12 TOP Analytics dashboards every retailer should use
It’s no secret that retail intelligence is having a massive impact on retail businesses. Tracking engagement and performance data is key, and retailers are rapidly turning to analytics to scale and develop competitive advantages.
To do so effectively, they’re using retail insights and interactive Retail Analytics dashboards to create massive business value.
Here are 12 types of dashboards leading retailers are using to do more with data, specifically in regards to their loyalty and retention initiatives.
Overall, these 12 retail analytics dashboards provide valuable insights into the performance of a retailer’s loyalty program from various perspectives, including financial, operational, and customer engagement. By regularly reviewing these dashboards and acting on the data, CMOs, CFOs, CIOs, and loyalty leaders can optimize the program’s performance and drive long-term value for the business.
Membership Growth Dashboard:
The Membership Growth Dashboard shows the growth in membership for the loyalty program over time, broken down by different segments.
Why it’s valuable:
This Retail Analytics dashboard is valuable for CMOs and loyalty leaders because it helps them track the success of their membership growth strategies and identify trends in membership acquisition.
How often to review:
Monthly or quarterly, depending on the size of the program.
What to expect:
The dashboard should show membership growth over time, broken down by different segments such as geographic location, age, gender, and acquisition channel.
Hot tip:
Use the dashboard to identify segments where membership growth is lagging, and adjust acquisition strategies to target those segments specifically.
Customer Acquisition Dashboard:
This Retail Analytics dashboard should show how many new customers have joined the loyalty program over a given period and how much they have spent on average compared to non-loyalty program customers.
Why it’s valuable:
The Customer Acquisition Dashboard dashboard is valuable for CFOs and CMOs because it helps them understand the financial impact of their loyalty program on customer acquisition. By tracking these metrics, you can get a better understanding of how effective your loyalty program is at attracting and retaining new customers. This information can help you make data-driven decisions about how to allocate resources and improve the program’s effectiveness.
How often to review:
Monthly or quarterly, depending on the size of the program.
What to expect:
The Retail Analytics dashboard might include information such as the number of new customers who have signed up for the loyalty program over a given period, the cost per acquisition (CPA) of each new customer, and the conversion rate of customers who have signed up for the program.
Hot tip:
Use the dashboard to identify acquisition channels that are most effective and adjust marketing spend accordingly. For example, if the CPA for acquiring a new customer through the loyalty program is higher than expected, you may want to consider adjusting your marketing tactics to target a more cost-effective audience. Alternatively, if the conversion rate is low, you may want to evaluate the program’s onboarding process to ensure that it is easy for customers to sign up and start using the program.
Customer Retention Dashboard:
The Customer Retention Dashboard shows the percentage of customers who have remained active in the loyalty program over time and the revenue generated from those customers.
Why it’s valuable:
The Customer Retetention Dashboard is valuable for CFOs and CMOs because it helps them understand the financial impact of their loyalty program on customer retention.
How often to review:
Monthly or quarterly, depending on the size of the program.
What to expect:
The Retail Analytics dashboard shows the percentage of customers who remain active in the loyalty program over time and the revenue generated from those customers.
Hot tip:
Use this dashboard to identify segments of customers who are at risk of churn and create targeted campaigns to reengage them.
Rewards Redemption Dashboard:
This dashboard should show the types of rewards being redeemed and how often they are being redeemed. It should also show which rewards are most popular among customers.
Why it’s valuable:
The Rewards Redemption Dashboard is valuable for CMOs and loyalty leaders because it helps them understand which rewards are most popular among customers and adjust the program accordingly.
How often to review:
Monthly or quarterly, depending on the size of the program.
What to expect:
The dashboard should show which rewards are being redeemed most often and the frequency of redemption.
Hot tip:
Use the Retail Analytics dashboard to adjust the rewards mix based on customer preferences and to create targeted campaigns around popular rewards.
Here are a few examples of how you can adjust your rewards mix to better suit your customers’ preferences:
- Tiered rewards: Some customers may be motivated by achieving higher status in your loyalty program. In this case, you could consider offering tiered rewards that become more valuable as customers move up through the levels. For example, a customer who reaches Gold status in your loyalty program could receive additional perks like free shipping, exclusive discounts, or early access to new products.
- Personalized rewards: Customers may have different preferences when it comes to rewards, so offering personalized rewards can be an effective way to increase engagement. For example, you could offer customers the ability to choose between different rewards, such as discounts, free products, or access to exclusive events. By offering choices, you allow customers to select the reward that is most valuable to them.
- Emotional and social impact rewards: Many customers are motivated by doing good, so offering rewards that have a positive impact on society or the environment can be a powerful motivator. For example, you could offer customers the option to donate a portion of their rewards to a charity of their choice or offer rewards for customers who participate in local volunteering events.
- Experiential rewards: Some customers may value experiences over material rewards. In this case, you could consider offering experiential rewards like VIP access to events, meet and greets with influencers or celebrities, or exclusive travel experiences. These rewards can create a memorable experience that customers will remember for a long time, increasing their loyalty and engagement with your brand.
