PERIOD TO PERIOD RETENTION RATES
One of the important Loyalty Program metrics we look at on behalf of our clients is the customer retention rate in the program from one period to the next. One of the benefits of a loyalty program is having the ability to “see” when a customer appears to have stopped visiting your brand. It’s essential to monitor this and act quickly when things seem to be moving in the wrong direction.
With period-to-period defection intelligence in hand, the next step is to separate the controllable reasons for the apparent defection from the uncontrollable reasons. The controllable reasons are those that have to do with the customer’s recent usage and experience with your brand versus your competitors. Once you know who those customers are that appear to have defected for a controllable reason, act quickly. First, send an offer to the affected customers to attempt to reengage those customers with the brand. Second, survey those customers to gather insights that will help understand the driving force behind the defection.
This is one of the most important key performance indicators we look at with clients as part of the loyalty program “check-up” to keep programs on track and ensure that they’re affecting behavior.
IF YOUR PROGRAM WENT AWAY, WOULD ANYONE MISS IT?
You have a customer loyalty program, but do you have customer loyalty? What if your loyalty program went away tomorrow? Would it impact your business? If so, how? We find that some companies become operational about their loyalty program. They occasionally monitor routine facts about the program but for the most part, it’s on auto-pilot. If that sounds familiar, please contact us. In fifteen minutes we can assess your situation and tell you whether or not we can help you.
2014 CONSUMER RETAIL REWARDS STUDY REPORT
Loyalogy, leading provider of loyalty program analysis, data mining, reporting and consulting services, announced the results of its first annual U.S. study tracking consumer attitudes and behavior regarding retail rewards programs.
2014 CONSUMER RESTAURANT REWARDS STUDY REPORT
Our new 2014 consumer study on restaurant rewards program attitudes and behavior is now available. In addition to the report which you can review on-screen below or download as a PDF by clicking here, we have dataset downloads available. There is no cost for the report or access to the dataset downloads. The dataset downloads provide access to survey details by a variety of segments.
Detailed data is available in a variety of segments:
- Restaurant Regulars (visit restaurants 12+ times per month).
- Restaurant Format Segments (QSR, Fast Casual, Full Service Casual, Full Service Fine Dining).
- Gender Segments.
- Age Segments.
- Pizza Fans (delivery/carry-out, gourmet, take & bake).
- Bar & Grill Fans.
- Gourmet Burger Fans.
- Coffee Shop Fans.
ART + SCIENCE + BUSINESS OF LOYALTY PROGRAMS
For years we’ve heard the same questions, again and again.
- Is a loyalty program right for our brand?
- How do we go about developing a loyalty program?
- We’ve collected an enormous amount of transaction data about our customers over a long period of time. Now what do we do with it?
- We’ve had this loyalty program for a while now, where do we go from here?
- We have this loyalty program and we need help managing it. Do we hire someone or outsource to a company with expertise in loyalty programs?
Loyalogy is focused on helping companies answer these questions and more. We employ a methodical, research-based process in assessing the extent to which a loyalty program may increase customer value for your brand through improved retention and increased share of customer (incremental spending by winning additional customer purchase transactions from competitors). Our proprietary analytic process synthesizes years of data from an existing customer loyalty program to measure effectiveness and identify genuine revenue-driving opportunities. Our years of experience developing, evaluation and managing loyalty programs make us the perfect, realistic partner for guiding your program to the next level.