Well-executed incentive programs encourage relationships between businesses and their customers, instead of relationships between customers and their reward points. 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 front and center for loyalty program strategy, planning, and engagement.
Loyalty Program Quantitative KPIs include:
- Increased engagement
- Increased sales
- Longer lifetime value
- Increased portfolios of offerings
Loyalty Program Qualitative KPIs include:
- Stronger brand awareness
- Competitive edge
- Increased satisfaction
Keep in mind that successful incentive programs use simple logic and are friction-free. A successful program is easy to join, incentivizes engagement, provides a variety of relevant reward products matched to the participant demographics, and excites and delights the members.
Stakeholder Management
Understand the responsibilities of the primary stakeholders in the buying process and at what stage each team should join throughout implementation.
Several primary stakeholders have varying focuses, concerns, needs, and goals for the incentive program and solution to manage the reward fulfillment, including marketing, customer service, IT & development, and finance teams. It is necessary to include the product manager if you do not cover that function for the program the incentive program is under consideration. Be prepared to acknowledge who’s responsible for, accountable for, and needs to be kept informed of the loyalty program buying process.
Implementation Timeline
Step 1: Program Discovery
Evaluate and understand solution providers that align with your business goals.
Step 2: Strategy & Framework Setting
Build a program that incentivizes your intended behavioral outcomes.
Step 3: Launch
Design, develop, configure, and QA the program within your tech stack.
Step 4: Ongoing Management
Train and prepare the teams that will work within the program regularly.
Conclusion
An incentive Platform provides enterprise businesses with the tools and customer insights necessary to drive customer profitability and program engagement. Effective loyalty incentive technology and program applications adapt with consumer, market, and company shifts to continuously drive retention, engagement, maximize revenue, and align with your business goals.
The ADR team is here to support your business as you navigate the incentive Platform and single application buying process. To learn more about the buying process, check out our guide here, or contact our team by clicking the schedule demo button, or calling 866-415-7703.
