Your program is taking shape nicely. Basic principles seem to be working well but engagement could be doing better. It’s time to start thinking about improving the performance of your program through better targeting for new, active and lapsed members. Consider adding modular solutions to your existing program management technology to help you scale efficiently.
Benchmark KPIs to Measure
- 50%+ Penetration Rate
- 25%+ Increase in AOV
- 10%+ YOY Membership Growth
- 75%+ Annual Active Membership Rate
- <5% Annual Churn Rate
Improve Engagement with the Right Tools
Provide immediate value to your membership base using the right incentives and experiences at scale. Here is a framework to ensure all aspects of your member lifecycle are optimized for success.
ATTRACT
With a core base of members, you know their lifetime value. Use this knowledge to offer an enticing enrollment incentive if membership growth is slow. Ensure this incentive is part of a larger plan to show ongoing value to your members.
ENROLL
Are your enrollment conversion rates and first transactions satisfactory? Boost engagement by offering an initial reward for profile completion and use this data for long-term engagement. If your tools don’t support targeted offers, consider modular solutions that integrate with your CRM to optimize engagement.
ENTRENCH
Personalize your program to excite and educate members about benefits they haven’t used yet. Offer incentives on products they already use and ones they should try based on their history. Remind them of their next redemption opportunity through their preferred communication channel. Use tools that integrate well with your existing martech stack for scalability.
DISCOVER
Help educate your members further by identifying areas of opportunity for them. Your program management technology should provide you with real-time engagement tracking to identify the best places to start. Develop and deploy relevant offers that fit each member and their needs, and update in real-time.
GROW
Leverage AI to predict member behavior, personalize experiences and enhance reward offerings. Implement personalization at scale for relevant offers and milestones such as a birthday surprise, redemption level reached, or even just highlight offers for a regular weekly shop. Personalized offers do not have to break the bank. Use modular tools that employ machine learning to match the right offer level with the most relevant offers to each member – in real-time.
RETAIN
Make sure to provide a consistent sense of value as part of your program in every channel. Engage members long term by introducing enticing rewards such as exclusive offers, gamification, tiered rewards and special privileges. Give your members a reason – and the best method – to come back again and again.
WIN BACK
Poor member experiences and lapsed activity create churn risk. Each scenario needs its own plan. Invest in offers or experiences to regain member attention. Equip your front line with tools to handle issues and give members ways to provide feedback. Use this data to improve and win back lapsed members.
Let’s keep the conversation going! We’d love to support you through this process.
