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Finding the right partner for your rewards program can make all the difference when it comes to leaving loyal members with a positive brand experience.
The global loyalty management industry is expected to surpass $24 billion by the end of 2029. Loyalty programs need a reboot and retailers and marketers need to think of how to fulfill evolving consumer expectations. The right loyalty platform can adapt to consumer needs and creates the custom, flexible, and seamless cashout experience your members expect for their loyalty.
The quality and functionality of your rewards partner will impact your loyalty program from start to finish - from integrating the API with your brand’s current workflow to flexibility of use for the member and support for when issues arise. It is important to prioritize which gaps your partner can fill in your internal processes, and assess the flexibility they can provide you and your members.
Easy & Reliable Cashout
Ease and efficiency is the name of the game. Look for loyalty platforms that allow you to send a gift card in 5 minutes or less, and can be redeemed instantly, without lag time. This is the kind of experience that will leave members feeling valued for both their loyalty and their time. In fact, over 58% of customers say they are less likely to utilize a rewards program if it makes them download an app, showing that the less time and steps required for their cash out, the better. Ask your team and potential providers the following questions to ensure you're making the best choice:
- How quickly can rewards be gifted or redeemed?
- How flexible are the rewards for your members?
- Can members choose what they want to spend their rewards on and not have to use it all at once, or in one place?
Data-Rich Reporting
Partnering with a loyalty platform that offers real-time, data-rich reporting is crucial for optimizing loyalty programs. It is essential to ensure that you have seamless access to these reports and the ability to utilize them to make data-informed decisions. By working with such a platform, you can stay updated on the latest customer behaviors, preferences, and trends. This invaluable information allows you to fine-tune your loyalty initiatives, tailor rewards, and personalize offers, ultimately driving customer engagement and retention. With real-time reporting at your fingertips, you can make proactive adjustments to your loyalty strategies, ensuring they are always aligned with your business objectives and delivering optimal results.
- How is the rewards data accessed?
- Are there multiple ways for your team to access cash out, i.e. are there reporting APIs to embed into your existing flows?
- Is there a portal with robust analytics and reporting that can be easily accessed?
Global Reach
Over 29% of consumers mentioned that they would like their rewards redemption options to be more interesting, so look for a loyalty API with Direct connectivity to multiple digital payout types and global reach. The rewards partner you choose needs to have the geographic reach and growth match that is ideal for your program and your members. Seek loyalty platforms that have easy foreign currency exchange so you can send rewards to Milan, Italy and Omaha, Nebraskas.
Customization
When searching for a loyalty platform, it is crucial to find one that offers seamless integration without the need to leave your existing platform. This is essential to avoid potential technical issues and ensure a high level of uptime. By selecting a loyalty provider that seamlessly integrates with your existing systems, you can streamline the user experience for your customers and maintain the smooth operation of your platform. This seamless integration eliminates the risk of disruptions and enhances the overall performance of your loyalty program, enabling you to provide a seamless and uninterrupted experience for your customers. Ask potential partners:
- How customizable is the experience for your brand?
- Can the whole rewards journey be branded and seamless, or will members have to bounce to a partner’s site or app?
Make Sure Your Rewards Partner Works With You and Not Against You
Asking the right questions and considering unintended consequences when determining the right fit for a rewards partner can make all the difference in whether or not your loyalty program becomes best-in-class, or falls flat. Because their assistance will touch every stage of your member’s journey, you need to feel good about their ability to integrate, onboard, and provide the flexibility and support that will leave your members feeling positive about their experience with your brand. A good partnership can provide ease, relief, and forward momentum for your rewards program, making not only your members happy, but your team members, stakeholders, and the business at large. Runa has the world's leading payout network for fast and flexible cashout options that retain cashback and loyalty program members. Schedule a demo with us and bring all of your questions to see if we’re the right loyalty platform for you.
