Comparing Loyalty Reward Management Solutions

Comparing Loyalty Reward Management Solutions

BY Lucy Fang
Sep 14, 2017
Loyalty Program Services Providers, loyalty provider comparisons, Reward Management, loyalty technology, Rewards, Incentives

The current landscape of changing consumer preferences and countless brand opportunities drive companies to embrace customer loyalty is the answer to increasing the lifetime value of their customers. Loyalty service providers looking to find companies in need of extending their customer’s lifetime value are more and more turning to content and lead generation providers who are not necessarily experts in the field of loyalty or technology. These 3rd party providers are experts in generating content to meet the needs of Google’s search requirements, as well as lead generation. Once you fill out a lead form, they will track you to the end of time. Sound familiar?

Companies in need of a dependable and affordable loyalty program provider are just looking for a loyalty service provider that can provide the technology to support incentive and reward issuance that is aligned with customers user preferences that will successfully induce their customers to keep coming back. Be careful not to fall prey to companies who are employing a wide variety of content, lead generation tactics while attracting your attention. You are looking for a qualified loyalty provider not necessarily an expert in lead generation.

What should you be concerned with when comparing and selecting a loyalty service provider supplier to meet the need of your customer loyalty preferences? There are a few core concerns that you should address right away in the interview process. A few important ones to consider when making loyalty provider comparisons:

• CX experience. Are the loyalty service providers you are considering interested is helping you build relationships centered on customer value and engagement or just an out of the box points or discounts program?

• Advanced technologies. Does the loyalty service provider have the technology, advanced analytics, and expertise, to help you identify all the differentiators for acquiring the loyalty of your customers?

• Customize don’t configure. Run from a packaged platform that requires configuration – not customization – to meet client requirements. The boxed platforms might get up faster, but with today’s advanced technologies, there is no need for a boxed solution. If the provider’s core technology is built employing advanced microservices, not older legacy technologies you can meet today’s customer’s preferences.

• Strategic services. Make sure your vendor can provide more vital services, such as the predictive and industry-specific analytical models there’s more of an emphasis on relationship management than the “do this, get that” model.

• Loyalty management solution comparisons. Selecting a big-name loyalty provider is not necessarily in a company’s best interest anymore in today’s evolving technical climate. Response time is slow, and for the most part, their systems are built on legacy technologies and to accommodate today’s consumer preferences they have had to incorporate many workarounds…thus the reason for their inability to provide real customization. To put it in a visual perspective – think of the big box loyalty provider as a 5,000-passenger cruise liner and a fully customizable provider of a 500-passenger elite yacht. The cruise liner must provide food, activities, and amenities geared to the masses whereas the yacht is built to recognize the differentiators that are needed to construct personalized loyalty experience to extend the lifetime value of the cruiser.

• Response time. Think about the cruise line scenario. Which ship do you think can turn on a dime when market conditions change, or you have a need for a feature update or to make a change to meet the needs of a customer?

• Behavioral economics. Are they employing a psychological approach to loyalty strategy or are their processes being dragged down by lagging technological capabilities?

• Is the service providers platform a self-service technology platform? Can it provide flexibility and responsive?

• Loyalty marketing strategies. Do they understand the loyalty marketing strategies necessary to drive the technologies and promotions to support your various channel, sales, consumer and employee initiatives?

• Extensive incentive and reward offerings. Will you have to go to multiple resources to provide relevant rewards? Or does the provider have merchandise, digital rewards, VISA prepaid cards, gift cards, and travel?

Wherever you are in the process comparing and selecting a loyalty service provider make sure you consider All Digital Rewards, a leader in reward management technology. Our loyalty reward management platform, SaaS with Stack ™ and incentive and reward issuance applications and technologies meet the needs of today’s channel, consumer, sales and employee loyalty initiatives. Our advanced micro services and dynamic technologies are cloud-based and built to evolve with the changing needs of your business. We have a one-stop approach to incentives and rewards giving clients the biggest bang for their buck with an extensive offering of merchandise, digital rewards, VISA prepaid cards, gift cards, and travel. All Digital Rewards will assist you in building a strategy and identify key customer differentiators and help you match the appropriate incentive. The best part is it is done with automated technology!

To learn more about driving higher engagement through Reward Management Technology call today at 866-415-7703 or click the “Schedule a Demo” button at the bottom of the page!