data platform, deploys campaigns through existing distribution channels, and fulfills rewards through loyalty systems.
Key benefits include:
- A Comprehensive Offer Catalog – A rich catalog of offer types that enables brands and their marketers to engage their customers in new ways and meet specific business objectives such as increasing frequency, driving second purchase, category exploration, and digital onboarding.
- Automated Generation of Personalized Offers at Scale – Formation automates the creation, fulfillment and measurement of dynamic offers, taking Time-To-Offer (TTO) from months to minutes. DYNO creates millions of offer variations using automated machine learning so loyalty marketers have more time to focus on the strategic elements of their program.
- Multi-Step Offers – The industry’s only patented and personalized multi-step offer. Multi-step offers gamify both transactional and non-transactional experience to drive a variety of business objectives to increase frequency and spend.
- Drive Incremental Behavior – Loyalty marketers can explicitly define and target incremental behaviors such as spend, visits and engagement at the individual level in order to maximize revenue from each customer.
- Continuous Offer Optimization – DYNOs machine learning-powered offer optimization functionality automates campaigns to get continually smarter over time, adjusting offers to maximize Customer Lifetime Value (CLV).
- Metrics & Insights – Our comprehensive dashboard provides key metrics for the offer funnel, engagement, consumer spend, and overall campaign KPIs over time. Loyalty marketers gain key insights and can put them into action quickly.
- Tech Stack Agnostic – DYNO easily integrates into an existing tech stack, allowing organizations to leverage marketing, loyalty and other customer data sources through open API surfaces. This ease of integration jump starts the journey to highly enrich personalized and dynamic offers with every insight available.
About Formation
Formation helps brands build deeper relationships with every customer, beyond the transaction. Our patented Dynamic Offer Platform leverages brands’ first-party data to automatically generate each customer’s offer with the best action and reward, then manages the deployment, measurement and fulfillment of each offer across the marketing stack. Brands see 3X revenue lift, 2X more engagement and 10X faster time to market with their offers. Formation powers offer optimization for some of the world’s largest brands, such as United Airlines, Giant Eagle and Smiles. For more information, visit formation.ai. Formation also supports a community of digital and marketing leaders called Loyalty Innovators. For more information, visit loyaltyinnovators.com.
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