The 2016 Paytronix User Experience was full of valuable insights – we reviewed program structure, hot promotions, and, most importantly, heard from you, our clients about how you leverage our software to take your program to the next echelon.
During the conference, it was my privilege to present tactics our clients can use to amp up their campaigns. I was joined by Data Insights strategist and resident loyalty powerhouse Christina Hurley. Together, we dissected campaigns, addressed relevancy drivers, and unveiled our 9 Gold Standard Campaigns that repeatedly drive material value for our client base.
A dissected campaign is comprised of three factors: segmentation, message, and reward. Any single campaign can include one or more combinations of these. For example, a typical “Birthday” reward has the following components: […]
On August 24th & 25th Boston was the nexus of leading insights on guest engagement as Paytronix hosted its second annual Paytronix User Experience (PXUX). Marketing, Finance, and IT professionals converged in downtown Boston to learn how they could Amp Up their messaging, loyalty, and CRM programs. Checkout the main takeaways that some of this year’s attendees shared:
For the last few years, I’ve had the pleasure of planning the logistics for PXUX team. Our effort is always rewarded when we look back and recall our client’s case studies of how they’ve succeeded with the Paytronix platform. Additionally, we were able to show off our latest feature innovations in an up-close, personal way so our clients could discover how to continue to amp up their programs.
If you weren’t able to join us this year, I’d like to encourage you to add it to your company’s 2017 plan. Save the date for September 13 & 14, 2017.
If you were to ask me what we did during our two day on the banks of the Charles River, I would answer, “We… […]
Do you need to reinvigorate your brand, increase revenue, and improve profitability? Upgrading your rewards program may help. However, proceed with caution. Upgrade only when you know the new program will better align the program with corporate strategic goals and likely produce large financial benefits.
There is never a perfect time to change your program. When clear signs arise, give a program upgrade serious consideration. Look for any of these four signs:
1. Declining loyalty penetration and new member enrollment. If the share of checks associated with your loyalty program is declining, it could signify that tenured members are lapsing and that the program is no longer motivating them to come in. If new member enrollment is down, it could be because new guests are not interested in the program or that team members in the store have stopped promoting it.
Your program should achieve a minimum of 15 percent loyalty penetration. This means at least 15 percent of your checks should be associated with the loyalty program, and according to many top brands, their loyalty penetration numbers far exceed the 15 percent benchmark. For example, in an July 2016 earnings call, Panera president Drew Madsen said that 50 percent of company transactions were associated with the My Panera program. If you notice your loyalty penetration rate dropping, and particularly if it dips below 15 percent, it may be time for a change.
2. Evidence that customers are “gaming” the program to their advantage. Have customers figured out a loophole in your program that they use to their advantage? Is your visit-based program increasing the number of split checks, and slowing down operations? Are customers buying low-priced items to earn points, and then redeeming them for expensive items? […]