On the Second Day of Loyalty Marketing Nirvana: Establish Value Drivers
Congratulations on making it to the second day of loyalty marketing nirvana. Now that your stakeholders are organized and committed to your loyalty programs, let’s talk value drivers.
Value drivers are established to ensure business objectives are met on a strategic and operational level. Each one is also directly tied to either a technology or a business outcome.
So let’s dive right in to some examples of value drivers for loyalty marketing, shall we?
Loyalty Program Value Driver #1: Turn Customers Into Fans
Turning customers into fans is a strategic objective tied to a business outcome. It is all about delivering relevant offers through optimal channels at a precise moment in the buying cycle in order to maximize the lifetime value of your customer.
A major component of your initial business strategy will focus on actively driving the highest possible percentage of customers into your loyalty program so you can then deliver and optimize your engagement methods over time.
Loyalty Program Value Driver #2: Intelligent Contextual Engagement
Intelligent contextual engagement is a strategic objective tied to a technology outcome. Determining how to properly integrate data at rest and data in motion with powerful analytics and real-time decision engines allows you to deliver contextually rich customer engagement with ease.
To attain true visibility into customer context, the customer data that resides within your CRM system is not enough. Pulling data from all available streams (e.g. social, transactional, weather or other events) allows your technology team to present a transformational point of view to your enterprise.
Loyalty Program Value Driver #3: Omni-channel SaaS Platform
An omni-channel SaaS platform is an operational objective tied to a technology outcome. While not an absolute necessity, the numerous advantages of a SaaS platform over traditional software are making it the model of choice for an increasing number of businesses.
When you plug into an omni-channel SaaS loyalty program management platform, your investment in hardware, software, integration, and maintenance becomes negligible, and in almost every case presents an enormous cost-saving opportunity. If you want to accurately gauge the potential profitability of your loyalty program, a plug-and-play loyalty program management platform should be considered.
Loyalty Program Value Driver #4: Accelerated Value Optimization
Accelerated value optimization is an operational objective tied to a business outcome. This is all about looking for ways to evolve your loyalty program so that you can continuously do more with less. Testing and adaptive learning of more interaction scenarios in less time allows you to maximize the return on your loyalty marketing investment.
Stay tuned for Day 3 of loyalty marketing nirvana…
Do you have questions about establishing loyalty program value drivers? Tweet us @TIBCO #LoyaltyLab, and access the whitepaper and webinar, 8 Essential Steps: Championing Your Investment In Loyalty Marketing.