This month we’ve re-launched the Customer Loyalty Report, so this post highlights the major changes and showcase features. All the information shown below can be exported as a CSV allowing for custom analysis in Excel or similar software.
Loyalty Scheme Members
Establishing a positive relationship with your regular customers is a vital part of growing a successful hospitality business. To do so you’ll need to convince them to share their private information with you, so in return you’ll need to offer enticing rewards along with reassurance that their information is in safe hands. Kobas provides all the tools you need to do just that, including handy receipt codes to encourage your customers to open an account to claim their points.
Getting these customers fully on board is a short journey, yet they will need encouragement to make it all the way to being a loyal, regular customer for the long run.
A loyalty scheme member is now considered to be fully active when they have both confirmed their email address, and have made a purchase at one of your venues. This combination means they’ve completed their profile with valid information, and that they have a history of spending money at your venues, proving them to be fully on-board.
The loyalty report now breaks down your scheme members so you can easily see how many customers you have in different stages of the journey.
The blue and red lines in the above graph show little difference between customers who sign up to the loyalty scheme but get no further, and those who sign up, confirm their email address and profile, but don’t go on to become active customers.
The black line reveals that many more customers sign up at or soon after the time of making a purchase. The gap between that black line and the olive line is the resistance to completing one’s profile having initially signed up and made a purchase.
The Kobas loyalty scheme provides serious incentive to close this gap as customers can earn points and rewards without becoming fully active, but rewards may not be redeemed until a customer’s email address has been confirmed using the opt-in link sent to their designated account. Alas there’s only so much an operator can do here, as until a customer has completed their profile and confirmed their email address, they may not be contacted using that address, so only in-store promotions can entice these customers to finish the process.
Analyse the spending habits of loyalty customers compared with unknown customers – find out if your loyalty scheme is working for you!
In this example we can see that loyalty customers perform roughly 1 in 3 purchases, which is very encouraging. Furthermore, over the analysed two-year period, this loyalty customer base is dependable, providing constant revenue year-round.
The loyalty report also expresses this comparison between loyalty scheme members and other customers in terms of actual spend (as opposed to purchases or visits, as above), and in terms of average transaction value (ATV).
A good loyalty scheme should provide at least 10% greater ATV from scheme members – so it’s a great way to boost revenue, especially at quieter times of the year.
Here’s where the report gets really in-depth. Choose to review the performance of any of your rewards.
From there, review issue rate, redemption rate, compare that reward’s ATV with other rewards or your standard ATV, and compare revenue analysis.
The Kobas Customer Loyalty Scheme allows your customers to earn points every time they spend. You’re in control of their rewards: create discounts or money-off vouchers, and award these at certain point thresholds.
For more information, please contact our Support team or see page 28 of our online brochure.