Resolve To Make The Most Of Your Prepaid Program This Year
Looking to take your prepaid program to new heights? Here are seven questions we routinely use during program discovery and scoping to get you started. It doesn’t matter if you’re adding a new program or reviewing an existing one: Taking the time to clearly articulate the answers to these questions will ensure you and your program stakeholders meet your program goals and that all participants — not just the highest or most frequent earners — have a seamless journey.
#1. What do you want to accomplish?
Want everyone involved in program decisions and setup to do their best work? Equip them with a shared understanding of what you plan to accomplish. A clear description of the following will help anyone involved make excellent decisions in a variety of areas, including product fit, setup options, optimizing rollout and more:
- Audience (e.g., consumers, employees or channel members)
- How participants earn rewards
- Your specific program objectives (e.g., increase sales, boost brand stickiness, drive engagement, improve user experience, expand globally, streamline operations, etc.)
#2. What does success look like for your program?
Be specific! Create and share a concrete definition of success so that all involved parties can target the same goal and raise the alarm if anything seems off track. For example, do you want to increase margins by a certain percentage? Cut consumer complaints in half? Remember, the definition of success can change. When that happens, get the word out to all team members and partners involved in program support so that everyone can be working toward the current program goals.
#3. What are the pain points and successes of previous programs?
As you think about your program, don’t forget to consider the past. Identify both the pain points and successes and involve all contributors in tackling lessons learned from previous experiences. Use actual program data to make decisions that will drive better results.
#4. What are the key dates and milestones for your program?
Understanding and clearly sharing key dates and milestones from the onset is critical to ensure a smooth program launch. You’ll want to separate your program launch date — when program-related marketing goes live — from the first order date so you can plan for key deliverables and approvals during program implementation.
#5. How often are you making payments, and what is the amount?
Will participants earn just one payment or will they receive repeated payments over time? You’ll also want to consider single and lifetime payment amounts for all of your users — not just the top earners. This will help you weigh the costs and benefits of single use vs. reloadable physical cards and digital options. Knowing the reward amount — whether it’s $25, $100 or even thousands of dollars — will help predict participant behavior. This will guide you to the best prepaid product for your program.
#6. What are the program marketing and distribution methods?
From participants’ initial interaction with program marketing materials through receipt and redemption of the reward, a clear understanding of the full user experience is key. Team members involved in collateral design, participant education and distribution choices need to make decisions that result in properly set expectations communicated clearly to the end participant, as well as marketing material that meets Visa® and Mastercard® brand guidelines. Make sure all team members know how and where participants will learn about the program, what the participant is expecting and how payments will be distributed (e.g. email, in-portal, handed directly to the person or sent via first class mail) so that all components can be aligned.
#7. Who are your participants?
Dive deep! What are your participant demographics (e.g., age, geography, socioeconomic)? What is the participant’s relationship to your organization? How did they interact with you during previous programs, and how might those interactions influence their expectations? Use the answers to these questions to design a program and accompanying marketing strategy that delights your cardholders.
A Long-standing Resolution: daVinci’s Consultative Approach
We made a resolution of our own years ago.
We vowed not to be pitch artists or order takers. These tired, old approaches weren’t for us and we know they don’t work for our partners and clients. That’s why we decided to set ourselves apart with a consultative approach to sales and service that combines probing questions and research, clear communication and context-based decision making.
If you’d prefer not to work through the program scoping questions on your own, give us a call. We’ll be happy to guide you through the process. Our consultative approach is part of our DNA: It starts with sales and continues through implementation and into the ongoing support of your program. It relies on open channels of communication with our internal teams and clients, where information flows both ways. With daVinci as a prepaid partner, your program will soar to new levels in 2018 and beyond.