Measuring and monitoring performance
Commercially successful loyalty schemes all have one thing in common; the operator is seriously focussed on the monitoring and measurement of all the Key Performance Indicators (KPI’s) of success.
Understanding the KPI’s for loyalty is a task that must be accomplished before the completion of the scheme design. Simply put, measurement of performance has to be accommodated through good design.
There are many activities that can be measured that will give an indication of the overall performance of a loyalty programme, the three most important of which are:
- Customer sign-up and engagement
- Redemption performance
- Behaviour change
These activities are will underpin the commercial success or failure of a scheme. However, the underlying activities that surround them give an excellent set of indicators with which to actively manage a scheme. LCUK’s deep understanding of loyalty performance measurement and management allows for a clear and concise analysis of day to day operations as well as longer terms trends and cycles. LCUK uses this understanding to help its clients to analyse the performance of existing schemes, design new schemes and undertake active management of loyalty programmes on behalf of its clients.