Not to dampen your enthusiasm; but, to begin, you should probably review the components of your program against those already available in multiple industries. There are several companies whose sole business is the development of such programs. Even they tend to create me-too, cookie cutter programs which have little strategic differentiation or value but are merely glorified frequency programs... Also, look at what you've developed in the following contexts:
- Does your program offer customers anything of unique perceived value, that is some thing or things that provide genuine benefit sufficient to leverage loyalty behavior?
- Does your program have both tangible and intangible elements of value, i.e. not merely points and products?
- Does your program have mechanisms to generate in-depth profile data (which is the principal utility of these programs)?
- Does your program have sustainable elements, which can evolve as customer needs change?
- Does your program have an escape strategy that doesn't negatively impact your customers?
If you can answer "Yes" to all these questions, along with a portfolio of proof to back it up, the best advice is to approach one of the companies which package loyalty programs for its clients.
Dig Deeper on Customer loyalty and retention
Related Q&A from Michael Lowenstein
Find out if luxury retail stores should offer loyalty programs for their customers in this tip. Learn how some luxury retail brands build loyal ... Continue Reading
Get an experts take on raising the hurdle rates of a customer loyalty program and learn more about value-added benefits from Michael Lowenstein. Continue Reading
Learn a few ways to measure customer loyalty and find out about customer spend or "share of wallet," which expert Michael Lowenstein believes to be ... Continue Reading
Have a question for an expert?
Please add a title for your question
Get answers from a TechTarget expert on whatever's puzzling you.