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Building a Better Loyalty Program (and the Reward for Getting It Right)

BlueOcean

Salesforce reports that 55% of members would use their loyalty programs more if the rewards were personalized to reflect their unique needs. McKinsey agrees, saying that “earn and burn” transactional rewards programs aren’t enough to retain loyal members. Your members will thank you—and so will your agents.

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Loyalty programs: should you issue your own points or miles?

Currency Alliance

Nobody with $100 in pesos leftover from a recent trip would travel back to Mexico just to spend them, but they might exchange them back into dollars. Many people who travelled regularly (until overseas card payments became the norm) collected coins and banknotes from dozens of different countries, holding them for decades.

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Reconsidering Loyalty: Top Loyalty Trends for 2019

Currency Alliance

Reward programs still have an important part to play in this effort; but they are only part of the picture. YouGov data from the UK shows that even the youth demographic – supposedly disloyal – thinks that points programs “are a good way for brands to reward customers and 59% think all brands should offer one.”.

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Loyalty Strategy 2019: How to Win in the Next Decade

Currency Alliance

The most important priorities are: Align with corporate goals: update loyalty program design to support current business objectives. Customer data: maximize ROI. You can see this in the Gartner CMO survey: Loyalty marketing has traditionally suffered from the difficulty in measuring ROI (especially in the short-term).

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It’s (almost) never 1%: how to price loyalty rewards

Currency Alliance

Such ‘loyalty’ programs today are actually just rewards programs: ‘you do this and I will do that.’ This is normally in the form of static rules which apply a flat 1%+/- reward across the board. Too many brands still only reward customers with points when making a purchase. This seems fair.

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