Whether you’ve just been hired or have been running your organization’s loyalty rewards program for years, do you feel certain it’s running at peak performance? Are you providing rewards that your members care about and keeping track of the right metrics? We’ve compiled a list of actionable tips for loyalty program managers of all levels to help improve your program and more effectively report that success internally.
1. Understanding the program
This one may seem like a no-brainer, but it’s important to not only understand the various elements of the program you’re managing, but also which pieces are most valued within your organization and with members. What is the program’s design? How is it organized? What data is available? What metrics are currently tracked, and which are most useful for showing trends in program usage and engagement?
2. Managing partners
Take a look at your partners. What do they offer? What are their core competencies? Are there generalists whom you can rely on for industry information? Are there niche providers whom you can lean on for very specific challenges? You may be in a situation where you’re not the expert, especially in the beginning. It’s important to know who you can go to for help. Make sure your partners are proactive – acting as a helpful resource providing guidance and suggestions for improvements – rather than waiting for a problem.
3. Analyzing & reporting data
Reward programs generate massive amounts of data. Before you dig into that data, it’s important to understand which pieces are the best proxies for showing program success. Make sure the data you’re collecting can show trends like growth in members and engagement. Effective data management allows you to identify what’s working and what’s not as well as what behaviors to reward and which rewards are being cashed in most. Have activation and use rates increased? Are you tracking churn rates? Can you draw conclusions based on trends in usage?
4. Making improvements & reporting success
If you understand the data you’ve collected and can point to trends, you’re in a much better position. Proving program ROI is challenging, but user data and trends in behavior can equip you to make better suggestions for future programs or incentives. Did a change in rewards or incentives show a spike in program enrollment? Did non-users suddenly engage? Reporting on increased customer engagement gets you one step closer to proving program ROI. And what manager isn’t looking for proof that he or she has made a good investment?
Are you staying up to date on the latest trends in customer loyalty and rewards? Knowing what’s going on in the loyalty landscape is integral to making helpful recommendations and forecasting the future of your program and other components of your organization’s customer loyalty efforts. Opt into loyalty newsletters, scan the news for brand marketing and customer loyalty trends, read case studies and white papers.
Having said that, we understand that limited resources and time, combined with the day-to-day responsibilities of running a loyalty program, make it tough to keep up with industry trends and news. We’re here to help. Follow us on LinkedIn and Twitter or sign up for our email newsletter below, where we’ll continue to keep you informed on all the latest in the world of loyalty.