Campaign Performance Dashboard:
The Campaign Performance dashboard shows the performance of loyalty program campaigns, including the number of customers who responded to the campaign and the revenue generated as a result.
Some of the metrics that may be included in a Campaign Performance Dashboard are:
- Response Rate: This metric measures the rate at which members respond to a particular campaign, such as opening an email or clicking on a link. It helps to identify the effectiveness of the campaign and how well it resonates with members.
- Conversion Rate: This metric measures the rate at which members who responded to a campaign actually completed a desired action, such as making a purchase or redeeming a reward. It helps to identify the effectiveness of the campaign in driving desired behavior.
- Revenue Impact: This metric measures the revenue impact of a campaign, such as the total revenue generated or the revenue per member who responded to the campaign. It helps to identify the financial impact of the campaign and the return on investment (ROI).
- Channel Performance: This metric measures the performance of campaigns across different channels, such as email, SMS, or push notifications. It helps to identify which channels are most effective in driving response and conversion rates.
- Member Segmentation: This metric measures the performance of campaigns across different member segments, such as by loyalty tier, demographics, or purchase behavior. It helps to identify which member segments are most responsive to campaigns and how to tailor future campaigns for maximum effectiveness.
Why it’s valuable:
This dashboard is valuable for CMOs and loyalty leaders because it helps them understand the impact of loyalty program campaigns on customer behavior. It provides valuable insights into the effectiveness of campaigns, allowing the team to optimize future campaigns for maximum impact and ROI.
How often to review:
Weekly or monthly, depending on the size of the program and the frequency of campaigns and promotions.
What to expect:
The dashboard should show the number of customers who responded to the campaign and the revenue generated as a result.
Hot tip:
Use the dashboard to identify the most effective campaign types and adjust marketing strategies accordingly.
Customer Lifetime Value Dashboard:
This Retail Analytics dashboard shows the lifetime value of loyalty program customers and how it compares to non-loyalty program customers.
Some of the metrics that may be included in a Customer Lifetime Value Dashboard are:
- Average Order Value (AOV): This metric measures the average value of each order placed by a customer. It helps to identify the average spend of a customer over time.
- Purchase Frequency: This metric measures the frequency at which a customer makes a purchase. It helps to identify the number of purchases made by a customer over time.
- Customer Retention Rate: This metric measures the rate at which customers remain active and engaged with the program over a specified period of time. It helps to identify the effectiveness of the program in retaining customers and maximizing their lifetime value.
- Customer Acquisition Cost (CAC): This metric measures the cost of acquiring new customers. It helps to identify the costs associated with acquiring and retaining customers over time.
- Customer Lifetime Value (CLV): This metric measures the total value a customer brings to the program over their lifetime. It helps to identify the most valuable customers and how to maximize their value to the program.
All these data points are extracted for a customer data platform’s Single Customer View.
Why it’s valuable:
This dashboard is valuable for CFOs and CMOs because it helps them understand the long-term financial impact of loyalty program customers.
How often to review:
Quarterly or annually, depending on the size of the program.
What to expect:
The dashboard should show the lifetime value of loyalty program customers and how it compares to non-loyalty program customers.
Hot tip:
Use the dashboard to identify high-value segments of customers and create targeted campaigns to retain them.
NPS (Net Promoter Score) Dashboard:
This dashboard should show the Net Promoter Score (NPS) of loyalty program customers and how it compares to non-loyalty program customers.
The Net Promoter Score (NPS) Dashboard is a tool used by companies to measure customer loyalty and satisfaction based on a single question: “How likely are you to recommend our company/product/service to a friend or colleague?” The NPS Dashboard measures the responses on a scale of 0 to 10 and divides customers into three categories: detractors (0-6), passives (7-8), and promoters (9-10).
The NPS Dashboard typically includes the following components:
- Net Promoter Score: This metric calculates the difference between the percentage of promoters and the percentage of detractors. The NPS score can range from -100 (all customers are detractors) to +100 (all customers are promoters).
- Promoter, Detractor, and Passive Breakdown: This metric provides a breakdown of customers by category, allowing the team to understand the distribution of customers and identify areas for improvement.
- Customer Comments: The NPS Dashboard also includes a section for customer comments, allowing the team to review feedback and identify specific issues or areas for improvement.
Why it’s valuable:
The NPS dashboard is valuable for CMOs and loyalty leaders because it helps them understand how likely customers are to recommend the loyalty program to others.
How often to review:
Monthly or quarterly.
What to expect:
The dashboard should show the Net Promoter Score (NPS) for the loyalty program, as well as the factors that contribute to the score such as customer satisfaction and loyalty.
The data for the NPS Dashboard is typically gathered through surveys, which can be conducted through a variety of channels, such as email, SMS, or in-app notifications. The survey is typically short and includes the NPS question along with additional questions to gather more specific feedback from customers. The survey response rates can vary depending on the channel and the customer base, but a response rate of 10-15% is generally considered acceptable.
Hot tip:
Use the dashboard to identify areas where the program may be falling short and create strategies to address those areas.
Program Engagement Dashboard
The dashboard provides valuable insights into the engagement levels of members in the program, allowing the team to take corrective action and ensure the program is driving the desired behavior and loyalty. By monitoring and addressing engagement issues proactively, the team can improve member satisfaction and retention, leading to increased revenue and growth for the program.
