2023 Q2 Open Loyalty product update

In Q2, the Open Loyalty team successfully delivered several key updates and enhancements to our platform that will empower you to take your loyalty program to new heights. Our latest updates include:

• Multi-level referral campaigns, that grants you, loyalty managers, greater freedom to adjust referral rules to specific segments, enabling different configurations for different referrals.
  
• Active members metric with configuration, where you can monitor member activity in real-time and detect trends over time, allowing you to make data-driven decisions to enhance your program's effectiveness.
• Multiple redemption wallets, to configure reward catalogs with different loyalty currencies, such as points and stars, for members to redeem their rewards. Additionally, you can create exclusive rewards that can be redeemed with specific loyalty currencies, fostering brand ambassadorship and VIP engagement.
• Segmentation based on country and age, to create segments based on age and location, including country, city, province, and postal code.
• Single campaign analytics, to measure, optimize, and report on the effectiveness of your campaigns. Gain access to key engagement metrics, compare campaign performance, and make data-oriented decisions to refine your loyalty operations.
• AI components in Open Loyalty: AI-based Predicted Customer Lifetime Value (CLV), and Churn Probability leverage historical data and AI algorithms to provide you with actionable insights into customer behavior.
• Units conversion coupons, where you can create high-value coupons instead of multiple lower-value ones.
• Redemption code campaigns, use Redemption (QR) codes Campaigns to create codes that provide rewards or units to members when scanned. The Online Platform (OL) can generate and verify these codes, which can be presented in various formats such as strings, QR codes, or barcodes.
• Multi-dimensional achievements, that help you create hybrid achievements using different triggers for nuanced customer engagement and behavior tracking. The Achievements module now includes different types of conditions, giving loyalty program managers greater control over user behavior.
• Member and Segment asynchronous export, which allow you to schedule an export of the filtered Members list through the API or Admin panel.

In the section below, we dive deeper into the updates mentioned earlier. This will give you a better idea of how they can help your business and make your loyalty program management better.

Multi-level referral campaigns

Referrals have always been a valuable acquisition tactic, and now we have expanded our referral functionalities to include a multi-level structure. With this enhancement, loyalty managers gain greater freedom to adjust referral rules to specific segments, enabling different configurations for different referrals. You can reward both referrers and referees in various ways, offering more benefits at chosen intervals. Explore the endless possibilities of expanding your referral operations.

Some use cases of this new functionality include:

• Different configurations for different referrals – greater freedom to adjust their referral rules to chosen segments
• Referrers and referees can be rewarded in many different ways, and obtain more benefits at chosen intervals

Configurable active members metrics on the loyalty program dashboard

To ensure your loyalty program is performing at its best, it is crucial to understand how many members are actively engaged and how often they use your program. Our new feature, "active members metric," provides loyalty managers with valuable insights. You can monitor member activity in real-time and detect trends over time, allowing you to make data-driven decisions to enhance your program's effectiveness. Stay informed and make strategic moves to drive member engagement.

Examples of some key use cases include:

• Monitor how many members are actively engaged with the loyalty program. 
• Analyze how the number of active members has changed over time and compare it to previous periods.
• Configure the definition of the “active members” segment, e.g. members who made a purchase in the last 30 days.

Various redemption wallets configurable for different rewards

We understand the importance of variety and ease of use in creating engaging customer journeys. To meet this need, we have introduced "multiple redemption wallets" to the Open Loyalty engine. This functionality enables you to configure reward catalogs with different loyalty currencies, such as points and stars, for members to redeem their rewards. Additionally, you can create exclusive rewards that can be redeemed with specific loyalty currencies, fostering brand ambassadorship and VIP engagement.

Some key use cases of this functionality include:

• Configuring wallets with various loyalty currencies and setting the redemption value of each currency.
• Adding “exclusive” rewards that can be redeemed with certain loyalty currency types eg. points, stars.
• Encouraging brand ambassadorship and engagement through VIP reward catalogs.

Loyalty campaign analytics

Understanding the impact of your loyalty marketing campaigns and optimizing them accordingly is essential in today's competitive landscape. Our newly rolled-out Campaign Engagement Analytics feature empowers loyalty managers to measure, optimize, and report on the effectiveness of their campaigns. Gain access to key engagement metrics, compare campaign performance, and make data-backed decisions to refine your loyalty operations.

Some key use cases of this functionality include:

• Monitoring the total number of members engaged by the campaign within a set date range.
• Finding out how many members engaged with the campaign at least once over a selected period.
• Comparing the engagement numbers across different campaigns to find out what has worked and when.

