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How can you measure the impact of your loyalty programs with marketing attribution?

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Loyalty programs are a popular way to reward customers and increase their retention and lifetime value, but how do you know if they're actually driving more sales and revenue for your business? Marketing attribution is the process of assigning credit to the different marketing channels and touchpoints that influence a customer's purchase decision, so you can track how loyalty programs affect customer behavior and preferences, and how they interact with other marketing campaigns and offers. In this article, you'll learn how to measure the impact of loyalty programs with marketing attribution. The benefits, challenges, best practices, models, tools, and optimization techniques will all be discussed.

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Bethany Harrington, M.B.A.

Marketing Executive | P&L Owner | eCommerce & Omnichannel | Retail | DTC | Digital Transformation and Technology |…
Jonathan Lok

Top 1% LinkedIn Voice (DM, MA) | Digital Marketing Educator & Course Chair at Singapore Polytechnic | Expert in…
Bikash Kumar

Marketing Manager Online @ LG Electronics | Driving E-Commerce Growth | Digital Strategist | Product Manager | Retail…

1 Benefits of marketing attribution for loyalty programs

Marketing attribution can help you measure the impact of your loyalty programs in several ways, such as understanding how they affect purchase frequency, basket size, and repeat purchases. It can also identify which loyalty programs are most effective at generating conversions, revenue, and profit. Furthermore, you can compare the performance of your loyalty programs across different customer segments, channels, and markets. Additionally, you can evaluate the return on investment (ROI) of your loyalty programs and allocate your budget accordingly. Finally, you can use data-driven insights and feedback to test and improve your loyalty programs.

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Bikash Kumar

Marketing Manager Online @ LG Electronics | Driving E-Commerce Growth | Digital Strategist | Product Manager | Retail Trade Marketing | Business Development
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Let's break it into two parts Loyalty Program Metrics would be like - Enrollment Rate/Participation Rate - Redemption Rate - Repeat Buying Rate/Purchase Frequency - Customer Lifetime Value (CLV) - Customer Satisfaction Score - Net Promoter Score (NPS) - Referral Rate - Average Value Per Customer Marketing Attribution can help in analysing customer behaviour across touchpoints.We can use UTM parameters, Conversion tracking and Segmentation to attribute conversion to a specific marketing channel. A comprehensive approach through attribution can help identify first and last Customer touchpoints and give a holistic view of various marketing efforts and contribute to loyalty program success.

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2 Challenges of marketing attribution for loyalty programs

Marketing attribution can also pose some challenges when it comes to measuring the impact of your loyalty programs, such as data quality and integration issues, particularly if you use multiple platforms and sources to collect and store your customer and loyalty data. Additionally, there may be attribution bias and uncertainty, especially if you use a single-touch or rule-based attribution model that may not capture the full customer journey. Furthermore, customer privacy and consent issues may arise if you use personal or sensitive data to track and reward your customers' loyalty. Finally, complexity and scalability issues may present themselves if you have a large and diverse customer base with a variety of loyalty programs and offers.

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Jonathan Lok

Top 1% LinkedIn Voice (DM, MA) | Digital Marketing Educator & Course Chair at Singapore Polytechnic | Expert in Marketing Experiment, Analytics & Strategy | Driving Digital Excellence
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Marketing attribution has some big challenges. One of such is the quality of data. For example, when I go on holidays, I join loyalty programs just for the discount and don't use them again. It is important to know what makes a good lead from these programs. Another challenge is the precision of attribution. Drawing from my travel habits, I seldom visit the same country twice. While I may provide feedback, this behavior of mine skews overall data, rendering some points irrelevant. Therefore, it's essential to dive deeper into understanding customer behavior. By doing so, we can refine attribution methods to yield more meaningful insights, benefiting both customers and the brand.

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3 Best practices for marketing attribution for loyalty programs

To maximize the benefits of marketing attribution for loyalty programs, it's important to define your loyalty program goals and KPIs, choose an attribution model that suits your goals and reflects customer journey and behavior accurately, use a consistent and reliable tracking system to collect and integrate data, segment customers based on their loyalty level, preferences, and behavior, and monitor and analyze loyalty program performance regularly. Making adjustments to your attribution model and strategy as needed is also essential.

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Bethany Harrington, M.B.A.

Marketing Executive | P&L Owner | eCommerce & Omnichannel | Retail | DTC | Digital Transformation and Technology | Analytics | Thought Leadership Speaker ???????? #slayyourdragon
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I have been at companies that tried to quantify the value of a loyalty program based on shopping behavior - AKA Do folks by more if they are a member? To me, that is no longer the question. Getting folks to use the loyalty program ensures you have the best 1st party data you can to compete. Without one you could be flying blind in some cases, so the program's value is not in the shopping behavior but in the data. How you use the data will determine if you make it profitable.

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4 Marketing attribution models and tools for loyalty programs

Using different marketing attribution models and tools can help you measure the impact of your loyalty programs. For example, first-touch attribution gives all the credit to the first touchpoint that introduced the customer to your brand or product. Last-touch attribution, on the other hand, gives all the credit to the last touchpoint that led to the customer's purchase. Linear attribution gives equal credit to all touchpoints, while time-decay attribution gives more credit to those closer to the customer's purchase. Position-based attribution assigns more credit to the first and last touchpoints, and data-driven attribution uses advanced algorithms to assign credit based on their actual impact.

Tools you can use for measuring loyalty program impact include Google Analytics, Facebook Attribution, HubSpot, and Wicked Reports. These tools allow you to track and analyze web and app traffic, conversions, revenue, Facebook and Instagram ads, CRM activities, email campaigns, and more. You can also use different attribution models and reports to measure your marketing performance and ROI.

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5 How to analyze and optimize your loyalty programs with marketing attribution data

Once you have chosen your marketing attribution model and tool, you can use the data to analyze and optimize your loyalty programs. For instance, you can compare the performance of your loyalty programs across different attribution models and see how they affect key performance indicators and return on investment. Additionally, segmenting customers based on their loyalty level, preferences, and behavior can help you identify the most and least effective loyalty programs. Furthermore, testing different loyalty program designs, features, and incentives can provide insights into customer satisfaction, retention, and lifetime value. Finally, you can use marketing attribution to optimize your loyalty program budget and allocation based on data-driven insights. In conclusion, marketing attribution helps you measure the impact of your loyalty programs and improve your marketing strategy and ROI.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you measure the impact of your loyalty programs with marketing attribution?

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3

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6

1 Benefits of marketing attribution for loyalty programs

2 Challenges of marketing attribution for loyalty programs

3 Best practices for marketing attribution for loyalty programs

4 Marketing attribution models and tools for loyalty programs

5 How to analyze and optimize your loyalty programs with marketing attribution data

6 Here’s what else to consider

Marketing Analytics

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How can you measure the impact of your loyalty programs with marketing attribution?

1

2

3

4

5

6

1 Benefits of marketing attribution for loyalty programs

2 Challenges of marketing attribution for loyalty programs

3 Best practices for marketing attribution for loyalty programs

4 Marketing attribution models and tools for loyalty programs

5 How to analyze and optimize your loyalty programs with marketing attribution data

6 Here’s what else to consider

Marketing Analytics

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