A discussion about retention; Annex Cloud and Loyalty & Reward Co.

by | Jun 25, 2020 | Data Capture & Usage, Lifecycle Management, Loyalty Frameworks, Loyalty Psychology

INSIGHTS

I was recently interviewed by Al Lalani from Annex Cloud, as part of their Market Movers series.

We had a wide-ranging conversation that spanned the psychology of retention, loyalty design frameworks of retention, the data approach to retention and the technology of retention.

For brands that are either considering implementing a loyalty program, or require a re-design of an existing program, consider the following:

  • Take the time to really understand customer expectations. These are being framed by best in market brands like Amazon, Netflix, Uber and Spotify, and are constantly evolving.
  • Know the right levers to pull so as to best psychologically motivate and stimulate your customers throughout their entire lifecycle.
  • Work out what type of program framework works best for your business. While some designs work better than others across certain industries, it’s never really a one size fits all solution.
  • Implement a good quality lifecycle marketing strategy and understand disengagement triggers by using churn risk scoring.
  • Source the right technology stack to best meet the needs and the budget of your business both now and into the future.

Taking these into account will ensure your brand gets the best possible outcome from either a new program, or the redesign of an existing one.

Max Savransky is the Chief Operating Officer of Loyalty & Reward Co, Australia’s leading loyalty consulting agency. Max has 11 years experience within the loyalty industry and specialises in program design, commercial modelling and member lifecycle + engagement strategies. Max works with a wide range of B2B and B2C clients to execute on our proprietary Deep DIVE© design process. Max is also a key contributor to www.rewardco.com.au, a global resource centre for everything loyalty.

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