Part 3 of a 3-Part Series
If you’ve been following our series, then you’ve gone from exploration to ideation and now it’s time to put what you’ve learned into a final business model.
Refine the Economic Model – At the end of the day, you will be tasked with showing how your program impacts the company’s bottom line. It’s imperative that you’ve thought through the costs, estimated program participation and developed real-world financial models that take some of the guesswork out of the process. Developing a measurement plan and ROI at this stage will set you up for success.
Rally the Troops – Now is the time to get everyone else within your organization on board. This program will likely require buy-in and participation from operational, technology and merchandising partners within your company. This is when you troubleshoot potential issues, identify solutions and foster processes and responsibilities going forward. By doing this work now, you minimize any potential flaws in the program and its implementation that could lead to a negative customer experience—the very thing you’re trying not to do.
Plan a Pilot Strategy – You have to learn to walk before you can run, and a pilot approach allows you to test the waters, identify issues and refine your program before rolling it out to your entire customer base. Set a realistic timeline that will allow you to gather enough data and information so that you can best impact your rollout.
Identify Test Markets – Take a look at your overall program and select those test markets that will truly give you a valid test of the program. These markets should be the best representation of your broader customer base. Once your pilot program is complete, you should be able to take the information you’ve learned and let it guide you in making program decisions for a full rollout. You want to avoid having to qualify your findings because it’s skewed due to specific regional challenges. So choose your test markets wisely.
Since 2004, Customer Insight Group has been helping companies engage, keep and grow long-term relationships with their customers and has earned recognition for their depth of knowledge, client experience and attention to detail. Ready to create your loyalty program, but want the experts by your side? Consider a Loyalty Workshop to start you and your team on the right path.
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