Loyalty and Rewards programmes are initiatives that reward your loyal customers for keeping your brand top of mind and thus drives value to your organisation. In today’s competitive business environment, everyone is competing for customer share-of-wallet. Loyalty and Rewards programmes are being used more frequently as organisations try to keep existing customers and differentiate their value-proposition in order to attract new customers.
The management of such sizeable and complex loyalty programmes can present its own set of challenges. The technology running behind the scenes of your programme can have a significant impact on ROI, the overall performance of the programme and its long-term success. In addition, consideration needs to be given to setup fees, flexible features, user interface design, data analytics, and communications and reporting capabilities.
P:Cubed provides a next-generation Rewards Execution Platform (REP) that combines the operational process of accruals, redemptions, value added services, merchants, financial and communication management, with customer analytics and business intelligence to effectively influence customer spend and retention.
The P:Cubed Rewards Execution Platform is not only a management system but can also help you to better understand your customers buying behaviour, so that you can tailor products and services that are engaging and relevant to the customer while keeping your brand top of mind.
Key components include:
- Membership Management, including the registrations, suspensions, and ranking of customers to provide tiered accrual rewards, contact centre service, etc.
- Accruals Management. Apply rewards strategies at customer, merchant, or portfolio level based on any piece of demographic, transactional or behavioural data, to encourage the high propensity customers to spend more. Varying rewards structures are implemented through a flexible decision engine.
- Redemption Management, offering various redemption solutions, including cash payments to accounts, charity, retail vouchers, travel, and airtime, to name but a few.
- Partner Management, providing detailed invoicing at branch or group level for future reconciliation.
- Financial Management, including the scheduling and reconciling of debit order membership fees, and the associated suspension strategies for failed deductions.
- Communication Management, including one-to-one and bulk SMS, e-mail and letter communications to members.
- Contact Centre Support, offering all the user-authenticated, front-end services required to register, redeem rewards, manage queries, escalations, override accruals, etc., all supported by online Management Information to track agent and contact centre performance.
- Operational and strategic MIS reporting. Reporting portals that track key measures of success, and allow for analysis of additional insights through dashboards and cubes.
- Analytics and Business Intelligence applied to customer, external and transactional data to drive campaigns, sub-clubs, and offer business intelligence to retail partners that they would not know of without the loyalty solution.