When starting an incentive or loyalty program, setting the right key performance indicators (KPIs) is a must. KPIs let you effectively measure your program’s success. If you’re not hitting these goals, adjusting your program management practices can help resolve this situation.
Different incentive and loyalty programs will have different KPIs. If you plan out your KPIs and incentive schemes before the start of your campaign, it should be easier to measure their effectiveness while uncovering areas for improvement.
5 Must-Use Incentive and Loyalty Program KPIs
There are seemingly endless ways to measure business activity. Having so many options is often overwhelming. We’re here to save you time. Start measuring the indicators below to learn how well your programs are going.
1. Incentive Program Enrollment
Program enrollment is an incentive program KPI worth tracking because, if you don’t have the level of participation your company projected, it’s a potential sign your incentive program management strategy needs reexamining and adjusting.
Ask yourself these questions in addition to tracking this loyalty program KPI:
- How many members of your target participants are enrolled in your program?
- Do you have the right rewards that appeal to your participants?
- Are you using a delivery method or redemption site that is difficult for them to use?
- Would adding some excitement through sweepstakes or instant-win games improve things?
2. Sales Increases
Are you about to run channel partner incentive programs or something similar? If so, wanting to see if it increases sales post-launch is understandable. That said, make sure you give adequate time to measure the results.
A key aspect of getting leads on board is offering high-value rewards to your participants. If not, even the best KPI incentive scheme won’t motivate your team.
3. Employee Motivation and Retention
Training new employees is expensive. Because of that, most companies prioritize employee retention. One potential way to keep employees around is by offering them incentives and loyalty programs.
These initiatives can help keep employees motivated to give their all. In this case, a loyalty program KPI could involve monitoring the average time employees stay with your business.
4. Reward Points Earned
In a points-based incentive system, seeing the number of points earned is a good KPI. It helps track participants’ behavior. A high number of overall points earned means participants are being motivated to perform the desired behaviors of an incentive program.
For example, a KPI incentive scheme could involve having participants earn at least 400 points every 30 days. If they do, they qualify for a $5 digital gift card
5. Reward Points Redeemed
Seeing many team-wide points accumulated is great. However, whether speaking about incentive or loyalty program KPIs, seeing these points getting redeemed is just as important. If participants aren’t spending their points, understanding why is vital.
Are they saving up their points for higher-value items? Or are they uninterested in the offerings available in your reward marketplace? If it’s the former, feel confident your employees are engaged with the program. If it’s the latter, consider rethinking what you offer.
Plan for Success With the Right Technology
When looking at loyalty program KPIs, having reliable data is crucial. That’s why you need the best reward program management technology. Keeping track of an incentive program without specialized technology can be a nightmare. A rewards solution can easily track data across all your campaigns, making adjustments as necessary.
Look for a secure incentive program management platform that gives your company the data it needs. It’s also imperative that your chosen program is customizable enough to suit your program’s unique requirements. Expert support and an extensive rewards catalog are other bonuses to look for.
Why Choose All Digital Rewards (ADR)?
ADR offers best-in-class reward management technology and an outstanding, ever-expanding selection of rewards, both physical and virtual. Additionally, you have the power to customize our reward management solutions to cater to individual project and client needs.
With ADR powering your company, you can deploy thousands of rewards in over 150 countries. It’s also supported by industry-leading reporting and analytics.
Whether delivering rewards to five customers or 95,000, ADR’s RewardSTACK™ reward management solution provides much-needed support for whatever type of incentive schemes you use or loyalty program KPIs you measure. ADR’s reward program management software, SaaS with RewardSTACK™ can simultaneously support multiple reward and incentive programs with the click of a mouse.
Additionally, RewardSTACK™ includes ADR’s Contact Center Module, which enables the client to:
- Provide cost-effective account management
- Directly communicate with their reward and incentive program respondents
- Simplify customer service processes
Schedule Your Demo Today
Would you like to learn more about RewardSTACK™? Are you interested in finding out how to measure incentive and loyalty program KPIs? Call us now at 866-415-7703. You can also schedule a demo with ADR by clicking the button below. We can’t wait to tell you more about ADR’s incredible end-to-end fulfillment of superior digital rewards.
