Unlocking customer loyalty's true potential is the power behind Marginal Value Exchange (MVE).
Traditional loyalty programs only capture about 20% of the customers. We were motivated by the challenge of engaging all the ad-hoc customers of a retailer, especially at food and beverages (F&B) establishments.
- How can we turn 1st and 2nd-time customers into frequent customers when they are reluctant to share their personal information?
- What can we do to make the "occasional regulars" visit us more frequently?
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With TQR, F&B businesses gain real-time visibility into all their walk-in customers, which can change dynamically over time. By measuring the number of repeat transactions and analyzing consumer actions, TQR empowers businesses to understand the speed at which loyalty is achieved and identify changes in customer behavior. This new field intelligence, Marginal Value Exchange, is vital to unlocking untapped wealth for businesses.
But how do we measure the value of Marginal Value Exchange?
Our journey led us to create a unique visualization tool: the radar graph. Unlike traditional bar charts, the radar graph provides a clear and intuitive representation of value. By assigning each consumer an equal proportion within the chart, we can measure the area covered by each consumer and the collective area for all consumers.
Using ten months of data from a restaurant in Singapore (almost all customers scanned a QR code during checkout and left, achieved near 100% participation), the radar graph would reveal each customer's number of repeat visits, represented by concentric circles. The area of each circle corresponds to the value contributed by that customer. By summing up the areas, we can determine what percentage of potential wealth the establishment is capturing.
Implementation is where TQR truly shines.
We understand that businesses may not have the time or expertise to delve into the technical details of MVE and TQR. That's why we offer TQR/MVE as a comprehensive service. Businesses can quickly assess their performance and uncover growth opportunities with just a simple set of numbers. Moreover, TQR provides specific tactical interventions that minimize behavioral uncertainty, ensuring enterprises make informed decisions that drive success.
Join the MVE revolution and unlock new wealth through anonymous engagement. TQR is here to transform how you engage with your customers and maximize your potential. Say goodbye to outdated loyalty programs and embrace the power of Marginal Value Exchange.