Did you know that nearly 30 percent of customers say they would NOT be loyal to a brand if it wasn’t for the loyalty program?
So, if any of you are scratching your heads about whether or not to launch your own loyalty program, NOW is the time.
Earlier this month, Bond Brand Loyalty (formerly Maritz Loyalty Marketing) released its annual Loyalty Report with that very stat headlining the report’s first section on brand loyalty.
A Program Is An Extension Of Your Brand
Make sure your loyalty program compliments your product, company, or service that you’re offering to customers. Program attributes should align with your brand’s positioning. According to the report, “doing so can deliver nearly 3x higher member satisfaction compared to programs that fail to achieve strong brand alignment.”
Millennials: Smart Shoppers, Peer Loyal
Bond Brand Loyalty’s report shows that millennials (ages 20-34) are willing to change how they shop to get the most out of their loyalty programs. This segment’s purchasing power seems to be inspired greatly by loyalty programs – more so than any other group. In fact, the report indicates that 68 percent of millennials change when and where they shop to receive preferred program benefits. Peer and social group recognition is also important to this group. Additionally, millennials now outnumber boomers (age 45+) so you can see why the group has become a focus for marketers.
GOOD NEWS: You Don’t Have To Give Away Free Money
Another thing that stood out in the report to me is the level of importance of non-monetary benefits increases by as much as two times. So, keep in mind you don’t necessarily have to give away “free money” all the time through discounts, cashback, and rebates. Think of things like size upgrades for meals and beverages, room upgrades, access to a special sale, etc. This will help strengthen the bond between your customers and your brand.
Just remember to keep it simple.
Looking for guidance? Take a look at Simpli.