Enterprise Loyalty is a secret weapon for financial institutions looking for increased retention and to gain a competitive edge. However, this is easier said than done. Some financial institutions need more experience or resources to build a comprehensive loyalty program in-house.
Outside guidance is often needed to create effective loyalty strategies.
The business factors driving financial institutions to broaden their Enterprise Loyalty Programs:
- A need for deeper engagement
- Increase operational efficiencies (mobile deposits, eStatements)
- Decrease client attrition
- Increase products per household
- Become the top-of-mind financial partner of their members
- Attract new members in new markets
Sounds great, right? So, what’s the catch?
Financial institutions face a variety of challenges when planning and deploying Enterprise Loyalty Programs, including:
- Determining what and how much to reward
- Understanding where data lives within systems (and how to access it)
- Decrease client attrition
- Defining data structures and rules to segment customers, track actions, and understand the current state of accounts
- Identifying resources needs to deploy and manage the program
- Learning to plan and execute promotional campaigns for the program
- Developing a business case/ROI for the program
- Gaining executive alignment with leadership and across business units
So, you’re thinking Enterprise Loyalty is the solution your financial institution has been looking for, but you’re unsure how to get started or maneuver the challenges involved.
The Solution: Team Up for Success!
Working with a third party with the experience you need can help you align vision and resources to make your program a success. Further, it’s important to choose a partner who has enterprise loyalty expertise as it is challenging for most consultants to retrofit a card reward program into one that is successful across multiple products and services.
At RAZR Financial, we develop a deep understanding of your business, immersing ourselves in how your financial institution works. We ensure we have a clear picture of your target audience, business goals, data streams, etc.
Once we’ve developed a strong understanding of your business and its unique challenges, we identify areas of opportunity for your brand. We make recommendations on the best strategies for success and lock down the deliverables.
We strive to achieve a common understanding of how to solve the business challenge and what strategy to use going forward.
Our goal is to agree upon and document the specifics of what your Enterprise Loyalty Program needs. We work collaboratively with you to design a comprehensive solution that changes the rewards program game.
This demonstrates the perks of your financial institution’s rewards program and can establish an immediate sense of loyalty for new customers.
What areas can we specifically help you in?
RAZR Financial Consulting Capabilities:
- Identify the options, costs, and priorities of the program to meet your strategic needs
- Develop a business case based on strategic and ROI goals
- Develop a phased implementation plan based on priorities and determine the rollout
- Define what to reward and how much to reward
- Understand the real opportunity for up-sell, cross-sell and other activity-based campaigns
- Uncover the data accessibility needs to enable program deployment
- Help understand how to gain executive alignment
RAZR Financial is the enterprise loyalty expert, working with a multitiude of financial institutions of all sizes. Our rewards platform has powered over 300 financial institution loyalty programs in the U.S. and 92% of all credit unions in Canada, reaching millions of members.
Interested in working together to achieve Enterprise Loyalty at your financial institution? Contact us here!