Loyalty Programs are mutually beneficial!
With an increased growth in the convenience retail industry, retailers are looking for ways to differentiate themselves from others. Loyalty Programs provide the perfect opportunity to do just that. Loyalty Program Design and Post Audit Analysis are key services offered by Impact 21. Why? Because it works! We provide a comprehensive process for developing and reviewing loyalty programs for retailers in the petroleum- c-store industry.
Strong Loyalty Programs are:
- Flexible – Support marketing initiatives
- Affordable – Provides an acceptable ROI
- Simple – Easy to maintain
- Attractive – To both customers and suppliers
- Unique – Differentiates you from the competition
- Attainable – Customers can receive rewards
- Aspirational – Sends the right message
- Representative – Supports the company brand
Impact 21 leads Loyalty engagements in the Petroleum/Convenience industries in the following areas:
- Payment cost reduction: An audit with a payback
- Private label programs
- Loyalty strategies, implementation and support
- Co-branded credit card
- Pre-paid/gift card strategies
- Requirements analysis and solution sourcing
- Credit network conversions
- Emerging loyalty/payments and channels (social, mobile)
Different loyalty strategies may be chosen based on a company’s strategic objectives, competitive landscape, and brand positioning. Reward programs may be linked to a payment source, social/mobile marketing strategies or be standalone. Impact 21 guides you through the process from concept through implementation and analysis. Our extensive experience involves:
- Various Loyalty Program Concepts:
- Points Based
- Coupon & Immediate Redemptions
- Fuel Rewards based on in-store sales
- Fuel Discounting
- Automatic Rewards (based on purchase behaviors/segmentation)
- Non-Customer Specific Rewards (based on purchase behaviors/segmentation)
- Card Payment Programs (Credit, Debit, ACH, Prepaid, Gift)
- Mobile & Social Media
- Multiple POS Platforms
- Knowledge Transfer and Training
- Program Branding and Customer Engagement (facings)
- Marketing Messages
- WEB Design and Sourcing
- POP Design
Loyalty Customers are 3-4x more profitable- more visits & higher rings
Loyalty Program Design
To create engaging, valuable loyalty programs, Impact 21 develops competitor comparisons, brand positioning, and customer insights.
Solution Sourcing Process
- Conduct a Strategic Analysis: Engage Sponsors and Key Stakeholders to define a loyalty strategy based on a company’s overall marketing strategy
- Complete a Requirements Analysis: Define and prioritize business and technical requirements; Communicate roles and responsibilities
- Identify opportunities for change
- Solution Analysis & Sourcing: Complete an RFI/RFP process; Compare and rank solutions
- Create a loyalty brand message under the umbrella of the master Convenience Store brand
- Card development, web/text to advertising materials – Impact’s process includes your advertising agency to take a concept from design to launch
Reporting and Analysis
- Work with business and industry to establish Key Performance Indicators
- Determine data source for all program measures
- Determine Data Warehouse and Analytic Tool requirements and options
- Conduct program post audits to determine if business objectives have been met
Post Audit Engagement Process
Loyalty programs can get pricey and often executives wonder if it is contributing to the bottom line. We review operational and financial information to analyze the contribution an existing loyalty program provides to your company.
Key questions to consider:
- Does your loyalty program(s) meet your strategic objectives?
- Are you measuring the right key performance indicators to determine your program’s success?
- Are you leveraging the information that you receive from a loyalty program?