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Loyalty & Incentive programs - Catalogue creation

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Anand Menon
Anand Menon

An insight into creating a Catalogue for the Loyalty and Incentive Market. The Challenges and what goes into making the right decisions when creating a catalogue

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LOYALTY AND INCENTIVES PROGRAMS - CATALOGUE CREATION
THE RIGHT CATLOGUE CHARACTERISTICS The Right Product Good Product Relevance Ample Variety in Range The Right Price & Price Intervals Enough Aspirational value Can Influence Product Selection BENEFITS Good Conversion Rates Drives Repeat Sales Lowers Customer Acquisition Cost Improves Stickiness Against Competition Allow For Better Customer Profiling
CHALLENGES Lack Of Understanding Of The Customer Minimal Excitement Value No Aspirational Rewards Lack Of Variety Pricing Reward intervals The Points Gap Between Different Items In The Catalogue Refreshment of Products
KNOW YOUR CLIENT THE APPROACH 1. Listen to your Customer Get to Know your Programme members Demographics Age bifurcations, Gender details & Locations Likes & Dislikes Purchase Behaviour Understand if the Client has any specific requirements for the catalogue. If they want any specific brands, categories or want particular price points.
KNOW YOUR CLIENT THE APPROACH 2. Learn Study History If there is an existing Programme study the same. Study previous redemption patterns. Which items & categories were redeemed the most Vs which items & categories were redeemed the least. Analyse the points value of the high redeeming products. Understand what the Average Price points were in the previous programme. This will guide us to implement our own pricing strategy. What were the Price points of the Top performing items.
KNOW YOUR CLIENT THE APPROACH 3. Analyse Member Distribution Analyse your Customer Spend Understand the distribution of Programme Members. Understand the % of higher purchase levels to lower purchase levels. What is the Price point for the identified Target Audience. This will help in understanding where in the catalogue to have a larger % of the offering and also a better rewards interval.
KNOW YOUR CLIENT THE APPROACH 4. Catalogue Selection & Curation Source Pick the right products based on insights from the Customer Curate Curate the best possible products. Range Plan Have the right Category hierarchies. Test Test New & Innovative products. Refresh & Replenish Ensure regular and prompt refreshments & replenishments. Inventory Mgmt Cut/Delist items that are not performing. Evolve Get better curations through constant assessment of the catalogue. CONSTANTLY EVOLVE
CORE DEMOGRAPHIC PROFILE Is Well travelled & Well Informed Is Digitally Tech Savvy Is a Working Professional Is Price Conscious (Not Value Minded) Has very limited time In the Age group of 25 60 Gender Bifurcation 60% Male & 40% Female Average Income of 15 20 Lakhs Lives in Large Cosmopolitan Cities Is Brand Conscious Is Aspirational
TAKEAWAYS Listen closely to your Customer Learn from available data Analyse Customer behaviour Curate catalogue using data Update and evolve the catalogue

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Loyalty & Incentive programs - Catalogue creation

  • 1. LOYALTY AND INCENTIVES PROGRAMS - CATALOGUE CREATION
  • 2. THE RIGHT CATLOGUE CHARACTERISTICS The Right Product Good Product Relevance Ample Variety in Range The Right Price & Price Intervals Enough Aspirational value Can Influence Product Selection BENEFITS Good Conversion Rates Drives Repeat Sales Lowers Customer Acquisition Cost Improves Stickiness Against Competition Allow For Better Customer Profiling
  • 3. CHALLENGES Lack Of Understanding Of The Customer Minimal Excitement Value No Aspirational Rewards Lack Of Variety Pricing Reward intervals The Points Gap Between Different Items In The Catalogue Refreshment of Products
  • 4. KNOW YOUR CLIENT THE APPROACH 1. Listen to your Customer Get to Know your Programme members Demographics Age bifurcations, Gender details & Locations Likes & Dislikes Purchase Behaviour Understand if the Client has any specific requirements for the catalogue. If they want any specific brands, categories or want particular price points.
  • 5. KNOW YOUR CLIENT THE APPROACH 2. Learn Study History If there is an existing Programme study the same. Study previous redemption patterns. Which items & categories were redeemed the most Vs which items & categories were redeemed the least. Analyse the points value of the high redeeming products. Understand what the Average Price points were in the previous programme. This will guide us to implement our own pricing strategy. What were the Price points of the Top performing items.
  • 6. KNOW YOUR CLIENT THE APPROACH 3. Analyse Member Distribution Analyse your Customer Spend Understand the distribution of Programme Members. Understand the % of higher purchase levels to lower purchase levels. What is the Price point for the identified Target Audience. This will help in understanding where in the catalogue to have a larger % of the offering and also a better rewards interval.
  • 7. KNOW YOUR CLIENT THE APPROACH 4. Catalogue Selection & Curation Source Pick the right products based on insights from the Customer Curate Curate the best possible products. Range Plan Have the right Category hierarchies. Test Test New & Innovative products. Refresh & Replenish Ensure regular and prompt refreshments & replenishments. Inventory Mgmt Cut/Delist items that are not performing. Evolve Get better curations through constant assessment of the catalogue. CONSTANTLY EVOLVE
  • 8. CORE DEMOGRAPHIC PROFILE Is Well travelled & Well Informed Is Digitally Tech Savvy Is a Working Professional Is Price Conscious (Not Value Minded) Has very limited time In the Age group of 25 60 Gender Bifurcation 60% Male & 40% Female Average Income of 15 20 Lakhs Lives in Large Cosmopolitan Cities Is Brand Conscious Is Aspirational
  • 9. TAKEAWAYS Listen closely to your Customer Learn from available data Analyse Customer behaviour Curate catalogue using data Update and evolve the catalogue