When consumers sign up for a premium loyalty program they have high expectations for the value they want to receive from their respective memberships, including how they’re treated as a customer and brand transparency.
Because consumers pay a fee upfront to join a premium loyalty program and receive 24/7 benefits right away, they have a vested interest in the brand and want to be treated accordingly.
As such, retailers need to set high expectations when looking for a partner to build and manage their premium loyalty programs.
Here are three questions you should ask to ensure you and your customers get the most value from your premium loyalty program.
1. Does My Premium Loyalty Partner Understand My Goals?
Whether you are new to premium loyalty or have been in the space before, your partner should clearly understand and help set your program goals.
Learn more about the importance of setting your loyalty program goals in this short video.
Setting goals for your loyalty program is important so your brand’s key decision-makers are on the same page and you’re offering valuable benefits that secure high engagement levels.
This can be based on your specific strengths and current company needs, while also helping you compete with others in your category.
Once you and your loyalty partner understand your specific goals, it’s important to discuss what’s required from both sides to reach them.
Determining this helps both parties commit to making the program successful.
When your program begins ramping up, your partner should be consistently reporting on performance to help you understand how close you are to reaching those goals.
Also, your loyalty strategy may need to shift as your customers’ desires change.
2. Is My Premium Loyalty Partner Responsive and Accessible?
A partner’s cadence of communication plays a major role in the success of your loyalty program.
Often, your loyalty program is not the only initiative you are managing.
Therefore, finding a partner that is responsive and always accommodating is vital.
Your partner should set up weekly check-ins to ensure you are knowledgeable about the health of your program.
For example, at Clarus, we send weekly reporting via email, discuss this on our weekly scheduled touch base calls, and then meet in person on a quarterly basis to discuss the overall health of your business and how you are hitting your goals.
If necessary, we meet with other teams within your company to make sure your program is operating as smoothly as possible. This allows you and your teams to be in the know on performance.
3. Is Your Premium Loyalty Partner a Source of Truth?
When your customers choose to join your loyalty program, they see it as a reflection of the brand they know and love.
It’s important for your partner to be transparent with you on the successes and struggles the program is experiencing.
When discussing the potential of working with a premium loyalty partner, ask them how often they plan to provide reporting metrics, and what those metrics will be.
This weekly reporting allows for open communication with your partner and allows you the opportunity to evaluate your business and make changes where you see fit.
By making this transparent to you, resolutions can be found quickly, and you know you can trust them going forward.
At the end of the day, the main thing is to look at the data and optimize your program. Whether it’s positive or negative, that feedback loop is critical.
Read about the importance of optimization in premium loyalty programs.
Find Your Compatible Partner
The overarching goal is for a brand and its customers to receive significant value from a premium loyalty program.
And that’s where finding the right loyalty partner is crucial.
- Does my partner understand my goals?
- Is my partner responsive and accessible?
- Is my partner a source of truth?
If you can answer ‘yes’ to these three questions, you found yourself a loyalty partner.