I have a confession to make. I’m a point hoarder. You know, when I earn points, hotel nights, or miles in a loyalty program or my employee engagement program at Maritz Motivation, I like to accumulate a lot so I can use them to get something meaningful. For example, when one of my best friends invited me to join her on an incentive trip to Maui earlier this year, I treated us to a fabulous spa at the Fairmont on Wailea Beach. Our massages at the luxury resort were rather pricey, but you know what they cost me? Nothing. I used my points that I earned at work.
What does customer loyalty look like outside of the United States? How are companies around the world addressing the evolving challenges of customer retention? And what can US loyalty marketers learn from their global counterparts?
The State of Global Loyalty: A Conversation about Latin America
Before we get into the reasons why HENRYs are the most important subset of millennials, you might be asking yourself what millennial HENRYs are and why you should care.
When speaking with brands on loyalty program strategy, it’s clear companies know they should be gaining consumer insight and personalizing the user experience, but there is often a barrier of hesitation to openly treat customers differently. This hesitancy is rooted in the fear of ostracizing a portion of their consumers who are deemed “less valuable”. Why can’t we simply strive to provide every customer the same high-end treatment that they deserve? Well, because they don’t deserve it.
Consumers are human beings first. This is important to keep in mind when you think about building customer loyalty.
The lack of understanding that brands have in terms of the human mind, and how it applies to their ongoing loyalty efforts, is concerning in today’s market.
Have you ever wondered how banks and credit card companies can attract new customers and grow their purchasing relationship? To attract, engage, and retain those best customers, we have spent decades helping banks and financial institutions grow customer loyalty and create strong relationships with their customers. VP of Loyalty Strategy, Barry Kirk shares his experience and expertise on the Payments Journal podcast, hosted by Editor-in-chief, Ryan McEndarfer. The podcast covers different loyalty topics and how they specifically apply to the banking and credit card space.