Every company can benefit from knowing how to build a loyalty program. They make customer attraction and retention less mysterious in a competitive business environment. Here are five steps to start yours:
1. Identify Problem
Where is your company’s pain point? Common areas include expenses, fund delivery, performance bonuses and small business support. For example, a delivery company wants more control over travel funds. Or, a city government wants to drive local business activity using prepaid cards. Regardless of your challenge, loyalty program providers have a creative solution.
2. Customize Solution
Make your loyalty program yours with a custom design. This is integral for personalizing with a business’s potential and current customers. Design improves the customer experience and helps brands to stand out. Tru uses this approach when creating digital wallets, online dashboards, cards and card carriers.
3. Program Roll-out
Now, it’s time to roll the program out. Your business uses this step to inform and deliver your program to staff or customers. Further, the roll-out allows for speaking with stakeholders to manage any changes. Many companies, like the City of London, run an initial pilot program to gain insights before a roll-out. While this is optional, remaining flexible to staff and customer needs is vital to a program’s success.
4. Real-time Analysis
Tru gives partners a central location to show how their funds are used. Former Yahoo! CEO Marissa Meyer said, “With data collection, ‘the sooner the better’ is always the best answer.” In loyalty, this means tracking user spending and making strategic decisions from the results. Further, Tru supports these decisions by giving partners a custom Dashboard. There, our partners gain total control over fund management.
“With data collection, ‘the sooner the better’ is always the best answer.”
— Former Yahoo! CEO Marissa Meyer
For example, take a car dealer using a referral program. They see their program work with some employees, but not with others. Now, they can focus on solving this issue with the employees who are unsuccessful to build a loyalty program that works for everyone.
5. Improve to Win
Finally, have confidence because your program adds value. This growth comes through smarter decisions fueled by your data insights. Moreover, benefits like staff morale and customer loyalty will grow over time. Then, your business benefits from your brand’s strong image—on the back of a successful loyalty program.
Contact us to start building with the power of loyalty.