How to conduct a loyalty programme review?
Plan, Perform, Review, Repeat.
Similar to any sales or marketing strategy your loyalty programme strategy should be reviewed regularly. Reviewing your loyalty programme performance gives you an opportunity to understand your customers further, enhance your customer experience, grow your customer loyalty, and continue to evolve your loyalty programme, spot trends and opportunities.
Azpiral recommends conducting a full loyalty programme audit every six months, but businesses should review each of their loyalty campaigns throughout the year as they conclude. To help, we’ve outlined some tips for you to conduct a loyalty programme review.
Know what to measure.
In a digital age, measurement, metrics and data have become more accessible. Often the sheer amount of data can be overwhelming. To overcome this data inundation, identify the KPI’s for loyalty that aligns with business goals. The KPI’s should tell you if you are reaching these goals. KPI’s can change just like business goals evolve too. Here are some we recommend:
Recommended KPI to review are:
• Sign up rate
• Penetration rates
• Top performing stores
• New store performance
• Top offers
AzpiralPRO Loyalty platform has a full suite of reports to choose from.
Analyse to understand
Metrics are great to give you a guideline of how far you are from reaching a goal, but they cannot tell you the full story. To get the most from them it is important to paint a story around them to give them real meaning. This real meaning gives a deeper understanding of customers, needs, desires, behaviours and trends. A deeper understanding develops over time. Some behaviours display as patterns others are seasonal, some are new, and others are specific to certain customer audiences. Analyse your data to understand customers, spot trends and identify opportunities.
Act with purpose
Use your data to guide your loyalty strategy and get creative with your loyalty marketing tactics, understand your customers, and build personalised campaigns. Personalisation can only be achieved where there is a true understanding of your customers. Loyalty programmes give you access to valuable customer data to ensure you form genuine customer relationships and loyalty.
Schedule regular reviews, define your KPI’s and plan, perform, review and repeat, regularly.