David Andreadakis, Vice President of Loyalty Strategy, Kobie Marketing, will be the featured speaker during a workshop session at the 7th Annual Loyalty Expo, presented by Loyalty360 – The Loyalty Marketer’s Association. The event will be held March 17-19, 2014, at the Hyatt Regency Grand Cypress in Orlando, Florida.
Andreadakis, who has extensive experience analyzing the strategic and financial aspects of loyalty strategy and program development for clients and their customers, participated in an engaging Q&A with Loyalty360 to discuss certain topics that will be discussed in his workshop session.
Q: Do emotional and behavioral loyalty strategies play a role in how they impact the financial success of your program? If yes, how?
Absolutely. Many programs have either very emotional rewards or very behavioral rewards. Part of our workshop is designed to help participants understand the differences between these rewards types and start examining what their customer base is really looking for in your loyalty program.
We’ll also discuss how brands can measure both emotional and behavioral responses and the impact on the overall program. For example, the method for separation of tiers comes from the field of behavioral economics and hasn't been widely applied in loyalty. We'll show you how to use science to predict optimization points versus guessing or using cost only as is traditionally done.
Q: What are some challenges that companies can face to achieve financial success with their loyalty programs?
One of the biggest challenges is the lack of an economic model. Most of the models that programs have don’t tie all the way down to customer responses or the type of rewards they will receive and how that will impact the profitability and liability of the program. We’ll talk about what you need to look for in loyalty program measurement and health to make sure you’re truly measuring the financial impact of your rewards.
Q: What is at least one thing you hope your participants will walk away with after having attended your workshop?
We’ll provide insight on three different models that brands can use to evaluate their program to look for alignment and market fit.
We’re also going to show you how to tailor your priorities so you can take on activities that will fix some of the disparities you may be encountering. Finally, we’d like for you to walk away with an understanding of how to apply the case study examples we’re going to show to your own program models.