Your program is performing better than the majority out there. Your business has established high engagement from your membership base, does a good amount of personalization and offers an excellent variety of earning and redemption options. So, what’s left to do? Continuous innovation is required so your program doesn’t become stale. Think outside the box – and beyond your brand – while maintaining status quo.
Benchmark KPIs to Measure
- 50%+ Penetration Rate
- 25%+ Increase in AOV
- 10%+ YOY Membership Growth
- 75%+ Annual Active Membership Rate
- <5% Annual Churn Rate
Reach Beyond Your Brand Walls For Even More Value
Next up for you – maximizing value and retention. Boost your program value through partnerships with the right brands and experiences. Here is a framework to optimize all aspects of your member lifecycle.
ATTRACT
With stable growth from your own marketing efforts, consider brand or experience partners as your next acquisition channel. Partnering with a complementary brand can increase program appeal and share expenses on incentives, reducing costs while maximizing offer value. Ensure these incentives are part of a larger plan to show ongoing value.
ENROLL
Extend enrollment opportunities to all channels and, if partnering with brands, integrate data to cross-pollinate member information. Gather more details, such as preferences and dislikes, to send relevant offers. Boost profile completion with rewards and use this data for long-term engagement. Consider modular solutions if your tools don’t support frequent, targeted messages.
ENTRENCH
Increase personalization to excite and educate members about unused benefits, especially with new partnerships. Offer exclusive or first-access deals to top-tier members and celebrate milestones. Incentivize purchases based on member history and remind them of redemption opportunities through their preferred channels. If your platform doesn’t support this level of personalization, add modular tools that integrate with your martech stack.
DISCOVER
Identify personalized opportunities for members and use real-time engagement tracking to develop relevant offers, and incorporate partner offers into this plan. Where necessary, put more effort into educating your membership base on the benefits your new partners bring to the program. Add “try this” incentives to maximize usage. Update these offers in real-time to fit each member’s needs.
GROW
Leverage AI to predict member behavior, personalize experiences, and enhance rewards. Implement personalization at scale across all channels, including social media. Use machine learning to match offers with members in real-time.
RETAIN
Provide consistent value in every channel and create a sense of community with exclusive events or online forums. Engage members long-term with enticing rewards, gamified challenges, tiered rewards, and special privileges.
WIN BACK
Address poor member experiences and lapsed activity with specific plans. Invest in offers to regain attention, equip your front line with tools to handle issues, and provide feedback channels. 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.
