Shorten repurchase time with timed vouchers
Description
Timed vouchers to specific products can yield great results if you go beyond the standard “use x dollar voucher by y date”. For example #1 Include dynamic timers and strategic, personalized reminders to drive urgency for certain specific products based on recent purchases #2 Clear stale inventory faster by combining such vouchers with segmentation and product data for advanced targeting
Examples of strategic benefits:
- Better member experience: An offer that gives additional reward in specific scenarios will result in a better member experience.
- Drive spending and clear inventory: With the right timed vouchers for the right products you can increase the sales and at the same time remove certain inventory.
It is important that you start with the basics and then build from there to introduce more advanced features and measure the results accordingly. Memberson can help you define and discuss what the best options are to implement this.
Concept
Shorten member repurchase time with specific timed vouchers for the right product, with the potential added bonus of clearing stale inventory, by introducing a timed element to specific vouchers (rewards) for members that have made a “recent” purchase.
Execution
- Identify and define the scenarios for when timed vouchers for certain products should be used
- Create the timed vouchers
- Set up the timed voucher journey, can either be campaign based or rule driven based on the scenario
- Member to receive and use vouchers
- Measure, analyze and optimize the scenarios and execution steps of the scenarios
KPI
- Cost of rewards and configuration
- Increase in spending / purchases > 5%
Detailed Execution in Memberson Loyalty CRM Platform
Please contact Memberson for further discussions
