If you don’t have customer loyalty, you don’t have customers – at least, not in a long-term perspective. It costs 5-6x more to acquire new customers than it does to keep the current ones. This encourages businesses to hunt for an optimal customer loyalty solution which will not only decrease churn rate and increase spent but will turn your customers into your volunteer brand envoys.
Customer loyalty software is a significant marketing investment, typically, in the range of $100,000 – $500,000. For such an amount you would probably expect your software to be easy and seamless in use at least for 5-7 years yet safe and solid for its functionality.
It’s not an easy task to make the right choice given a wide range of solutions. This article will focus on the most crucial aspects to consider while benchmarking the loyalty program vendors.
- First and foremost your loyalty program software should comply with the highest security standards. Concerns about providing personal information are rising in line with the mastery of cybercriminals. This, in turn, diminishes consumers’ willingness to participate in loyalty programs.
- Quality is another pillar. Let us make a break-down analysis within this category.
- Operational efficiency. Make sure that the uptime of your loyalty platform is 99%. Examine the overhaul capability of the software. You would definitely wish to avoid fixing the whole system, which is expensive and time-consuming, in case only one part of it falls down.
- Seamless integration. To function properly, the loyalty program software will need to include an API that integrates with WordPress, a customer relationship management system, social media as well as Email provider. For brick and mortar businesses, it’s also critical to enable integration with point of sale systems.
- Functional diversity/flexibility. Quality in customer loyalty is largely determined by a number of options instrumental for customer retention. Ideally, it should complement your business needs best. The analysis reporting tool is an essential part since it enables to track your customers’ behavior, develop customer profiles, and better target your marketing efforts.
- Omni-Channel Accessibility. A comprehensive customer loyalty program normally enables access to rewards and features through three main channels: online, mobile, and in-store.
- Customer journey. The whole customer journey including the enrollment process should be simple and seamless.
- And last but not least dig deep into the pricing structure. Make sure you don’t pay for the components you don’t actually need. In addition, a flexible pricing model is preferable, where you can choose between SaaS model with a small monthly/annual fee as well as a lifetime license with a source-code.
SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution.
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Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.