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95% of the Respondents Indicated that Customer Experience/Engagement is one of their Top Three Current Initiatives Boston, MA – June […]
In today’s retail world, POS is considered the central nervous system for the entire retail operation. Read this white paper to find out how Virtual POS is the new POS paradigm.
UTC RETAIL – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on trends in retail technology and specifically, real-time retail.
LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Harrods Magazine app that promotes its in-store events.
RETAIL ONLINE INTEGRATION – The retail world is changing rapidly as companies move to make significant investments in digital technologies to allow customers instant access to product information and transactions through digital channels.
When it comes to offering competitive prices, convenience, and a superior customer service experience, many traditional brick and mortar businesses are struggling to keep up with intermediating retailers like Amazon and Google. As these industry giants have drastically raised the bar in terms of customer expectations and satisfaction metrics, the remaining marketplace players are left strategizing on how to stay relevant to consumers.
Under this industry backdrop, there are a few strategic elements for retailers to prioritize when fashioning their competitive approach to remain contenders in the retail game.
Prioritization Matrix – The Secret Weapon to Finalize Loyalty Program Details
So you are a retailer, and you have already set a loyalty program strategy and established its attributes and offerings as per Part I and Part II of this series. The good news is that you are now just one step away from implementation of a successful, effective loyalty program.
At this point, even though strategizing has significantly narrowed the options, you are likely torn between loyalty program alternatives. Enter the prioritization matrix. This friendly tool can be extremely useful and effective in facilitating comparison and ranking between functional choices.
Identifying the Details of the Loyalty Program
After setting a high-level loyalty strategy, a retailer should then customize the key components or “the guts” of the loyalty program. Conceptually, this involves specifying key parameters that detail how the program will function. The principal program aspects that need to be determined include program structure, layers, fee structure, loyalty tier/status features, and corresponding promotional segmentation. This easy step-by-step approach can be utilized to assist retailers in the program engineering process.
LUXURY DAILY – Ken Morris, Principal, Boston Retail Partners, shares his perspectives on Fortnum & Mason’s sponsorship of the “Ten Store Challenge” charity event in London.
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