Predictive CLV and churn probability metrics powered by AI

Introducing AI-based Predicted Customer Lifetime Value (CLV) and Churn Probability. Our predictive analytics features leverage historical data and AI algorithms to provide you with actionable insights into customer behavior. These features enable you to allocate optimal budgets, reduce customer churn, and create prediction-based customer segments. With AI-driven intelligence, you can design tailored customer experiences, enhance targeted campaigns, and maximize the value of your loyalty program.

Key use cases of this functionality include:

• Allocating an optimal budget for acquiring new customers and calculating ROI of marketing activities – it’s easier to decide on the customer acquisition cost if you know that AI predicted $2,000 generated by a customer across the entire life cycle.
• Reducing customer churn, e.g. you can identify customers who are not likely to make a purchase in the upcoming days and test different incentives to change their mind.
• Creating prediction-based customer segments to increase the performance of targeted campaigns, e.g. you can identify a segment of customers at high risk of churning and create multiple win-back campaigns using multiple segmentation conditions such as  gender, product preferences, etc.

Configurable coupons that convert loyalty currency into value

The new feature in Open Loyalty is called Units Conversion Coupons. It introduces a new coupon type that allows loyalty program members to convert their accumulated loyalty points into a monetary value. This feature simplifies the coupon management process by enabling the creation of high-value coupons instead of multiple lower-value ones. By offering this option, businesses can engage their members more effectively and drive sales.

Some key use cases for the Units Conversion Coupons:

• Loyalty managers can now configure reward rules that authorize members to convert their points into discount coupons.
• Loyalty managers can set the desired conversion ratio, for instance, 100 points = $1.
• Members can redeem loyalty points for coupons, maintaining full control over their points.
  
  

Campaigns based on scannable redemption codes

The new Redemption (QR) codes Campaigns feature enables the creation of codes that provide rewards or units to members when scanned. The Online Platform (OL) can generate and verify these codes, which can be presented in various formats such as strings, QR codes, or barcodes. For example, codes can be printed on products to incentivize customers to make purchases.

To enable our clients to reap all the benefits that D2C loyalty mechanics have to offer, we have recently enabled scan-and-earn campaign capabilities into our offerings. While we provide the engine that makes it all run smoothly, loyalty managers will also enjoy a great deal of flexibility and freedom as to how they make use of this feature and how it’s presented to their customers – whether that be QR codes or barcodes. As such, they will be able to generate countless scannable codes and run tailored code-based loyalty campaigns, so as to maximize engagement and encourage the desired behaviors.

Some key use cases of this feature include:

• Generating scannable product codes to use in manufacturing or on the product packaging to boost loyalty program engagement.
• Processing product codes in the Open Loyalty system to award the correct number of points, rewards, or vouchers to the end customers.
• Collecting and analyzing different buyer segment data to use for future campaigns.
• Nudging customers towards buying set products by running various code-based campaigns for different customer segments.
• Presenting generated codes in a chosen format: text, barcodes, or QR codes to ensure customer engagement.

Campaigns with multi-dimensional achievements

The new feature introduced in Open Loyalty is a multi-dimensional achievement, which allows the creation of hybrid achievements using different triggers. This feature enhances the loyalty program by enabling more nuanced customer engagement and behavior tracking. The Achievements module now includes different types of conditions, giving loyalty program managers greater control over user behavior.

Examples of achievements you can create:

• Share a post on social media and make a purchase of at least $50.
• Walk 10.000 steps five days in a row and buy three products from the supplements category.
• Adding multiple transactional conditions in an achievement, e.g. the customer has to do 3 shops in a 30-day period and spend a minimum of $500.
• Creating achievements based on both, transactional and behavioral conditions, e.g. “write 5 product reviews over a year”, and “spend a minimum of $1,000.”
• Basing an achievement on behavioral conditions only, e.g. refer 5 new members, and share 5 social media posts.

Member and segment asynchronous export

A new feature has been introduced that allows for the asynchronous export of Members and Segments. With the Member export feature, users can schedule an export of the filtered Members list through the API or Admin panel. Similarly, the Segment export feature enables users to schedule an export of the Segment list via the API or Admin panel. These new functionalities provide users with more flexibility and control over exporting data from the platform.

2023 Q2 Open Loyalty wrap-up 

Open Loyalty continues to evolve, providing you with the tools and features needed to build successful and engaging loyalty programs. Stay ahead of the competition and delight your members with our latest enhancements.

If you have any questions or need assistance with these new features, our dedicated Customer Success team is here to help. Feel free to reach out to us at support@openloyalty.io or visit our User Guide base for detailed documentation. Thank you for choosing Open Loyalty! 

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