Whether it’s restructuring an existing customer loyalty scheme or if you are looking to build a new one from scratch, there are 3 steps to success.
Step 1: Talk to the experts
Experts are teams that have already implemented customer loyalty schemes, but most importantly have a thorough understanding of both the marketing and technology side of things.
Especially teams with diversity (marketing executives, software developers, business consultants) who will listen to your teams’ requirements and who will have a 360view of your needs.
Step 2: Construct a business plan
Drafting a business plan is the most important step for any marketing action you undertake. This will especially save you precious time and money in the future.
Invest time and people in constructing a complete, solid business plan for your customer loyalty scheme in order to achieve the ideal return on investment and the highest incremental sales.
Ideally, consult a team of customer loyalty experts to create your own loyalty scheme vision, your quantitative and qualitative loyalty scheme targets, to identify and construct a loyalty model that best suits your company’s needs and to compare your own loyalty scheme with the industry’s existing schemes to achieve the best results.
Step 3: Calculate your project’s R.O.I., its payback period and compare
Being able to have a clear view of the project payback period as well as the return on the total investment, is a critical “go” or “no go” factor for your loyalty business plan.
Success factors such as the average basket value, the visits frequency and how to reward the most loyal group of customers are just a few of the indicators that need to be quantified.
Let us know what you are looking for! Contact our team here.
