Practice Dashboard: Loyalty Program Revenue Tracker
Congratulations! It's your 1-year "app-iversary"!
After you have used your loyalty program for one year, the Loyalty Program Revenue Tracker will appear on the main page in your practice dashboard. This is the day you have been waiting for!
The Loyalty Program Revenue Tracker is calculated using the following formula:
- Total client spending for 12 months in the loyalty year (- MINUS) total spending for same clients in the prior 12 months. The amount reported is the LIFT (net change) in the revenue provided by clients participating in your loyalty program. This number accounts for any rewards used by the client.
In addition to client spending, the loyalty program drives client visits, so a full 12 months is needed to account for the increase in visits. This is the most reliable method of analyzing loyalty program impact.
After the first year of the loyalty program, the Revenue Tracker will continue to report on subsequent years as you continue the program.
In this example, the loyalty program is currently in the fourth year. It is simple to analyze the impact of the first year of the loyalty program because we can compare clients' first year in the program to the previous year, when they weren't in the program.
As the program enters the second year, it gets more complicated because we are now comparing clients in the loyalty program to themselves the year before, while they were ALSO in the loyalty program, in addition to new loyalty members who entered the program for the first time during the second year. In order to display more parameters, the card flips to show the clients in the second year of the loyalty program compared to themselves in the year before the loyalty program (which would be two years ago). The same method is used in the third, fourth, and subsequent years.
