Introducing Loyalty Cloud 7.0: Putting a smile on every revenue manager’s face
There are marketing programs liked by marketers and ignored by revenue managers. Then there are loyalty strategies that revenue managers AND marketers love.
What’s the difference?
Marketing programs cost money — spending on advertising, promotions, listings, and even amenities — and return no money back to a property. Marketing programs — like loyalty points, coupons, and concessions — rarely put a smile on a revenue managers face because they can’t see the return on a T12.
A loyalty strategy, though, returns money to the property as it influences renters to act. With Loyalty Cloud — the first all-in-one amenity and revenue management platform that has helped 30,000 rentals outperform across the United States — Stake has made it easier to experiment and budget, with down-to-the-penny projections on how much a property can make using a loyalty strategy tailored to their specific needs. We call this “Return on Action.”
Introducing Loyalty Cloud 7.0: Target, change behavior, track returns
Targeting a revenue manager can love: Team Stake started with a premise: it’s not just that renters respond differently to every property, it’s that every renter responds differently to each line in a property.
For instance, a 2-bedroom line with a view of the pool is going to be perceived differently by renters than the 2-bedroom line with a view of the city. Obviously revenue managers know this already, but unfortunately marketing and amenities do not. That’s the first thing we changed. Not only can Loyalty Cloud target the specific line, it can target the specific challenge that line is having: leasing, delinquency, renewals, even yield.
Stop Guessing, start knowing: Changing resident behavior is often a guessing game. Let’s do a quick thought experiment: ask everyone in the office how much it would cost to influence a renter to sign a new lease on that same 2-bedroom line with a view of the city above. You’ll get a lot of answers! Stake has removed that guessing, and has built a predictive engine — based on what YOUR renters are likely to do, not just what the market is doing — to give you an exact amount to spend to influence a renter to act. Too much and you don’t make money; too little, and renters ignore your marketing. Now, with Loyalty Cloud 7.0, you can get data-driven insights on how much to spend to change resident behavior, and how much it will make you in return.
Want to run an experiment? Super easy to do in Loyalty Cloud 7.0. You can set the offer, see the results, and A/B test your offers.
Track returns: Stake tracks “Return on Action” - a simple way to manage your spend, allocate the right promotional spend to activate the right renter behavior, and outperform. It’s all in one screen. No extra clicks or taps.
How did we do it? We added thousands of hours of revenue manager decisions, hundreds of proposals, and hundreds of thousands of renter actions to our algorithm, and put all the right information in one screen, to make a simple, clean, and incredibly powerful data-driven promotional tool.
We’re excited to hear your thoughts on Loyalty Cloud 7.0. It's still in private beta, so reach out and get started on insights into your residents using behavioral science, targeting the pain-points your properties actually have in today’s climate, and delivering better budgeting, returns, and data science properties need to outperform.
