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Emarsys > Loyalty > Flashcards

Loyalty Flashcards

1
Q

What are the 4 benefits of loyalty?

A
  1. CLTV
  2. Customer Identification
  3. Sales enablement
  4. Build a loyal customer base
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2
Q

What is the equivalent of 2% increase in loyalty regarding cost reduction?

A

Same as decreasing costs by 10% since gaining a new customer is 5x more expensive than retaining existing customer.

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3
Q

How much more do loyalty customers spend on average than typical customer?

A

67% more

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4
Q

Loyal customer are clients __________?

A

most valuable assets since increasing cult is the goal of all businesses.

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5
Q

Who was first modern company to do loyalty?

A

Green Shield - you’d buy gas and they’d give you stamps you could redeem at various stores.

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6
Q

Loyalty is no longer simply purchases lead to points, but its _________

A

A very effective way to identify customers and do in depth pattern analysis of their purchases.

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7
Q

How do regulations around privacy relate to loyalty?

A

As regulations become stricter, it’s more expensive to acquire customers. As this cost goes up, customer retention becomes more valuable.

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8
Q

What are the 4 objectives of loyalty?

A
  1. Non-discount rewards to help margins
  2. Drive purchases
  3. Share of wallet - are there products we could sell to these customers that they buy elsewhere
  4. Customer Identification
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9
Q

What are Actions / Customer side interactions?

A

Specific activities customers can take as defined by clients. Purchases, engagement on website, review, etc…

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10
Q

What are the 5 types of actions?

A

Events - Points for their birthday
Promotions - promote products, sales, etc. for a limited time
Engagement - drive customer to next engagement
Purchase - drive customers to next purchase
Join - get a non-member to join

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11
Q

How do Tiers work?

A
  1. Define settings ($ spent (required), # of purchases (optional) to reach tier, expiration (optional))
  2. Benefits once they are in tier
    - points per $ spent
    - points per product category $ spent
  3. Create more rewards such as exclusive access on fixed benefits tab

Can have up to 10 tiers

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12
Q

What can you do on the fixed benefits tab?

A

You can set up benefits such as

  • points
  • birthday points or vouchers
  • exclusive access to content on website
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13
Q

What are the 3 types of loyalty vouchers and give an example of each

A
  1. Vouchers for rewards: given as reward for an action (discount or free shipping)
  2. Vouchers for points: buy vouchers with points
  3. Vouchers for free: for all gold members, a free shipping voucher for the next 7 days
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14
Q

What is the loyalty wallet?

A
  • It is the pre-built loyalty portal available on desktop and mobile.
  • Easy to set up (little IT involvement)
  • Can push and pull data from backend servers
  • Can be customized for individual brand
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15
Q

What is the loyalty api

A
  • Allows more in depth utilization of loyalty on any platform, application, POS machine
  • Does require advanced technical capabilities
  • Offers full customization of the wallet and even the ability to unify ucp and loyalty profile
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16
Q

USP of Loyalty

A
  • Native integration: no disconnect between a platforms marketing capabilities and loyalty implementation
  • 1-1 personalization, channel agnostic - this means we can implement loyalty and personalization onto any channel within the platform
  • Measurable - see Impact reporting
17
Q

What do you need to configure before creating a loyalty action?

A

A loyalty external event

18
Q

What does breakage refer to?

A

The number of points expected to never be redeemed.

Usually number of points expected to not be redeemed divided by total points issued.

19
Q

What are the 3 elements that impact a loyalty programs deferred revenue?

A
  1. The total number of outstanding points
  2. The value of a point (Cost Per Point = CPP)
  3. Breakage (this is the percentage of issued points that are expected to never be redeemed by members)
20
Q

What is an external event?

A

These use an ID that can be linked with a specific trigger outside of Emarsys. One example would be to use an action on a website to add a contact to a specific campaign.

21
Q

T or F - Loyalty segments are always relational segments?

A

True - upon signing up for loyalty you will have 8 loyalty segments automatically created for you such as
loyalty all, loyalty points about to expire, loyalty member since certain date, etc…

Emarsys (10 decks)

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