Two things that data shows: the number one destination for Lyft riders is Starbucks and the popularity of gift cards rising every year. Using data, brand pairing and gift cards, Starbucks and Lyft are each making gains.
Using Data
Any marketing campaign should begin and end with data. This is what brought Lyft and Starbucks together.
Looking at Lyft’s data, they found:
-the single, most common destinations were Starbucks locations
-one-fourth of all Lyft rides are during main commute hours
Putting those two pieces of information together generates some pretty perfect ideas.
Using Brand Pairing
Brand pairing can extend the clout, reach of one brand to another’s identity, or between two brands. Lyft’s data clearly indicated that there was a common customer base between themselves and Starbucks. With Starbucks also doing a large portion of their business during prime commuting hours, each had a large number of potential customers for the other.
The opportunities offered by pairing these two brands could not be more clear. Last year this began with discounts and rewards points between the two brands. What other ways could they benefit from this relationship?
Using Gift Cards
Gift cards are a natural form of brand pairing. Consumer data points to their rising popularity year after year. Starbucks’ own data shows the high popularity of gift cards amongst their own customers.
Offering Lyft gift cards to Starbucks’ customers was another clear move. Yesterday, August 9th, they made the announcement.
Using Data, Brand Pairing and Gift Cards
Seeing how clearly Lyft’s data pointed to the use of brand pairing and gift cards with Starbucks begs an obvious question. Are you using data, brand pairing and gift cards?
By looking at your own customers’ data you may have a clear brand present itself for pairing potential. Do your customers share common traits with another brand or industry?
This data may present itself in many ways. Demographics such as age and gender, usage patterns, interests and habits are just some of the more obvious places to look.
How to go about executing a brand pairing is easier than you may think. Brand pairing doesn’t necessarily require a meet and greet between the power players of both brands. It can be done simply with a gift card incentive.
Your data can point you to which brand’s gift card to use. Your data can point you to what call to action to incentivize. Your data can point you to the measure of your success.
A company such as Promotion Vault can help you both in analyzing your data and fulfilling your incentives.