Is it time to review your Loyalty & rewards program?
Written by Pete Howroyd
When did you last review your Loyalty & Rewards program? So much is happening in the loyalty space you can never stand still. Check out our tips on how to keep your programs up to date.
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Reviewing your CRM campaigns is essential to keeping your CRM program profitable and effective. So many businesses set up their CRM capability, add in a few automated CRM campaigns and leave them to run year after year without any review. Reviewing these campaigns in a periodic way can ensure that the campaign logic is still relevant and highlight any updates that need to be made.
The biggest reason we hear that these campaigns to fall into disrepair is the turnover of team members who often take with them the vision and objective for each campaign. Afterall, everyone has a slightly different take on how campaigns should be set up and managed.
In parallel to your automated campaign logic you likely have a CRM program which is managed on a more adhoc basis, perhaps targeting customers during specific events, ongoing promotional newsletters or during peak and low trading. The same review process has to be adhered to for these campaigns to ensure that campaigns going forward are driving the desired behaviour and ROI.
To unlock the value of CRM you can use the program mechanics to test behaviour in your customer base. Adding tests into your campaigns is a sure way to get the data you need to grow the performance of your program and show your business the facts. What worked and what didn’t. This removes any subjective reasoning if you have the data to back up why you are making future changes.
During this uncertain period when trading is low and time is perhaps in abundance across your team, consider these points and begin a review process to ensure that your campaigns are stronger than ever when trade picks up in the near future:
1. List all of your CRM campaigns
2. Ensure you understand the objective for each campaign
3. Know your target audience by campaign
4. Validate that the campaigns are relevant and inline with your business objectives
5. Extract the campaign reporting & analysis for the campaigns
6. Analyse whether the campaigns have reached their objectives
7. Make an action plan for each one to update or add a test mechanic to try and improve performance
8. Summarise your findings and present what you have discovered to the business
9. Agree a time frame & cadence for your next review