The More Things Change, The More They Stay the Same: Revitalizing the Reward Experience
The last 18 months have seen a sea change in business as owners adapt to new circumstances, and no area of business is immune to these influences – including loyalty programs. As loyalty programs adapt, they look for new opportunities to engage customers and revitalize their programs.
Even before 2020, the push to modify and improve loyalty programs was being felt by brand owners and loyalty program managers.
A 2019 KPMG report showed:
- 96 percent of Millennials wanted companies to find new ways to reward their loyalty.
- 75 percent of all consumers said they would switch brands for a better loyalty program.
The last 18 months only accelerated this need to change.
Customers today are looking for – and expecting – a holistic rewards experience that puts them in the driver’s seat with more redemption options to choose from, greater flexibility to spend points, and an enhanced ability to earn points. With program improvements, brands can give customers the option to tap into a network that offers more redemption options and be more personalized.
Technology plays a vital role in the development of this network, facilitating a meaningful connection between brands and their customers. More than ever, loyalty program members are looking for a personalized experience, including having the flexibility to pay with points for the items or experiences they truly want.
The benefits come from a wider selection of merchandise options to choose a convenient way to redeem, and an enhanced overall experience for all customers.
This is an ongoing journey as brands continue to evolve their efforts to deliver a leading rewards program for their members today and in the future.
And that is rewarding for everyone.
Engage People Inc.