What do members want in a loyalty program?
It is a simple 4R formula:
✅ Rewards. Fair value exchange for their data. Most loyalty managers tend to think of rewards only in the form of cashback, points, travel, or merchandise. However, rewards can be anything members value, such as entertainment, access, community, time savings, or ESG initiatives.
✅ Recognition. Know who I am. Treat me like a human and more than just a number. Loyalty operators need to know who their best and next best customers are and treat them and invest in them accordingly.
✅ Relevance. Data collection and storage are expensive. If you are not delivering value back to the customer for their data in the form of relevant offers, products, communications, and experience, why do you even have a loyalty program?
✅ Relationship. Loyalty is a two-way street. How are you involving your members in a conversation? How loyal are you to them?
Simple sounding, but not easy to deliver.