How to choose and implement SaaS customer loyalty
It’s time to switch to a SAAS loyalty platform now. Brands around the world are taking stock of their customer engagement strategies and applications to prepare for a post-COVID world. As they do, marketers are realizing that launching a loyalty program or revamping their existing program is the need of the moment.
This trend is driven by significant favorable winds that include changing customer preferences, the growth of digital-native competitors, COVID-fueled changes in customer buying habits, and the vast amount of data brands are collecting. (but ignore) for years. Amid these changes, loyalty has grown beyond points and levels to evolve into an integrated experiential model that drives strategic results for brands.
As a result, brands need to determine where modern loyalty platforms fit into their overall customer engagement strategies and how they can seamlessly integrate loyalty across the rest of their customer touchpoints. We believe that cloud-based SaaS products offer significant advantages over existing systems available for loyalty platforms:
- Faster time to market for loyalty: SaaS products are already built and brands only need to provide the configuration requirements. SaaS loyalty platforms include robust member management, program earning mechanisms, rewards management, loyalty promotions, built-in analytics and more. Most platforms also come with a plethora of prebuilt APIs to integrate with other applications, such as point of sale or ecommerce. Setting them up from scratch in a custom application is usually very time consuming and requires many iterations.
- The advantages of the cloud: Since SaaS loyalty products are cloud native, they offer flexibility, scalability, reliable availability, and various pricing structures. Cloud technologies are particularly suited to industries such as retail that need to plan for peak seasons. Additionally, the security and multi-regional deployment of a typical cloud-based product improves data security and redundancy, helping prevent data breaches.
- Flexibility to to evolve the program: Loyalty programs must continue to evolve based on overall strategy, changing customers and changing market dynamics. A SaaS-based loyalty platform offers better opportunities for updates and can evolve into a more emotional program enriched by personalization and intelligence. The main platforms in this space invest in research and development to constantly improve their products.
Success will depend on selecting the right SaaS platform and integrating it into the rest of the customer engagement stack.
Brands that want to move to a SaaS solution will face the critical decision of selecting the right loyalty platform. To ensure oversight and due diligence, the process of choosing a loyalty platform should take advantage of:
- An end-to-end assessment framework designed to effectively and efficiently capture what you have today, what is available in the market, and the risks, issues and opportunities you can solve and / or use for your organization .
- A robust business (and technology) analysis designed to understand the need, assess relevant options, and select the best approach. Look for a flexible solution that can be easily integrated with your existing technology.
- A trusted partner who can help you not only select the right platform, but also integrate it to get the most out of the investment. Qualities to look for in a partner include a proven expertise in helping businesses build a strong digital foundation and the ability to maximize workflow efficiency, create scalable architecture, and plan for globalization.
Once the platform is chosen, stakeholders should define the action plans and the short and long term activities necessary to achieve the strategic objectives of the organization. At this point, the organization should foster stakeholder collaboration and program management to create a project plan, provide resources, identify key indicators of success, and manage the project. Finally, the organization should embed loyalty with the rest of the technology stack, especially when it comes to customer-centric applications, underlying Customer Data Platforms (CDP), or customer relationship management (CRM) technology. and analyzes.
Applying new strategies is always a challenge, even for the most flexible businesses, but brands can’t afford to ignore the benefits of loyalty in today’s business environment. Choosing the right SaaS loyalty platform and leveraging an effective implementation strategy is essential for launching successful loyalty programs and building relationships with satisfied customers.
Find out how PK can help you earn with the right SaaS loyalty platform at pkglobal.com.