In this edition of The Loyalty Podcast, Kobie’s Chief Innovation Officer, David Andreadakis, joins other loyalty experts from across the globe to discuss the benchmarks of loyalty success. The challenge presented to participants was to discuss 4 of the key loyalty benchmarks every brand should understand without saying the phrase “it depends“.
Knowing that not all benchmarks are not created equal, with a multitude of industry nuances, qualifying factors, and specific program goals, how can you look at benchmarking objectively? The group speaks to key metrics such as take up rates, sales penetration, redemption/breakage rates and ROI to uncover the answer.
- Take up rates: Can a successful program have a low take up rate? The answer is yes – but learn how the type of program and its objectives matter.
- Sales penetration: Which industries have a flatter curve, and which can see fluctuations at either end of the customer spectrum?
- Redemption & breakage: When it comes to these rates, find out how the stage in the customer lifecycle can impact positive or negative percentages
- Return on investment: Should ROI only be considered in monetary terms, or can it include engagement and emotional connection?
Check out the full episode here to learn more from Dave and other global experts, and reach out to Kobie to find out how to apply these insights to your brand’s loyalty program today.