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.
The matrix focuses on direction setting, and compares contenders using key criteria. When evaluating each of the below benchmarks, focus should be placed on the fit between options and future corporate goals and objectives. Consider the following:
Criteria #1: Guest Engagement – Will the program best engage your potential or future customer base?
Criteria #2: Promotional Fit – Is the program flexible enough to fit your brand image?
Criteria #3: Staff Execution – Can your employees feasibly execute your program? Is it simple enough to be implemented effectively?
Criteria #4: Financial Return – Does the program maximize your planned or projected financial returns?
To finalize the process, weigh the numerical value of the above matrix considerations against each other. This will ensure that the business objectives of your plan are appropriately aligned with your business imperatives. See the sample matrix below for illustrative purposes. After selections are made using the below analysis, your loyalty plan can become a reality. Ready, set, implement!
Post by John Eagles and Laura Sossong
About John Eagles, Vice President
John has experience in both retail and restaurant as an executive and consultant. He has held executive positions at Bradlees Department Stores, Ames Department Stores, and Papa Gino’s Pizzeria and D’Angelo’s Grilled Sandwiches. He specializes in strategy, POS, merchandising and mobile solutions. He has consulted on a wide range of retail and restaurant enterprise applications, from selection through implementation.
About Laura Sossong, Management Consultant
Laura is an experienced individual with core competencies in merchandising and retail strategy, product optimization, technological innovation, and team training and restructuring. Her efforts have been instrumental in the execution of various organizational strategies and solutions. She has effectively introduced and implemented initiatives for American Eagle Outfitters and MGM Resorts International, among others.