Do not Make your Program Identification an Afterthought of Your Strategic Plan
“What’s in a reputation?”
That’s the much-celebrated line from William Shakespeare’s play Romeo and Juliet. Within the play, Juliet asks the well-known query after which explains, saying “that which we name a rose by some other title would odor simply as candy”. Shakespeare’s theatrical phrase puzzle is supposed to convey that the naming of issues is irrelevant, as he believed that names are a conference to differentiate issues or individuals, however by themselves do not need any value or which means.
People are given names at beginning. Pets are given names by their homeowners. Corporations or merchandise are given their id partly by means of the creation of a model title. In each case the title is a place to begin, as the person, pet, or product creates their respective model by means of their behaviors over the course of their existence.
A reputation is a place to begin for a narrative and the title you choose in your loyalty program’s “story” – its lifecycle – is necessary. Roses odor candy by nature, and I suppose Shakespeare was right to say that any title would do. However a loyalty program should show its value over time and the proving is rarely executed. Due to this fact, the choice of a reputation in your loyalty program is important to constructing consciousness, speaking worth, and connecting with prospects. This system title should someway tie to your core enterprise model and mirror and even amplify its worth if doable.
In my expertise, I’ve usually seen this system naming train change into an afterthought within the strategic planning course of. And nearly each workforce I’ve labored with has sought assist in the naming course of. Most are hungry for a sample to observe to establish a brief record of program names. After being requested for assist by a number of purchasers over time, we created a naming course of that has labored properly ever since.
That is one side of loyalty program planning we don’t see mentioned a lot, and it appears an excellent second to share what we’ve got discovered with you.
Our Unbranded, but Efficient Loyalty Program Naming Methodology
We adopted a five-step course of for Loyalty Program Naming centered on these areas. If we had been extra attentive to element, we’d have given it a cool title and trademarked that title. Whereas this can be our humble, unbranded methodology, we are able to guarantee you that it really works when you work it, beginning with these standards.
- Cultural Relevancy
- Model Compatibility
- Regional Attain
Cultural Relevancy – We suggest choosing names that work properly in cross-border functions, however the optimum title you choose should resonate together with your core viewers at residence. Will that title translate properly within the native language and are there any conflicts that needs to be prevented? Does the title match properly with cultural tendencies? Keep away from something that might set off and offend prospects.
Worth – Does the title talk the crux of the loyalty program worth proposition? Is it sufficient to make use of the phrases “rewards” or “factors”? Most likely not. The title you choose ought to mirror this system give attention to financial savings, money, experiences, enjoyable, causes or no matter else you’re creating.
Utility – Is the title simple in your prospects to recollect, spell, and pronounce? Are there any limitations that will likely be problematic when creating advertising and marketing collateral?
Model Compatibility – Does the title complement the core model message? It needs to be simple to affiliate the title with the core model promise somewhat than introduce a separate model or set of messages. The optimum title you create needs to be a pure element of the client shopping for expertise and presumably an adjective to explain that have.
Regional Attain – As talked about, we suggest creating names that translate and adapt to different markets the place you count on to hunt market share. Even when you don’t have bodily shops in a number of geographies, your e-commerce enterprise is accessible by anybody, anyplace. Will the title you choose be comprehensible by guests to your shops or website. Will guests perceive your message?
Utilizing these 5 standards for title choice, we sometimes assign a weighting to every issue totaling to a hundred percent after which rating every candidate title on a 1-5 scale. The result’s a rating of candidate names by numerical worth.
Numbers should not fairly sufficient to decide, nonetheless, and we full the naming course of by making use of a collection of qualitative filters to the highest 3-5 names as a way to select.
- Is the title already in use in markets the place we compete?
- Is the URL for this title out there?
- Does this system title battle with the title of an unrelated enterprise?
- What different limitations exist to utilizing this title (apply frequent sense right here).
Finishing this course of usually ends in a consensus amongst stakeholders for a reputation selection. Relying on the energy of that consensus, you could determine on whether or not to fee shopper analysis to validate the title selection.
When you’ve accomplished analysis – or when you determine to maneuver ahead with out it – it’s time to carry out the perfunctory authorized evaluation, reserve the URL and tackle trademarking points. When that is all full, you’ll be able to have fun your title selection and get busy creating some excellent advertising and marketing collateral.
Loyalty Program Naming Case Research
Sierra sells lively and outside attire, footwear, and equipment, together with sporting items, snow and water sport, tenting, and fishing. The TJX Corporations, Inc. (NYSE: TJX) acquired Sierra, initially named Sierra Buying and selling Submit, in 2012.
