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LOYALTY PROGRAMMES ARE POPULAR, BUT WHY DO YOU NEED ONE? GEORGINA GUEDES DETAILS THE FUNDAMENTALS.
These days, most consumers’ wallets bulge with loyalty cards. Reward programmes can ensure your brand’ s competitiveness, help you retain customers, influence their behaviour, and learn more about them – but if you aren’ t sure how to start, here’ s the lowdown.
ESTABLISH YOUR PURPOSE
Why do you want a rewards programme? It’ s not enough to create one because everyone else has one, or you think it would be good for your brand; specific goals are required.
“ You need to know what you are trying to solve,” says Fayelizabeth Foster, head of UCount Rewards at Standard Bank.“ Conduct internal research and analysis to identify the pain points or what behaviour you would like to change.”
Then, she says, companies should shift their focus externally and carry out market analysis.“ Find out what is offered locally and internationally. Try to learn from the successes and failures of other organisations – even those in industries that you don’ t operate in. You will also need to carry out analysis to assess customer needs and the best way you can respond to them. Once you’ ve designed the proposition, customer research is important to get their views and to find out whether it resonates with them.”
MILLENNIALS ARE INTERACTING DIFFERENTLY WITH BRANDS, AND BRANDS ARE RESPONDING.
Carlos Simões, head of marketing at FNB’ s eBucks, says the research needs to reveal three key points: whether the loyalty programme makes sense from a business perspective; whether the business has sufficient information to build a meaningful offering; and whether it makes sense for the customers themselves. ›
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