Regularly delivering a 20% increase in revenues, read our tips on how best to increase share of wallet

LoyaltyStream is designed specifically to help B2B businesses deliver a loyalty strategy. The most used campaigns on the platform are our ‘Grow’ campaigns which are designed to increase share of wallet from your existing customer base.

A well-executed ‘Grow’ campaign should utilise customer profile and data history on spend to create personalised targets, all designed to increase breadth of spend and frequency of spend. Customers are more likely to engage in targets and goals which are set every 3 or 6 months. By personalising the targets, customers are 67% more likely to engage in a loyalty programme and to change their behaviours.

TOP TIPS TO... Increase Share of Wallet

SMART Targets

It isn’t rocket science, but it’s surprising how often this doesn’t happen. Your targets need to be realistic, so make them specific to each customer. They need to be achievable and they need to be time sensitive and measurable.

Head Start

When you first launch, reward your customers for their last week or month’s spend so that they can see they have already started on their journey to earning. This utilises the concepts of goal gradient theory to engage users quickly in a campaign.

Visualise

Use branded target trackers so that customers can clearly visualise their targets and understand what they need to do to hit the next level or to unlock rewards. The right target tracker helps gamify the experience and encourage further engagement.

Communicate

Make sure that those people in your business who hold the customer relationships understand the benefits and the rules of your campaign. They need to be able to articulate exactly how each customer will earn, what rewards are available to them and identify the benefits. Get your sales team to create product and spend recommendations to help their customers achieve their targets. It is key that you make it as easy as possible for the customer to understand and engage.

Bonus Targets

Targets need to be achievable, but you also need to make sure that you are not simply rewarding customers for doing what they would have done anyway. Setting tiered percentage growth targets for each customer allows you to set high levels of reward for those customers who truly engage in the programme and who change their behaviours.

Case Study: 

Keeping It Simple with Primaflow F&P (Targeting Share of Wallet)

The Campaign:

Primaflow F&P were used to running short tactical campaigns, often supported via manufacturer backing. Customer Rewards allowed customers to be rewarded for their spend on ‘qualifying’ products. Customers were each given a personal sales target, which was represented in their own target tracker, so that they could see exactly how close to target they were each week; alongside this personalised comms were run, to encourage platform engagement. Still working hand-in-hand with the manufacturers, Primaflow F&P were able to provide customers with the ability to earn cashback to spend on future product purchases, or points to spend on technology products, experiences and vouchers. The personalised targets and level of choice in the rewards meant that the campaign saw significant success in its first year, and ongoing.

The Results:

74% of the customers who took part in Customer Rewards increased their spend during the campaign period and then continued with the increase for the next year. In year 1 the programme delivered a return of over £500,000.

About The Author - Melanie Parker

Stream’s co-founder, Melanie, became the first British woman to become accredited with the CLMP from The Loyalty Academy. Passionate about all things loyalty, Melanie cuts through the technical jargon and gets to the real business issue. Melanie loves to develop engaging digital solutions that appear simple whilst creating long lasting partnerships that add value to all.

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LoyaltyStream Key Features

  • 21 loyalty campaign types to suit every business
  • Options to deploy gamification campaigns such as Spin-To-Win and Prize Draws as well as Badges
  • Ability to track and reward all behaviours from transactions to actions
  • In-depth visual analytics and insights on Campaigns, Members, actions and transactions
  • Customisable CRM and segmentation options to suit your Member profile
  • Scalable modular SaaS platform that can grow with your business

 

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