Forrester Now Tech: The PK loyalty evolution
The PK Integrated Loyalty Solutions team was recently included in Forrester’s Now Tech: Loyalty Marketing, Q4 2020 report. Our recognition as a mid-size loyalty service vendor with global reach and end-to-end capabilities is both an honor and a gauntlet being thrown down.
In 2019, Forrester placed Lenati, now PK, at the forefront of its leading loyalty service providers, featuring us in The Forrester Wave™: Loyalty Service Providers, Q3 2019 report. With our inclusion in the Forrester Now Tech report, PK has again earned a seat at that table. The soon to be released wave report will determine the winners and losers in the loyalty services space, and we hope to come out on top again.
We sat down with Jodi Rausch, director of PK’s Integrated Loyalty Solutions, to find out her impressions of the recent Forrester Now Tech report and to better understand how PK’s loyalty team has evolved since the last Wave report.
Q: What is Forrester’s “Now Tech: Loyalty Marketing” report?
A: The Forrester Now Tech report is intended to help Fortune 500 companies understand what vendors exist in the given technology space and identify which ones align with that company’s needs. Unlike a Forrester Wave Report, Now Tech doesn’t rank or rate vendors in each category, but instead shares key self-reported information about each vendor including core capabilities and areas of expertise, global footprint, and industries supported.
Q: Why is PK’s inclusion in the report a big deal?
A: Being included in the Now Tech report, while not a shoo-in, often translates to an invitation to participate in the following Wave Report, which includes rankings and ratings, and historically has given our team great market recognition and has driven significant industry relationships. Forrester is considered an expert in the space and a solid, non-biased resource, so an endorsement from Forrester is a fantastic seal of approval!
Q: Forrester identifies PK as a midsize player. How should prospective buyers of loyalty services and solutions navigate those segments?
A: Personally, I feel like the midsize category is a great position for us. With larger firms, many organizations feel they don’t get the same attention—that they are a small fish in a big pond. And smaller firms often don’t have the depth and breadth that we do to not only provide strong strategic thinking as well as the technical expertise and capabilities to bring designed experiences to life.
Q: In Forrester’s terminology, PK has been segmented into a loyalty service provider/agency. How do you feel about that assessment?
A: We had the opportunity to categorize ourselves and the definition of a loyalty service provider/agency was the best fit for who we are and what we offer. Namely, while we have the technical expertise to bring experiences to life and to play the role of a systems integrator for loyalty platforms, we don’t have a proprietary platform of our own.
PK offers everything clients need to envision, design, launch, and manage an industry-leading membership program—except an out-of-box platform. We believe the innovation in this space lies both in the strategy and design itself, along with the unique experiences built into the customer-facing layer. We leave the platform to established platform players, while we focus on the services—both business and technology—required to help brands bring innovative strategy to life that is bespoke, and true brand unique.
Q: There are a lot more loyalty firms listed in this report than in the last one. What does this say about where the world of loyalty is heading?
A: I think the expanding list of Loyalty providers proves what we’ve known all along: Loyalty, whether programmatic or not, is a critical component of every organization’s strategy. Everyone wants and needs to retain customers, deepen their engagement with them, and grow their share of wallet, whether that is in a B2C or B2B space, and regardless of industry. The core premise of recognizing customers and providing them with exceptional service and experiences is being more universally embraced—whether you call it retention, customer success, or customer loyalty.
Q: If you were to predict how PK will rank in the upcoming Wave Report in 2021, what do you expect to see?
A: In the 2019 Forrester Loyalty Service Provider Wave Report, Lenati, now PK, was named a leader in the market. With our expanded offerings across the PK organization and the investments we’ve made in advancing many of our functional capabilities such as Experience Design and Intelligence and Analytics, we hope to once again be named a leader within our category.
About the Interviewee
Jodi Rausch serves as Director of Integrated Loyalty Solutions at PK. She has deep experience developing, transforming and managing differentiated loyalty programs, customer marketing activities and customer experiences driven by data, customer insights and financial rigor. She enjoys building and growing relationships with internal teams, clients and end customers to best understand their needs and exceed expectations.Tags: Forrester, Forrester Report, Loyalty, Loyalty Marketing