If you have pondered the future (and potential extinction) of points-based customer loyalty programs, it's worth taking note of a debate that briefly raged at a Loyalty Academy Conference hosted by The Wise Marketer.
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.
Consumers have opinions on just about everything. So, what if a company’s loyalty program rewarded customers for the opinions that matter most to the business?
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 Turkey
What does customer loyalty look like outside of the U.S.? How are companies around the world addressing the evolving challenges of customer retention? And what can U.S. 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.
At Maritz Motivation, we are making a commitment to AI. This is not a “here today, gone tomorrow” trend. It’s going to become an invaluable tool which transforms industries. Loyalty is one of those industries. In fact, loyalty presents some unique opportunities, which makes it ripe for AI functionality.