Metrics that Matter is a series of posts highlighting metrics that you should consider tracking to successfully monitor and manage the health of your loyalty program.
A reward impression is a measure of the number of times a reward is seen. It does not take into account clicking on the reward or ordering it. Each time a reward is displayed to a member, it is counted as one impression.
Why is it important?
Impressions are not a typical metric in rewards programs, but it is one we find very important. The popularity of a reward is often measured by the number of reward orders. While that metric is certainly valid, it can easily be skewed by the visibility one reward had over another due to catalog placement, feature promotions, etc.
How do I use it?
As a standalone metric, reward impressions are generally seen as directional. With that said, tracking them will enable you to calculate important program KPIs that can then be optimized. Below are two key metrics that are useful to track for individual rewards, as well as on aggregate for the program:
- Impressions / Visitor – The average amount of times a member is seeing a reward, which should help your understand if a reward is saturated or underserved.
Impressions / Orders – A conversion rate indicating the average amount of times a reward must be served to generate an order. This is helpful in understanding the true popularity of a reward in addition to forecasting demand for new rewards.
Beyond tracking program health, impressions can be useful in acquiring new rewards at favorable rates. By tracking and reporting impression data back to your partners, you can build a case for branding value that they are receiving in addition to the transactional value of a reward order.