While there are many agencies who claim to run loyalty programs, what sets apart the good agencies from the regular ones is the ability to create a perfect loyalty program depending on the target group and market scenario. But what exactly goes into creating a perfect trade loyalty program? In this post we break down the various components of the solution design of a trade loyalty program and understand their importance.
- Program Design
This stage is where the points structure is framed. The starting point is to list down all the desired behaviour that is to be driven among the target group and framing a suitable structure which incentivizes on all of them. This stage also includes the crystallization of program USP and creative design of program logo and theme which will lead to communication planning.
- Infrastructure setup
This stage involves creation of all the required technological assets and configuration of loyalty platform according to the structure decided above. The major make-or-break points in this stage are UI/UX design, selection of the right platforms, data security measures and the flexibility of the system architecture.
- Member Enrollment
This is the planning of how the initial communication of the program launch is to be done in the target group and get the data from them required to run the program. It can be done through physical meetings, trade events, phone calls or digital mediums. It is important to determine the required checks at the member level in this stage so that the required documentation can be collected.
- Transaction Capture
Any loyalty program can only be built on a platform which records the transactions done by the members. While there are scenarios in which this data is readily available, in many situations loyalty program needs to be the platform through transactions are being recorded. Designing an easy and seamless process of recording transactions while at the same time having enough checks to ensure there is no fraud is the key part of Loyalty Program’s solution design.
- Communication & Engagement
This stage involves designing up a communication plan and figuring out the frequency of it and the platforms used for it. This is an on-going process where the communication plan is tweaked as per the need of the business and the engagement level of the members. This stage also involves figuring out the emotional connect activities which will go beyond communicating just the transactional things and build a deeper connect with the client.
- Redemption
This stage involves putting together the structure and schedule of gratification and figuring out the appropriate reward catalogue. It also involves setting the right expectations in terms of reward delivery timelines.
- Analytics
This stage involves putting together the framework through which the data will be shared with the client and the creation of dashboards and reporting templates. Balancing the two facets of data analysis – Actionability and Exhaustiveness of data – becomes a key factor in designing this phase.
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