Why it’s valuable:
This Retail Analytics dashboard is valuable for CMOs and loyalty leaders because it helps them understand how engaged customers are with the loyalty program and identify areas for improvement.
How often to review:
The Program Engagement Dashboard should be reviewed regularly, either weekly or monthly, depending on the size and complexity of the program.
What to expect:
This Retail Analytics dashboard shows how frequently customers are engaging with the program, such as making purchases or redeeming rewards.
Hot tip:
Use the dashboard to identify customers who are not engaging with the program and create targeted campaigns to re-engage them.
Operational Performance Dashboard
The Operational Performance Dashboard is a tool used by CIOs and loyalty leaders to monitor the technical and operational aspects of the loyalty program. The dashboard provides key performance indicators (KPIs) that allow the team to assess the overall health and performance of the program, identify areas for improvement, and take corrective action if necessary.
Some of the metrics that may be included in an Operational Performance Dashboard are:
- Uptime: This metric measures the amount of time that the loyalty program is available and functioning properly. It helps to identify any issues that may be affecting program availability and take action to address them.
- Response Time: This metric measures the time it takes for the loyalty program to respond to customer requests. It helps to identify any bottlenecks in the system that may be causing slow response times and take action to improve performance.
- Error Rates: This metric measures the number of errors that occur in the loyalty program, such as transaction errors or login failures. It helps to identify any issues that may be affecting program reliability and take action to address them.
- Customer Support Tickets: This metric measures the number of customer support tickets related to the loyalty program. It helps to identify any recurring issues that may be affecting customer satisfaction and take action to address them.
- Data Security: This metric measures the effectiveness of the program’s data security measures. It helps to identify any vulnerabilities in the system and take action to improve data security.
Why it’s valuable:
This dashboard is valuable for CIOs and loyalty leaders because it helps them understand how the loyalty program is performing from an operational perspective. By monitoring and addressing operational issues proactively, the team can prevent potential problems from impacting the customer experience and the overall success of the program.
How often to review:
Weekly or monthly, depending on the size and complexity of the program.
What to expect:
The dashboard should show key metrics related to program operations, such as uptime, response time, and error rates.
Hot tip:
Use the dashboard to identify areas where program performance is suboptimal and create action plans to address those issues.
Program Cost Dashboard
This dashboard should show the cost of running the loyalty program, broken down by different components (e.g. rewards, marketing, technology).
Why it’s valuable:
This Retail Analytics dashboard is valuable for CFOs and loyalty leaders because it helps them understand the financial impact of the loyalty program.
How often to review:
Monthly or quarterly, depending on the size of the program.
What to expect:
The dashboard should show the costs associated with operating the loyalty program and how those costs compare to the revenue generated by the program.
Hot tip:
Use the dashboard to identify areas where costs can be reduced without impacting program performance, such as optimizing marketing spend or negotiating better vendor contracts.
Customer Feedback Dashboard:
This Retail Analytics dashboard should show the feedback received from customers through various channels, such as surveys, social media, and customer service interactions.
Why it’s valuable:
This dashboard is valuable for CMOs and loyalty leaders because it helps them understand how customers feel about the loyalty program and identify areas for improvement.
How often to review:
Weekly or monthly, depending on the frequency of customer feedback.
What to expect:
The dashboard should show key customer feedback metrics such as customer satisfaction, likelihood to recommend, and sentiment analysis of customer comments.
Hot tip:
Use the dashboard to identify common themes in customer feedback and take action to address those issues to improve the overall customer experience.
Competitive Benchmarking Dashboard:
This dashboard should show how the retailer’s loyalty program compares to competitors in terms of membership growth, customer acquisition, customer retention, and other key metrics.
Why it’s valuable:
This dashboard is valuable for CMOs and loyalty leaders because it helps them understand how the loyalty program is performing compared to competitors.
How often to review:
Quarterly or bi-annually, depending on the competitive landscape.
What to expect:
The dashboard should show how the loyalty program stacks up against competitors in terms of key metrics such as enrollment rate, customer retention, and revenue impact.
Hot tip:
Use this Retail Analytics dashboard to identify areas where the program is falling behind competitors and create strategies to improve the program’s performance in those areas. It’s also important to regularly update the competitive landscape to ensure the program remains competitive over time.
Conclusion
By monitoring these 12 dashboards, retailers can gain valuable insights into the performance of their loyalty programs and make data-driven decisions to improve customer engagement and drive revenue growth.
About Loyal Guru
Loyal Guru is a retail only customer data collection and activation platform. With unbeatable loyalty and personalization capabilities, we focus on helping Enterprise Retailers create the best customer experience by harnessing the power of data.
Our cloud-based platform, trusted by leading retailers such DIA, SPAR, MANGO and DECATHLON, solves the unique challenges of developing retail business with next-gen loyalty management, personalized offers at scale, advanced retail analytics and new opportunities for monetization.
If you’re ready to learn how Loyal Guru can help you turn occasional shoppers into lifelong customers, get in touch with our team to learn more.
