Loyalty Program Optimizer
Your company annually allocates a significant portion or the budget to market and manage its loyalty program – but is the program delivering as desired? Is it actually driving incremental revenue?
The influences affecting consumers’ purchasing decisions continue at a dynamic rate of change.To keep pace, loyalty marketers must be focused in their approach and constantly evolve their programs to meet the new demands of today’s consumers.
Periodically assessing and benchmarking your loyalty program will help maintain a competitive advantage, determine if objectives are being supported, and ensure your program isproviding enhanced value to members and contributing to the bottom line.
If your loyalty program hasn’t undergone a formal audit since it was launched, nor periodic reviews to reassess, it’s time to apply the Loyalty Program Optimizer!
The elwmg Loyalty Program Optimizer is the industry’s most efficient tool for performing a checkup on your program. Whether you need to know how your CRM efforts stack up to industry benchmarks or simply how to better meet goals and expectations, the LPO can identify opportunities for improvement and provide expert assessment of your key programmetrics.
In a few short weeks, the key areas of your program strategy can be analyzed by loyalty experts and supported with a concise set of reports that show how the program is operating compared to goals and industry standards.
The LPO is like taking your loyalty program to the doctor.
Even companies who have expertly designed and implemented a loyalty program find vast challenges throughout its evolution. The challenges of time emerge with the unprecedented dynamism of today’s consumers and the influence of social media communities as well as changing business economics, increased comp etition, new technology and the need for advanced analytics.
The LPO will provide new perspectives in the program’s value proposition, leading to smart growth in program enrollment … with profitable customers and improved engagement, share of wallet and retention of current members.
The LPO will review program metrics and recommend where appropriate improvements can be made. Management tools must also evolve requiring readable and actionable dashboards of critical information to manage loyalty programs, including: customer segments, targeted campaigns, omnichannel delivery and employee performance.
In addition to identifying new opportunities, the LPO also prioritizes findings as to ROI.
- Validate program strategies that have been in market for a period of time
- Identify new revenue opportunities
- Provide a comparison to competitive industry programs
- Create a benchmark for ongoing assessments
- Reduce program support budgets
- Correct technology issues
Any one of these benefits will more than cover the LPO investment. The output from the checkup is guaranteed to help program managers operate more effectively and give your business an advantage over the competition.
In just a few short weeks, your program will be analyzed and specific measures will indicate how it’s operating.
elwmg’s team of loyalty program experts will spend time on-site meeting with key program stakeholders. In-depth interviews, each lasting about an hour, will provide a
valuable base of information that will be used to analyze the program across these functional areas:
- Financial impact on the business
- Program budget efficiency
- Member segmentation and targeting
- Partner programs
- Communications effectiveness
- Core program strategy and offer value
- High-level technology audit
- Program reporting
- Key competitor analysis
- Employee impact
It’s critical to provide access to this information, and we keep the process simple lo ensure that any impact on your business is minimal. A detailed data request will be submitted at the beginning of the process and personal interviews conveniently scheduled. The stakeholders we normally speak with include the core loyalty management team, finance, human resources and the technology interface. We also like to include any agency and strategic partners since they often provide a unique perspective. Our team uses a proven interview script to ensure the most valuable data is captured during each of the sessions.
e|wmg has a team of CRM and loyalty marketing professionals who have been on your side of the business. We understand the need to ensure that all aspects of the program are operating at optimum efficiency. We will assign an LPO team that has relevant industry experience and knowledge of how to work with various departments within your organization to understand how
program is impacting business results. Our staff has significant experience across retail, financial services, travel & hospitality, insurance, consumer electronics and consumer services.
The elwmg loyalty staff will bring a level of professionalism and industry knowledge that is unsurpassed in the marketplace.
The most important part of elwmg’s LPO engagement is the final product that is delivered to our clients. The objective of the analysis work is to provide clear and honest feedback on the health of your program. At the end of the engagement, you will receive concise reporting on the operational parts of the loyalty program, delivered in MS Word format
to make them efficient for future strategic planning and reporting needs. In addition to the operational reports, elwmg will provide a loyalty program dashboard that has been proven instrumental across many industries. This report will be a useful ongoing tool for internal tracking of the key programmetrics.
At the end of the LPO process, elwmg will deliver the analysis and review the outcome with your program management team.
Just like at the conclusion of a doctor’s checkup, a set of reports will be generated to review each part of the program. An overall program dashboard will measure the status in an easy-to-read formal, and the in-depth topic reports will provide expert analysis of the critical program areas. Your management team will have an expert opinion of how each program function is operating and how it compares to industry standards.
Your company will own this information and it will be valuable for future strategy reviews, budgeting and operational discussions. elwmg has refined the reporting tool based on experience with many leading loyalty program operators across various industries.
Nearly every loyalty program in operation today can benefit from a thorough review by our team of industry experts.
The Loyalty Program Optimizer is a unique opportunity to review the important facets of your loyalty program and to gain an independent professional analysis of the performance factors. It’s the only such product in the marketplace and elwmg has a team ready lo maximize your CRM efforts.
The Loyalty Program Optimizer costs start at $45,000, depending on program complexity, and can normally be completed in 4 weeks.
Probably the greatest bargain in CRM and loyalty marketing is the LPO. Similar lo the importance of an annual doctor’s checkup or regularly scheduled maintenance on your vehicle, this product ensures your program is operating effectively and that allocated resources are driving optimum results.