The concept of “Enterprise Rewards” is not new.

The execution of this philosophy is starting to take hold with many financial institutions. The right environment using this strategy can create the perfect situation and capitalize on the internal competitiveness within most other institutions that hinder this strategy. Most strategists believe that the rewards make the products compelling.

At BreakAway Loyalty, we believe reward programs should act as a complement to products and provide incentive to use other internal products because the products themselves are compelling, not because the program makes the products great.

The requirements to run a rewards program
on the Enterprise Rewards philosophy:

> Points are housed individually on a FIFO basis and tagged by product / division who issued the points.

> Reporting must reflect what Product / Division is responsible for what portion of the expense of each redemption (based on CPP).

> Marketing must have a clearly defined message for any rewards program.

> Be prepared to take advantage of the cross-sell opportunities the rewards program presents.

> Know cross-sell percentages and the estimated benefit within each product / division prior to launch of the program.

> Select a provider like BreakAway Loyalty who provides a rewards platform that seamlessly accepts multiple data feeds and

> accumulates points in a format simple for the financial institution to understand and administer.

> Implement this strategy only if it will increase the overall profitability to the organization.