Engage your loyalty members during the busiest time of the year through loyalty program exclusive offers
Reinforce loyalty program value with competitive redemption offerings
THE CHALLENGE:
Heightened competition during the holiday season presents a challenge for loyalty program engagement
In 2022, a Bakkt® Loyalty Solutions client and well-known company in the financial services industry teamed up with Bakkt to develop a new engagement strategy for the client’s loyalty program members. The client was looking to reinforce program value during the holiday season, a time when consumer shopping drastically increases. The client asked, “how can we encourage our program members to consider our redemption platform for their holiday gifting needs?” Bakkt and the client considered leveraging Bakkt® Gift Card Rewards, which allows members to redeem their points for gift cards from thousands of common household brands like Lowe’s, Best Buy® and more. There was an opportunity to educate program members on the redemption option and encourage them to use their points to purchase gift cards for their loved ones during the holiday season.
Are you brainstorming ways to bring awareness to your loyalty program offerings? Wanting to deliver value to your customers during a time when they need it most? Or are you looking to boost sales?
THE SOLUTION:
Utilize promotions in your redemption storefronts to engage members during the busiest shopping season
The Bakkt marketing team worked together with the client to design the client’s first-ever Bakkt® Gift Card Rewards promotion, geared towards driving awareness of the redemption offering and providing value to program members. The promotion ran for several weeks during December 2022 and offered an exclusive discount to program members on select digital gift card brands. Bakkt worked with our gift card supplier to secure gift card brand participation, negotiate the exclusive discount, and design supporting creative assets.
The client was thrilled to see the impact the email banner had on the success of the promotion, as there are limited opportunities to feature loyalty program content in their greater marketing channels.
It was vital to communicate the promotion to loyalty members, so the client created an email banner that was sent to all program members at the beginning of the promotion. This banner was prioritized amongst alternative marketing content, so there was a lot at stake for the results of the promotion! In addition, Bakkt developed creative messaging for promotional banners which were featured on the gift card redemption site. These banners drove customers to a curated web shop that included all the discounted gift card brands.
THE RESULTS:
Promotion success leads to strong insights and optimizations for 2023
After the promotion concluded, the Bakkt team analyzed the performance metrics and reported strong results to the client. When reviewing sales data year over year during the promotional period, digital gift card sales among participating brands significantly outpaced BAU sales with an overall +90% lift. In addition, there was a 70% lift in gift cards purchased year over year during the promotion and a 55% lift in number of users who purchased gift cards.
Bakkt was also excited to share that the day the client sent the marketing email, which included a promotional banner driving traffic to the gift card page, drove the highest gift card sales of the promotion. Sales on that day outperformed the second highest sales day by 16%. The client was thrilled to see the impact the email banner had on the success of the promotion, as there are limited opportunities to feature loyalty program content in their greater marketing channels. “We were so happy with the results and couldn’t wait to share with our internal partners, like the Marketing team, to emphasize the positive impact the email had on the success of our promotion” said the Loyalty Solutions client.
Based on the strong results, Bakkt and the client are planning two gift card promotions in 2023, implementing optimizations like sending a dedicated promotional email to loyalty members and improving web banner creative. Now that the client has one promotion under their belt, they can leverage the data to benchmark success for the 2023 promotions.