With a customer loyalty programme in place, many businesses intend to embrace the new customer reality of 2020. However, even if the technology is cutting-edge, being unprepared for the initial idea meeting can cause a months-long launch delay. This article explains how selecting a loyalty programme provider via a loyalty programme RFP process can actually be a sign of readiness and aid in a more rapid and straightforward launch.

What Is an RFP for a Loyalty Program?

In the case of the introduction or redesign of a customer loyalty programme, an RFP, or request for proposal, is a sort of business document that enables organisations to communicate the specifics of a project. An RFP for a loyalty program’s main objective is to request proposals from several vendors.

However, a request for proposals is more than just a tool for provider comparison. The decision to launch an RFP process demands an initial time and resource investment from the business. The organisation must do the study, verify their program’s objectives and conceptual framework, and create a list of questions. But over time, this strategy unquestionably produces superior outcomes.

How Should I Write an RFP for a Comprehensive Loyalty Program?

There isn’t a set format for creating an RFP because every company has different requirements and goals. Nevertheless, from our expertise working with RFPs for loyalty programmes, we’ve distilled a few salient points and best practises.

Always begin by outlining the guidelines
A quick introduction to your business and the main objectives of the anticipated loyalty programme will help the vendor understand the scope of the project.
Include the project’s scope, paying special attention to the program’s most crucial elements, the channels it will target, its chosen features, or even some of the business KPIs your firm is placing a high priority on.

Add a thorough evaluation process as well, if you can. The majority of businesses just share the deadline for submissions, thus it would be beneficial for participating providers if you could also share additional decision deadlines and other significant milestones.
Create the questionnaire with the anticipated response in mind.
It is entirely up to you which inquiries to include in the request for proposals. Nevertheless, if you’re unsure of where to begin while creating a questionnaire, listed below are three general categories that most businesses tend to fit into.

Some businesses desire to update their existing loyalty programme. In this situation, businesses want a flexible, simple-to-integrate solution. The best course of action is to include all of your current loyalty programme regulations together with the new features, and to inquire beforehand about the ability of participating providers to fulfil each action item.
Other businesses frequently provide a broad concept in the RFP and then ask the interested vendors to describe how they would implement it. Both the launch of new programmes and the improvement of existing programmes may benefit from this tactic. Vendors will typically respond in this situation with a longer pitch that illustrates the possibilities of their technology and serves as motivation.Brands and retailers who need strategic support for the loyalty programme fall under the final category. This typically applies to businesses who want to introduce a rewards programme for the first time. When these businesses make use of other programmes that already exist or features they would like to see in their own programme, they achieve the best outcomes.

The better the credentials you request,

When conducting an audit, request samples of the vendor’s prior work. You can request team bios or team profiles in addition to case studies and use cases from the folks you’ll be working with.
Make a distinction between necessary and desirable technical documents and certifications by outlining your expectations in clear terms.
The vendor’s integration portfolio must be proven, which is another crucial factor.
Ask for the partnership credentials as well if the solution calls for a partner’s participation.

Your RFP is Always Welcome.

Given that, it’s time to part ways with you so that you can begin preparing the RFP for your own rewards programme project. We provide a number of guides specific to the industry, as well as a printable comparison worksheet, in case you need further assistance with your study.