A great loyalty program can help a business gain loyal repeat customers and also increase a customer’s lifetime value. But just having any old loyalty platform doesn’t do it these days. Customers are looking to buy the brand, not just the product. They want to feel sought after or rewarded when they devote their time and money to your brand. In just about every industry there is more than one company that offers similar or the same product. Creating a distinguishable brand is necessary to succeed! Designing a loyalty program that is creative, easy to use, and attracts attention is what will keep your business thriving. When it comes time to take that step most businesses feel like “Where do I even begin?” While designing and implementing a “loyalty program” sounds complicated and overwhelming, we’ve got news for you: it’s not. As long as there is an objective in mind when creating a rewards program for your customers and an experienced loyalty platform provider to help execute marketing, translate retention tool metrics, and establish the expectations of the program, designing a loyalty program can be a rewarding, stress-free endeavor that any business can tap into. Jumping into the top 5 […]
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The Building Blocks of a Successful Panel Loyalty Program
Panel loyalty programs increase research firms’ panelist retention, survey frequency, and panelist acquisition programs, making them foundational in increasing your research firm’s profitability and revenue. An effective panel incentive program can build brand advocacy and increase the lifetime value of the panelists. The four basic building blocks when creating an effective panel loyalty program strategy include objectives, gaining program support, rewarding participants and measuring the program. Objectives There are a few steps you must take when creating your panel loyalty program. Gaining the support of key stakeholders When preparing for a panel incentive initiative, panel managers often face roadblocks in the approval phase of their proposal. Be prepared to show upper management that you have a sound business case, including measurable and accurate metrics. Loyalty incentive programs have proven vital in cultivating and rewarding repeat panelists. You must ensure your loyalty program will be valuable to your key stakeholders. With a strong plan in place with clear financial objectives, management is more likely to understand the benefits of your program and see that it warrants their support. When in the program design phase, take the following steps: Rewarding The Participants There are several types of incentives to select from, including: […]