Buying in a Sierra retailer not too long ago, we encountered a big poster within the checkout space that referred to as for patrons to participate in “Epic Rewards”. The signal said “Epic Rewards, Each Day, Each Retailer … Go wild and earn 5% again in rewards if you store our household of shops”. The TJX household consists of TJ Maxx, Marshalls, Residence Items, Sierra, and Residence Sense.
The message from the poster was unclear. Was the title of this system Epic Rewards, or did they describe their providing as merely Epic? To get the reply, I began my search on-line utilizing the time period Epic Rewards to be taught extra about this system. As a loyalty skilled (CLMP™), I used to be notably to see how TJX was establishing a single branded loyalty program to serve a number of retail manufacturers.
The search outcomes shocked me. The title Epic Rewards is being utilized by a PC gaming firm, a ski vacation spot firm, and a movie show operator. Sadly, I needed to discover info on the Sierra program by adjusting my search and clicking by means of to the Sierra web site to study their program.
Right here’s a fast abstract of what I discovered by looking for Epic Rewards:
#1 – The Avid gamers
Epic Rewards is a program that enables Epic Video games account holders to earn rewards for eligible purchases together with shopping for video games, apps, add-ons, or digital forex on the Epic Video games Retailer. You’ll be able to earn 5% again on eligible purchases and get a $5 Epic present card for each 250 Epic factors. The Epic Rewards program is free to hitch and does not require sign-up.
#2 – The Mountaineers
Epic Mountain Rewards is a loyalty program that offers go holders a 20% low cost on meals and beverage, lodging, group ski and journey faculty classes, and gear leases at dozens of Vail Resorts locations throughout North America. As a part of Epic Mountain Rewards, Go Holders can redeem one free wax and 50% off one primary tune per season at choose U.S. areas. Epic Mountain Rewards is obtainable to anybody who purchases an Epic Go, Epic Native Go, Epic Day Go, Epic Army Go, Epic Australia Go, and most of the Firm’s different regional season go merchandise, no matter whether or not a visitor plans to ski someday or daily of the season.
#3 – The Entertainers
EPIC Theatres presently operates 144 screens at 12 websites in Florida and North Carolina. The corporate web site says that EPIC Theatres is operated by third and fourth technology exhibitors whose household constructed their first theatre in 1947. The corporate is devoted to offering the last word film going expertise in state-of-the-art theatres by correctly exhibiting films and occasions in properly maintained amenities. In addition to reference to the rewards program, we couldn’t discover any info on their website save for this login web page.
#4 – The Retailer
Oddly sufficient, my search didn’t present the details about the Sierra program that I used to be in search of. In actual fact, it didn’t give me any details about the umbrella loyalty program idea that TJX had created for its household of retail manufacturers. This was perplexing and compelled me to return to the Sierra website to get details about their loyalty program.
I confirmed that within the case of Sierra, using Epic on the poster represented a fuzzy message. It turned out that the phrase on the poster was included for descriptive functions, but it surely was not the precise title of this system. After checking the website of every of the TJX household retailers, I got here to know that the rewards provide from TJX is a personal label credit score product that provides cardholders 10 p.c off first buy and 5 p.c when procuring anytime within the household of shops. Different advantages, together with invites to unique non-public procuring occasions are supplied to cardholders. I suppose that TJX thought this reward provide was worthy to be coined “Epic”.
What does this Case Research train us?
Opinions of the City Dictionary might range, but it surely states that Epic is “probably the most overused phrase within the English language”. Invoked by everybody from surfers to players to weekend warriors, they could be proper. Apparently, using the phrase Epic for naming a loyalty program is overused additionally, primarily based on our search outcomes.
The case examine teaches two massive classes. If TJX had been extra cautious with the wording and construction of the poster that we encountered within the Sierra retailer, all confusion about their “loyalty program” might have been prevented. Paradoxically, if that had been the case, we’d have missed the chance to share our Loyalty Program Naming Methodology with you.
Primarily based on our expertise, if the opposite three manufacturers that popped up in our search outcomes had used this system naming methodology outlined on this article, they might have prevented the repetitive and undifferentiated influence of utilizing this phrase of their program names.
The most important lesson to be taught from this story is that program naming is necessary. It shouldn’t be relegated to both a recognition contest amongst stakeholders or an afterthought of your strategic planning course of.