Boosting Revenue & Retention: 7 Steps to Creating a High-Impact White Label Rewards Program

Despite a turbulent economy, 78% of U.S. consumers will pay more to shop with the brands they’re loyal to—and 50% of them say they are more likely to engage in a loyalty program this year compared to last. It’s clear, brand loyalty is immensely valuable.

“Establishing customer loyalty is a goal brands worldwide must pursue, but the path to doing so naturally differs between regions; While U.S. consumers demonstrate the highest levels of loyalty, they demand the most from brands in return”

Trent Lanning, Senior Researcher at Marigold

That’s why so many leading U.S. publishers and advertisers are implementing high-impact white label rewards programs to improve customer engagement, retention, and loyalty. Let’s explore 7 steps your business can take to customize a white-label rewards program to drive repeat business and incremental revenue.

Step 1: Uncover deep customer insights

Today’s savvy shoppers crave personalized offers, exclusive discounts, and cashback from their favorite brands. In fact, 91% of global consumers will share their data in exchange for discounts and coupons. Here are two ways a modern rewards program can help:

• Advanced segmentation: Utilize data analytics from open banking and RFM analysis to tailor customer rewards based on purchase history and engagement. 
• Predictive analytics: Leverage machine learning to identify customer shopping patterns, predict churn risk, and target customers likely to engage. 

Step 2: Define and align strategic objectives

Always align your loyalty program with your overarching business goals and establish meaningful performance metrics for the best results. Today, 89% of decision-makers believe personalization is invaluable to their business’ success.

• Cross-departmental goals: Coordinate with marketing teams to integrate loyalty rewards into broader campaigns, enhancing company-wide goals.
• KPIs and metrics: Establish comprehensive KPIs, such as customer lifetime value (CLV), net promoter score (NPS), and engagement rates to optimize success.

Step 3: Partner with key brands

Co-branding and collaborating with relevant brands can significantly elevate your loyalty program. Especially since 84% of global consumers cite they are likely to engage with a personalized offer tailored to their business.

• Strategic partnerships: Partner with your customers’ favorite brands to attract high-net-worth individuals, especially when collaborating with luxury brands.
• Exclusive offers: Negotiate exclusive deals based on your customers’ spending habits to drive loyalty and differentiate your program from competitors.

Step 4: Design a robust rewards infrastructure

A dynamic rewards infrastructure is essential to meet the evolving expectations of modern consumers. This year alone, 52% of global consumers bought a product or service through a mobile app.

• Omni-channel integration: Seamlessly integrate your rewards program across online, in-store, and mobile touchpoints to provide a consistent experience.
• Dynamic rewards system: Create a flexible rewards system offering points, cashback, and personalized offers to boost customer relevance and engagement.

Step 5: Implement and optimize technology

Leveraging advanced technology can significantly enhance the effectiveness of your rewards program. To be exact, 88% of global companies are planning to adopt AI/ML.

• AI and Machine Learning (ML): Use real-time data from AI and ML to personalize rewards, delivering offers at the perfect moment to boost engagement.
• Open Banking: Leverage open banking to securely link customer accounts to provide personalized rewards based on spending data, enhancing trust and engagement.
• Mobile app integration: Streamline the rewards experience by providing customers with easy access to their personalized offers directly on their smartphones.

Step 6: Launch with impact

To ensure a successful launch, it’s crucial to strategically partner with key brands and offer exclusive incentives. It pays, considering 83% of global consumers value early or exclusive access to offers.

• High-impact launch strategy: Include digital marketing, PR, and influencer partnerships. Use storytelling to create a buzz that captures attention.
• Early adopter incentives: Offer special incentives to early adopters to drive initial engagement and create excitement around the program.
• Out-of-the-box solution: Partner with a robust rewards platform provider who offers a customizable white label rewards platform to save time, money, and hassle.

Enhance engagement and drive revenue with the right rewards program

Today, 67% of global customers find it critically important for their favorite brands to provide a loyalty program. That’s why leading U.S. publishers and advertisers are leveraging the power of a well-implemented rewards program to transform customer engagement, retention, and revenue generation.

With the rise of white-label rewards management platforms that include open banking access, Finfare Connect is helping businesses track and analyze customer behavior in real-time. We provide insights into customer preferences, purchase history, and engagement levels. Armed with this data, businesses can create tailored customer offers and promotions, ultimately driving higher satisfaction and loyalty.