Thanx, the leading loyalty and guest engagement platform for restaurants, announced four new automated reporting dashboards designed to accurately measure and improve loyalty program performance and drive more incremental revenue.
These innovations help brands uncover more sophisticated insights from their loyalty program to achieve Starbucks-like penetration and profitability. Whereas legacy platforms often focus on surface-level metrics such as program signups or loyalty member average check, Thanx helps brands more comprehensively analyze true program performance:
Thanx Capture Rate measures how effectively brands are reaching customers by calculating the percent of total revenue attributed to a known member. Unlike competitors’ “Participation Rate,” Capture Rate ensures a loyalty program is attracting the most important regular customers, not the most one-time signups.
Thanx Activation Rate measures the new guest impact of a brand’s loyalty program by calculating the percentage of first-time customers who make a third purchase within 120 days. In measuring activation — including conversion rates at first, second, and third purchase, and at different time intervals — brands can better measure efforts to convert one-time customers into repeat guests. Three-time purchasers average 6-15x the lifetime value of one-time customers.
Thanx Retention Rate measures the stickiness of returning guests enrolled in loyalty, shining a light on the effectiveness of retention efforts once guests become regulars.
Thanx Effective Discount Rate clarifies the actual cost of a loyalty program and how efficiently marketing is driving customer change. Thanx customers use EDR to monitor the financial impact of promotions on customer behavior and can use Thanx Non-Discount Rewards such as industry exclusive Hidden Menu functionality to directly decrease EDR without sacrificing Activation or Retention.
These new reports are available directly within the Thanx dashboard and visualize real-time customer data to help marketers make iterative improvements to their guest engagement strategy to yield maximum ROI and profitability.
“Loyalty programs continue to be a critical part of the overall revenue strategy for restaurants. But it’s also a big investment that must explicitly demonstrate ROI. There are some solutions that are much cheaper than Thanx, but they offer no proof of driving profitable customer change; at Thanx, we put our money where our mouth is,” says Zach Goldstein, CEO and Founder of Thanx.
To help brands better take action on these metrics, Thanx has released a guide to measuring and improving these loyalty KPIs in The Ultimate Guide to Measuring the Effectiveness of your Loyalty Program + Benchmarks. The comprehensive guide provides a deep dive into these metrics and includes benchmarks for each category of restaurant. Additionally, the guide shares case studies of restaurants that have leveraged these reporting dashboards to drive incremental revenue and improve program performance. Lastly, the guide breaks down how to effectively increase the reach, impact, and cost of a program through loyalty and marketing strategy.