Summary New business models are emerging in the loyalty space, offering issuers the chance to gain a competitive edge in the market. Successful loyalty programs will be those that can move past competing on just superior financial rewards. A variety of strategies can be employed to get more out of loyalty programs without needing to offer bigger incentives, and these are discussed here.
Synopsis - Gain an understanding of the new strategies emerging in the loyalty market and how to leverage them. - Gain an understanding of how to use loyalty schemes to drive consumer engagement and brand warmth. - View a selection of case studies demonstrating how the new strategies in loyalty are currently being employed.
Reasons To Buy - How can loyalty schemes use consumer data to most effectively create a relevant and compelling proposition? - How can the loyalty market be expected to change over the coming years? - How does mobile technology affect the loyalty market, and what uses can it be put to? - How can consumers most effectively be engaged with emotionally to drive brand warmth?
Key Highlights Consumers have become used to loyalty programs and have come to expect these programs from card issuers. This is unlikely to change, so issuers have little choice but to offer these schemes, and must do so in the most efficient way possible. Therefore, loyalty schemes must look beyond simple financial incentives to succeed.
Third-party providers offer issuers services that enable the creation of effective card-linked loyalty schemes. Many of the best examples of innovative loyalty schemes today involve one of these players. Thus, it may be necessary for issuers to enter into partnerships with these bodies to succeed.
Consumers can be engaged with emotionally in a variety of ways. These can be as simple as offering a tailored selection of rewards to create a feeling of bespoke service or tailoring rewards campaigns designed to resonate emotionally.