Here we are rolling into the last quarter of 2021 – how did that happen!
And boy what a busy month it is going to be. We have projects in final test mode, new projects racing off with cool gamification integrations, an existing new project developing on LoyaltyStream which will expand the CRM functionality further; dare I say it could be a scream-fest of a month! Of course, I am only joking; it’s amazing to see the team so busy and thriving on all the energy and enthusiasm – Carter House is a very exciting place to be at the moment.
Loyalty beyond your programme
When looking at the trends amongst reward redemption, it can often highlight loyalty beyond that within your programme. From our own experiences, we know that participants who redeem regularly and actively benefit from a programme i.e. redeem their points for rewards, are 3.3 times higher spenders over a 2 year period.
A participant from one of our programmes has consistently redeemed for Sainsburys Gift Cards since he joined the programme back at its launch in 2016; he has redeemed 8 times this year alone and even more often in previous years. An active member of the programme, he is consistently earning points from referrals, the key behaviour driver for the programme and the action which is rewarded at a higher earning rate. Looking deeper into his data, from Year 1 with 11 referrals, he has shifted his purchase habits further, hitting over 40+ referrals per annum. The value of the referrals and quantity of qualifying products has also increased, demonstrating growth and engagement from his Branch Sales Manager as well as the from the participant themselves.
Reviewing the redemption behaviour insights and trends, you can start to see how a programme can provide far greater benefit than just one-off items for your audience and how it can become embedded in their life. In this example, given the consistency of redemption, it is likely that the programme is providing a benefit to the wider household with the monthly household shop, with the frequency insights indicating that the offering may even have become an expectation, and perhaps even relied on as part of the monthly income.
Personalisation of a programme is key – identifying and monitoring trends such as these can aid your internal team in supporting customers and highlighting when any potential sales declines may be happening or where re-engagement and additional support is required.
There is something enchanting and warming about December, that festive period where families and friends come together, the magic of Christmas amongst young and old and a sense of relaxation and slower pace to life over those few festive weeks as the craziness of the year draws to an end. For many in business, it is the one time of year where we do all collectively stop and take stock, before coming back raring for the new year ahead.
I am a self-confessed Christmasaholic (especially the melodic notes of Bublé, and who can hold back when you hear those first classic bars to ‘A Fairytale in New York’), which can mean that I start talking about Christmas too early for some; however this year it is with good reason.
We have it on good authority that stock availability and delivery timescales this quarter are going to be more stretched than normal, especially in the lead up to Christmas. Our fulfilment team will be ensuring that we have fully communicated all Christmas redemption deadlines earlier than normal this year and we will be adding in a little extra buffer to help prevent any disappointed recipients.
On the 17th November, Mark will be sharing insights with marketing professionals from across the UK on the Psychology of Loyalty, providing top tips on how to supercharge your engagement with your customers. If you can’t join us at the show, then not to worry, we will share our presentation with you following the show.
It would be great to see you there: our first face-to-face event since 2019!
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