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Those of us who are retailers - or who work with retailers - know the holiday season is always top of mind, something for which planning starts earlier every year. Planning covers everything - from store renovations to merchandising, to staffing and more - with the goal of bringing each shopper a second-to-none customer experience.
Has this planning included a review of your customer loyalty efforts?
Your loyalty program can be the icing on the cake in delivering the best customer experience. It can help increase holiday share-of-wallet and get your best customers the attention and service needed to drive loyalty year-round.
Just like everything else, your loyalty program needs to be periodically reviewed and enhanced. Now is the perfect time to take a closer look, while there is still time to make - and communicate - the kinds of changes that can make all the difference this holiday.
As you review, ask yourself:
When assessing the value, consider what you’re asking customers to do. How much do they have to spend to be rewarded? How often are they able to redeem? Are they redeeming? Are these numbers coming in where you expected, or are the numbers lower? If the latter, you may want to consider a value promotion, for example.
When assessing member experience, consider your communications and rewards. How often am I communicating? How relevant are my messages? Am I personalizing using what I know about customer spend and preferences? Are rewards relevant to the customer based on their behavior and the information they’ve provided? lacking in these areas, you may need help in analytics and personalization. In exchange for loyalty, today’s customer increasingly demands that we use the information they provide to give them a better, more relevant shopping experience.
When assessing your program from a value and operational efficiency perspective, consider your original KPIs. Programs will get off track due to other priorities, time deficiencies, etc. Often all it takes is a simple step back to assess against original projections and benchmarks. Are you hitting your goals? If not, why? Lower membership numbers? Lack of employee knowledge and support? Because the program is too complex, or too complex to join? Such analysis will provide insight into the health of your program; if you’re missing your goals, take the time to dig in and understand why.
Reviewing the “health” of your program should be a regular practice. Pre-holiday is a great time for this internal assessment because you have time to make changes before the season hits, and it can set you apart from the competition. If you’d like to learn more about the HealthCheck process, contact Erin Raese at [email protected]
Join us October 1, 2015 for our webinar "Give your Loyalty Program an Annual Physical with a Loyalty HealthCheck" at 1pm ET.
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