What Your Patrons Want From Your Loyalty Program
Have you ever wondered whether your loyalty program is meeting your patrons’ needs?
MarketingProfs shares six surprising facts about loyalty programs. Its findings come from the 2016 Bond Loyalty Report, the largest study of its kind, and a collaboration between Bond Brand Loyalty and Visa that compiles responses from about 19,000 North American consumers.
Read all six surprising facts at MarketingProfs, and check out two highlights below:
“The redemption experience means much more than the reward itself
In many sectors, the reward mix varies little across brands, and consumers find differentiation in the redemption experience. How easy is it to redeem? How quickly can they get their rewards?
Focusing on the redemption experience pays off: Members who have recently redeemed are 2X more likely to be very satisfied than those who have never redeemed. Moreover, 70% of members find instant retail redemption appealing.
Neglecting the experience carries consequences. More than one in five members have never made a redemption, and these non-redeemers are 2.3X more likely to defect than recent redeemers.
What members want (and aren’t getting) from programs is personalization
One in two members agree that personalization is important in the program experience, yet only 22% are very satisfied with the level of personalization they are experiencing — down from 28% in 2015.
Members are asking, ‘Why don’t my favorite brands know me? If I can pre-order my latte from 500 miles away, why can’t the barista greet me by name when I pick it up?’
Personalization can challenge marketers who rely on the same old Big Data, but it delivers a dramatic payoff. Member satisfaction is 8X higher when programs are highly personalized. Marketers may feel that personalization is complicated, but the things that members deem most personalized can be as familiar and uncomplicated as using a member’s first name and saying, ‘It’s nice to have you back.'”
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