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Buyers Guide to Loyalty and Incentive Management Platforms: Buying Process – Part Four

Top Considerations in the Buying Process

The purpose of Part Four is to help you understand the phases of the incentive technology buying process and help you with your organization, key stakeholders and their involvement, and how to handle objections. This informative guide will focus on how to effectively conduct discussions within your organization about investing in a loyalty program, including key qualitative and quantitative success metrics. Well-executed programs encourage relationships between a business and its customers rather than relationships between customers and their reward points. Evolving technology has moved loyalty programs beyond standard point accrual. The behavioral and emotional components of loyalty and how participants interact with your brand are now at the forefront of program planning, strategy, and engagement.

Qualitative KPIs include:

  • Stronger brand awareness
  • Increased satisfaction
  • Competitive edge

Quantitative KPIs include:

  • Increased sales
  • Longer lifetime value
  • Increased engagement
  • Increased portfolios of offerings

Remember that successful incentive programs use simple logic, are friction-free. They are easy to join and understand the program terms, incentivize engagement, so the user wants to receive the reward, provide a variety of relevant reward products matched to the participant demographics, and excite and delight the members.

Table of Contents:

Stakeholder Management and Implementation timelines

Implementation Timeline

  • Step 1: Program Discovery
  • Step 2: Strategy & Framework Setting
  • Step 3: Launch
  • Step 4: Ongoing Management

Objections and Risks 

  • Marketing
  • IT & Development
  • Finance & legal
  • Customer service

Conclusion

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