Participating in a Loyalty and Rewards Program can bring great benefits to your retail brand.
Joined with a targeted and engaged audience, this is an efficient, flexible and winning combination for customer acquisition and retention, to build awareness and keep your brand top of mind through the buying cycles of consumers.
The challenge is to ensure the program is being leveraged to its highest potential.
The gauge the success of your retail brand, and to learn the most effective promotions for your business, you need to be engaged during the entire term of the program. Depending on the platform, the term may be a month or as long as a year. A longer term is great for the retail brand as it provides the opportunity to change messaging and offers to align with seasons and new products and services.
Here are 3 easy ways to help you succeed:
1. Set Goals
Spending the time to clearly set out what you want to achieve with the program at the beginning of the term will help to create a better opportunity for success:
Meet with your Loyalty and Rewards Program contact and review the target outcomes
Be clear on how the KPI's success will be measured (for example: number of new customers, number of return customers, number of new contacts)
Set and commit to a schedule for review during the term
2. Review
To help ensure your brand stays current and is successful, set a calendar, with specific times allotted to assess the program:
Schedule a consistent time for a brief review of the program on your own or with your team
Evaluate the outcomes based on the established KPI’s
Meet with (phone/in person) your Loyalty and Rewards Program contact based on your business cycles and offers (monthly, quarterly) to ensure content is current and in alignment with seasons, products and services
3. Engage
Your contact may reach out throughout the term with ideas, suggestions, metrics and maybe even special opportunities that arise to further promote your business:
Advise your contact of the best way to reach you (email, phone) and if there are ways they can help, make changes or additions to support you
Review the information in a timely manner. The information may be time sensitive and have unique ways to boost your exposure in the program
By setting up your schedule of offers in advance, dedicating a little time every month, measuring results, making changes and staying engaged with your Rewards Program contact, you will be able to ensure you are getting the results you want for your business!
With busy schedules and day to day business needs, it may be hard to stay on top of the Loyalty Program for your retail brand. However, with just a little pre-planning and the right platform to provide support and guidance, this doesn’t have to be overly time consuming.