Loyalty Points Across Countries and Currencies
Description
Companies either running one loyalty program across countries or separate loyalty program in multiple countries, the point earning ratio based on currency is critical. It needs to be flexible and easy to configure to ensure ease of understanding to the member, correct country rewards and cost strategy and if required cross country earning and burning strategy.
Examples of strategic benefits:
- Multiple currencies seamlessly incorporated into one or multiple loyalty programs
- Flexibility to define country specific rewards and cost strategy and maintain a global loyalty strategy
- Members can be encouraged and rewarded to spend in any country and currency.
Defining a multi-country loyalty and rewards strategy is complex with many parameters, scenarios and member experiences to consider. Fortunately Memberson’s platform provides full flexibility in configure this and we can help you both explaining the options available to you and guide you on the right currency strategy that you may want to apply.
Concept
Enable different currency translation to point logic based on your own conversion rates and loyalty approach. Differentiate between countries and currencies both for local and global loyalty program strategy.
Execution
- Decide the currency to point conversion rate for each country
- Configure the currency driven point earning rules in base scheme and promotion schemes, so that all point earning is driven from them
- For rewards, vouchers and loyalty items set the denomination and point cost
- View spending per currency, and point earning and burning by country, region and globally
KPI
- Reduction in time to add a new country and currency to the program > 50%
- Reduction in manual effort to report point earning and burning across countries > 50%
Please contact Memberson for further details about this best practice, examples and details around how to set this up in Memberson Loyalty CRM platform. Our Loyalty consulting experts can guide and help you to design, set up and execute on this best practice.
