What features could SpotOn add to its loyalty program to increase customer retention for small businesses?

Introduction

To increase customer retention for small businesses using SpotOn's loyalty program, we need to explore innovative features that enhance value for both businesses and their customers. I'll analyze the current landscape, identify key pain points, and propose strategic solutions to improve the loyalty program's effectiveness.

Step 1

Clarifying Questions (5 mins)

• Looking at SpotOn's position in the market, I'm thinking about the competitive landscape. Could you share insights on how SpotOn's loyalty program currently compares to other solutions in the market, particularly for small businesses?

Why it matters: Helps identify unique selling points and areas for improvement Expected answer: SpotOn offers integrated POS and loyalty, but lacks some advanced features of standalone programs Impact on approach: Would focus on leveraging integration while adding advanced loyalty features

• Considering the diverse nature of small businesses, I'm curious about the current user base. Can you provide information on the types of small businesses currently using SpotOn's loyalty program most actively?

Why it matters: Determines if we need to tailor solutions for specific business types Expected answer: Primarily used by restaurants and retail shops Impact on approach: Would prioritize features relevant to these sectors while considering expansion to others

• Given the focus on customer retention, I'm interested in understanding the current metrics. What are the key retention metrics SpotOn is currently tracking, and how have they been trending recently?

Why it matters: Identifies specific areas of the retention funnel to target Expected answer: Customer churn rate is increasing, while repeat visit frequency is decreasing Impact on approach: Would focus on features that drive repeat visits and long-term engagement

• Thinking about the product lifecycle, I'm wondering about SpotOn's roadmap. Are there any upcoming major changes or integrations planned for the SpotOn ecosystem that could impact the loyalty program?

Why it matters: Ensures alignment with broader product strategy Expected answer: Planning to expand into online ordering and delivery services Impact on approach: Would consider loyalty features that bridge online and offline experiences