500FRIENDS BLOG
Loyalty trends & best practices

Single Objective vs. Multi-Objective Loyalty Programs

by Julia Leyrer
November 20, 2015
Single Objective vs. Multi-Objective Loyalty Programs

When it comes to providing initiatives to existing and prospective customers with objectives such as increasing customer retention and acquisition, there are two main approaches that are taken with promotions: single objective and multi-objective approaches. Although each provide a valued initiative to influence a certain customer action, they differ in how customers engage over time and how they’re structured within the business. Below, I address the differences between the two, and when to know which approach to take. Single objective. As it sounds, single objective approaches are loyalty initiatives that are created around a single objective in mind. This may be retention of at-risk customers through rebates, referrals of new customers with gift certificates, or the addition of benefits to increase overall customer satisfaction. This is commonly seen in the television network industry where... Read more

5 Pointers for Retailers during this Black Friday & Cyber Monday

by Arif Damji
November 13, 2015
5 Pointers for Retailers during this Black Friday & Cyber Monday

The largest consumer shopping time of the year is upon us and as many retailers are preparing, we've come up with 5 pointers for how to use your loyalty program to make the most of this Black Friday and Cyber Monday: 1. Layer special offers for your loyalty members. Black Friday and Cyber Monday promotions are normally sitewide or store-wide, aimed at your entire customer base. However, think about this from a member’s perspective--they joined for additional benefits and rewards. Consider providing members with points multipliers, exclusive sale items, or additional discounts (though be careful of margin implications). Also, remember that if you are worried about managing liability with the program, additional offers don’t have to be published or aimed at the entire member base. 2. Target your lapsed members. Members who haven’t made a purchase in a significant amount of time are pe... Read more

Loyalty for Luxury Brands

by Arif Damji
October 19, 2015
Loyalty for Luxury Brands

Over the last year, there has been a migration of luxury brands towards launching loyalty based programs. This, on our side, has meant a number of conversations with high-end brands interested in starting or restarting a loyalty program, often with the intention of moving customers to their direct channel and retaining more of their best customers. However, many remain concerned that a loyalty will “cheapen” their brand to their most discerning customers. I’m reminded of a conversation with the CEO of an online jeweler retailer who proclaimed, “Why should my customers collect points? They collect fine jewelry.” This fear and concern is of course valid, and in a world of declining loyalty program participation, high spending consumers are the first to lose interest in loyalty programs. So, should a luxury brand even look through the looking glass at a world of loyalty? The answer is a resounding YES, especially as many h... Read more

3 Musts for Retailers This Back to School Season

by Julia Leyrer
July 10, 2015
3 Musts for Retailers This Back to School Season

Back to school season is upon us and retailers are getting ready for what is expected to be a stronger consumer spending year. As you prepare for the season, carefully think about how to best use your loyalty program to keep your customers choosing your brand while shopping. Consider these 3 ways to reach your goals this season: 1. Use customer data for personalization. Give your loyalty members a reason to feel special and offer them unique advantages for being a part of your program, instead of having the same offers across the board for all existing and new customers. They are already seeing offers from various retailers, so your program should make them feel like they are valued members who are receiving additional exclusive offers that are special to them. Leverage your repository of customer data—from what products your customers have looked at and saved/added to a wish list, to products th... Read more

[Webinar Series] Leverage 1st Party Loyalty Data for Smarter Acquisition

by Julia Leyrer
June 08, 2015
[Webinar Series] Leverage 1st Party Loyalty Data for Smarter Acquisition

Our final webinar of our “Going Beyond Just Points: How your Loyalty Program Can Drive Actionable Insights” series will be Thursday, June 11 at 10:00 PDT / 1:00 EDT. Register now for "Leverage 1st Party Loyalty Data for Smarter Acquisition" to learn from Matthew Gilbert, SVP Loyalty Services, and Nicholas Illobre, Director of Performance Media, at Merkle about loyalty data’s influence on customer acquisition and programmatic buying. Programmatic buying without leveraging loyalty-related 1st party data misses an opportunity in acquiring higher lifetime value customers. Loyalty programs can provide a more in-depth understanding of your customers with data sourced from loyalty profiles, social accounts, and content creation. The resulting central repository of 1st party demographic, preference, and behavioral data allows for enhanced segmentation and lookalike models that resu... Read more

[Webinar Series] Differentiate and Personalize Your Loyalty Program to Drive Engagement

by Julia Leyrer
May 14, 2015
[Webinar Series] Differentiate and Personalize Your Loyalty Program to Drive Engagement

We are excited to keep the momentum going with our latest webinar series "Going Beyond Just Points: How your Loyalty Program Can Drive Actionable Insights" where we will discuss how to leverage loyalty data in customer identification, engagement, and acquisition. The 2nd webinar in this 3-part series, "Differentiate And Personalize Your Loyalty Program To Drive Engagement", will be presented by Justin Yoshimura, Co-Founder/CEO, 500friends, a Merkle Company and Samanth Ngo, Researcher, Customer Insights, Forrester Research on Thursday May 28 at 10:00 PDT / 1:00 EDT. Many customers are treated as if they're one and the same although there is so much customer information available to us. This approach of not engaging with customers on a more personal level can be detrimental to your customer relationships, which are vital to your success and competitive.... Read more

[Webinar Series] Increase Matchback Rates Through Customer Identification

by Julia Leyrer
May 14, 2015
[Webinar Series] Increase Matchback Rates Through Customer Identification

We are excited to present our latest webinar series "Going Beyond Just Points: How your Loyalty Program Can Drive Actionable Insights" where we will explore how to leverage loyalty data in customer identification, engagement, and acquisition. The 1st webinar in this 3-part series, "Increase Matchback Rates Through Customer Identification", will be presented by Arif Damji, Senior Director of Strategy and Development, 500friends, a Merkle Company on Thursday May 21 at 10:00 PDT / 1:00 EDT. Large numbers of customer identities are currently unknown and brands struggle with linking together customer purchases, LTVs, and preference trends. Without the knowledge and understanding of who your customers are, you are missing out on a huge opportunity to drive customer satisfaction, enhance relevancy of messaging and offers, and increase order frequency and value. Loyalty data is th... Read more

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