There has been a lot of debate in recent months about the most effective metrics to use when assessing the performance of a loyalty or incentive program.
To see the real effect of the power of loyalty and incentive program it is also recommended to use Confrere Analysis.
Recently one of our clients came up with the idea of running a bundle promotion.
Bundle promotions are commonly seen in our B2B loyalty space and the concept is well accepted by customers.
However, here we need to pause and remind ourselves of the purpose of running a promotion.
Internal misalignment often begins with a lack of a strategic vision, while clarity starts with a clear sales, marketing and loyalty strategy. Developing a cohesive strategy educates the entire company on the expectations. A clear and complete vision of the program will pre-empt a “let’s-slash-the-loyalty-budget” attitude. Educating company stakeholders is an ongoing process. Like anything else, if they don’t understand its value, you are not going to get their buy-in.
A GOOD PLACE TO START IS TO IDENTIFY A NUMBER OF COMMON MISCONCEPTIONS;