If you are planning for an exclusive tiered reward program for your brand’s loyalty program solution, or perhaps a simple customer referral lead, the value of your loyalty program will always depend upon the rewards that you offer to your loyal brand advocates. The selection of a perfect reward is crucial as it distinctly showcases what your e-commerce business or advanced mobile app has to offer. It is indispensable for customers to identify the benefits of participating in your loyalty program.
An efficient and thriving loyalty program matches the rewards with the customer’s demands, desires and beliefs. A very recent study from Harvard Business Review states that from over 7000 people surveyed, 64% of them mentioned that shared values are the top priority needed for a successful customer-business relationship. This very clearly highlights the impact of a perfect reward on a brand’s loyal customer base.
Table of Contents
Why do you ask Loyalty Questions?
Loyalty Programs have set an impression of enhancing a business’s brand image and boosting customer engagement. As vital as it is to ask a few questions before considering a loyalty solution, it is equally important to understand how and when to enquire for the important attributes that necessarily need to be evident in a thriving loyalty program. Along with having a distinctively clear idea of the goals that you need to achieve, and the target audience that impacts your decisions, it is required to pre-determine which customer actions your brand wants to encourage and applaud. Does your brand believe in putting more emphasis on customer referrals? Does it aim on making more and more customers fill up the loyalty Survey? Or Do you want your customers to spread good word about your brands?
Brands can also reward their customers for subscribing to a new program or a newsletter or for downloading the brand’s new app. Obligating a brand’s loyalty solution provider is crucial and the very first step towards developing your brand’s own loyalty program. Drafting and asking away the right questions have the power to kill or facilitate your loyalty program. Therefore we suggest to primarily focus on the intricacies of your business before starting to draft the questions that should be asked before choosing the correct loyalty solution. Dig deeper to your brand’s history, the past achievement and potential mistakes. Go through the analytics to distinctively conclude on your target audience, understand their feedback and reach out to customers individually. Choosing a loyalty solution for your business is a huge investment, and every step taken to get your brand the best loyalty solution should be calculated, purposeful and pre-conceived.
What questions should you ask when considering a Loyalty Program?
Irrespective of the fact that there are numerous alternatives fulfilling our demands and needs with utmost accuracy, choosing the correct loyalty solution might be a bit harder than it already seems. It is no myth that a brand can implement several solutions required to drive retention, but with an effective loyalty solution, brands have greater chances of driving both incremental acquisitions and long-term faithfulness. Defying the popular belief, loyalty programs aren’t always exclusively all about earning rewards and claiming points. If chosen correctly, and properly analyzed, a proper loyalty solution can help customers achieve a wide set of goals. We have pointed out four very important questions that should positively be asked before considering any loyalty program.
- Is this loyalty solution adjustable and adaptable enough for my needs?
Unconventional loyalty program solutions allow brands to add enticing elements to boost customer engagement. While 28% of customers engage in a loyalty program for their quest to better and valuable rewards, 38% of customers say that the biggest drawback of their loyalty program solution is the mandatory need of purchasing to be rewarded with something. It is crucial to understand that loyalty program solutions should reward customers for more than just purchases. It is imperative for loyalty solutions to be flexible and highly adjustable.
- Does the loyalty solution align with my technological stack and perspective?
The creation of a unique and flexible loyalty solution isn’t just enough. Before considering a loyalty solution, it is vital to check if the structure of the loyalty program integrates with the technology that helps to deliver customers with exclusive shopping experiences. The quality and strength of your product will massively depend on the kind of strategically structured message or email that you smartly send to reach out to your customers. Even if you are not going for a multi-product solution, make sure you choose a loyalty solution which has a vast scope for deep integration to facilitate high quality personalized experiences across all channels. The loyalty program should also allow you to capture and analyze customer data acquired across all touchpoints for providing seamless personalized customer experiences
- Will this loyalty solution help me analyze the success rate?
Though there are multiple factors to consider while doubling down on a perfect loyalty solution, it is extremely important to see if your loyalty solution allows loyalty performance measurement. To calculate the efficiency of your brand’s loyalty solution, it is much needed to minutely observe incremental changes in customer behaviour. It is impossible to accurately study such data without the right kind of tools. Hence before considering any loyalty solution, dig deep and find out if there’s a proper tool to calculate important customer insights like the total number of points earned, number of referrals made and to whom, average amount spent etc.
- How shall I sell the loyalty solution to my entire team?
Even if you have got all positive answers on the previously asked questions, the main decision isn’t entirely yours to make. The final decision comes down to your entire team, the budget and the buy-ins. Since an effective loyalty solution has the power to positively impact all the metrics across the board, you can highlight to your team members how the chosen loyalty solution will massively drive the brand’s very own KPIs (Key Performance Indicator). You can initiate the process by sharing your solution with the team.
For over 10 years, Annex Cloud has been the worldwide leader in technology and service solutions that transform customer loyalty experiences for organizations, extending valued customer engagements, and providing industry expert advice on how to better structure loyalty programs catered to the brands’ needs. Powered by the comprehensive and scalable Loyalty Experience Manager™ solution suite, Annex Cloud customers capture and use zero and first party data to seamlessly deliver hyper-personalized experiences across the entire customer journey – from awareness to purchase to retention, loyalty and advocacy. The company is recognized by industry respected organizations like Gartner and Forrester and integrates with over 100 market-leading technologies. Get in touch with us today!