Today consumers are used to customized offerings and open to supplying direct input into the creation of services and products. They also expect comprehensive service that supports their personal goals. By focusing on these key expectations, your brand can unlock the potential of both its loyalty program and member relationships. At Kognitiv, we call this unlocking your loyalty program’s true value”. Here are some key tactics that we have found help brands do just that:
Well-timed, Customized Rewards – These are essential to satisfying existing and attracting new members. Timing is essential. We have all been on the receiving end of “rewards outreach overload”. Knowing what, when, and where incentives should be deployed improves retention; and performance metrics can inform future “touches” and “looks”.
Communication and Engagement – Knowing what rewards fit members’ spending habits and priorities helps with creating effective strategies. The best way to find out what your members want is to ask them. Email survey requests, social media exchanges, and encouraging members to share their questions in all your communications are just of a few ways we encourage Kognitiv clients to boost engagement.
Education and Support – Most loyalty members feel unsatisfied with the loyalty programs they have signed on to. When they are participants in multiple programs within the same industry, they often don’t know which would work best for their needs at any given moment. Clear communication about the benefits and details of your reward promotions along with tips for making the most of your program can help increase satisfaction. Likewise, informative articles and videos can answer commonly asked questions and give tips for better managing points earned.
When used together, we believe that these three key tactics can open the door for greater opportunities to grow your rewards program and member loyalty. Once you know how members use loyalty it can help you create the rewards programs they want while supplying clear guidance to members about what they can expect from the rewards they earn.
Creating a successful rewards strategy involves significant work and time but can bring great return in both short-term financial gains and long-term member loyalty. That begins when brands can help customers easily see where the value in these loyalty programs resides, and how easy it is for them to unlock it and change their consumer journey. Then the possibilities for where that journey leads are almost limitless.