The coronavirus pandemic has affected buyer behaviour. On the other hand, the way sellers do business has also changed. The post-covid-19 market is super-competitive. Your organization should use every advantage possible to remain ahead.
Rewards and loyalty programs can help your business retain existing customers and grow the consumer base. Loyalty initiatives also play a role in improving brand visibility. And this is where the selection of the best SaaS loyalty platform comes into the picture.
First, let’s focus on facts and figures surrounding SaaS
When it comes to the IT industry’s fastest-growing segments, Software as a Service (SaaS) does make it in the list of top five.
SaaS is a delivery model where end-users get access to the web or app-based platforms on a subscription basis. It is also known as web-based or on-demand software. Many organizations prefer this model due to its affordability and flexibility.
The need for SaaS increased further as the pandemic necessitated remote work culture.
As per stats published by BMC, around 78% of small businesses worldwide have invested in SaaS platforms. Roughly 70% of companies choose SaaS applications due to scalability and agility. Analysts suggest the SaaS market is growing by 18% every year.
SaaS loyalty platforms
As you are aware, loyalty software helps in managing loyalty programs. Administrators can create and run campaigns and access loyalty-related consumer data.
The availability of many platforms with great features makes the selection process complicated. Companies prefer choosing ready-made apps (SaaS platforms) as there’s no need to spend time on designing or setup.
The pricing depends on the features and the number of consumers that you wish to enroll.
Here’re vital aspects to consider while choosing and implementing on-demand loyalty software:
1. Do you need out-of-the-box SaaS platforms?
Large and medium-sized firms often have resources to deploy for managing loyalty platforms. However, small businesses, especially startups, do not have in-house staff. They can certainly be better off with a SaaS loyalty platform. Such companies can run loyalty programs even without engineers with secret knowledge to run complex software.
Out-of-the-box SaaS platforms (web and phone apps) work with your existing IT landscape. Your business gets access to a well-developed loyalty management system instantly.
Your platform provider can ensure all the professional features talk to your existing systems, even in plug and play mode.
SaaS platforms are robust and easy options. However, once implemented, the cost to move to another provider can be high due to contractual obligations.
2. Ready to use a set of features
You can opt for selected features in your SaaS loyalty platform. Your organization can start using it immediately for creating and managing loyalty programs.
Do some companies feel SaaS platforms offer lesser flexibility? Yes, they do feel so. That’s because the brand must tweak loyalty programs according to the capabilities of the SaaS loyalty platform.
What’s the solution to this problem? Well, every SaaS solution provides a different technical approach, scalability, and set of features. Look for software that offers a flexible loyalty program API. You can integrate such software with existing systems and create loyalty programs as per your plans.
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3. Integration with crucial business systems
There’s a thin line between a truly integrated platform and one that stays connected.
A truly integrated loyalty platform can genuinely integrate with business systems in every department. So, whether it’s a digital invoice, self-help app, customer support, or social media channel, your loyalty platform can stay connected with the customer at all touchpoints.
Consumers will feel delighted if you show their loyalty program status levels, earned points, incentives, and so on.
It is crucial to choose a loyalty platform that’s flexible and dynamic. It should offer a seamless API.
4. Ability to control loyalty aspects throughout the customer journey
A customer comes across the excerpts of your website content or Google Search Ads after entering relevant keywords. A typical customer journey starts from a search engine and continues further when they buy your products or service.
Every company must identify touchpoints throughout the journey and offer rewarding customer experiences.
There are pre-purchase, purchase, and post-purchase touchpoints in the journey. Your loyalty platform should enable you to control loyalty aspects throughout these touchpoints.
5. Do you intend to run loyalty program software on internal IT infra?
Some brands believe in implementing the highest security standards when it comes to data. Does your organization hesitate in storing loyalty program data on external cloud-based servers? If so, SaaS may not be the best option. It will help if you consider choosing on-premise loyalty program software.
6. Clarify the business and technical requirements
Assess your current and future business needs. Consider the technical requirements when choosing loyalty software and mobile apps.
How do your loyalty program’s earn-and-spend capabilities help in differentiating it from programs run by your competitors?
How often do you intend to evolve loyalty program mechanics and features? Which security and technical requirements does your organization consider crucial when it comes to loyalty program software? Find answers to these questions before approaching vendors to get quotes for loyalty platforms.
7. Validate your idea with a simple proof of concept
As an administrator, you understand the significance of starting small. Most companies select a set of customers and offer loyalty programs as a simple proof of concept. The trial can help determine if the loyalty platform integrates well with existing business tools.
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Here’s a quick look at the types of loyalty programs that an ideal platform should support:
- Subscription loyalty
- Points-based rewards
- Tiered loyalty program
- Interest-based program
- Customer referral
- Cashback
- Gamification loyalty program
- Surprise and delight
SaaS loyalty platform benefits at a glance:
- 360° view on consumer insight
- You can configure the system as per your requirements
- Pre-built APIs make integration easy
- Flexibility and scalability
- SaaS loyalty products are cloud-native
- Ability to evolve depending on loyalty program strategies and consumer needs
- Designed to implement updates for improvements
The endnote:
LoyaltyXpert’s platform has a highly configurable architecture. Our platform can help establish personalized communication with consumers. You can delight consumers by offering incentives at various touchpoints in their journey. Use the app to engage consumers with relevant communication.
Could you request a free demo with us today? We can configure the solution to suit your business needs.
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