Research shows that co-brand programs are struggling to demonstrate relevancy of rewards. See what the data, including insights from the grocery sector, can teach us about bolstering loyalty.
Customers want innovation in loyalty and rewards, but most credit unions are not prioritizing these programs. Beyond an ability to meet customer expectations, there are many reasons CUs should change this right now and give loyalty and rewards more attention.
Earning Millennial hotel loyalty can be a challenge. Here's why it's worth it... and how your hotel co-brand can engage this critical audience.
The Wall Street Journal recently reported that credit scores have reached a record high and that “the average credit score nationwide hit 700 in April.” We make a few guesses about what that means for payment cards and card marketers.
As mobile and loyalty both continue to gain momentum through 2017, they’ll require fresh thinking from brands, including financial services companies. We agree with Social Times: “The strategy needs to go beyond just having an application or a stagnant loyalty program.” Thinking on other marketing fronts – such as social media and personalization – must evolve, as well.
The new Wells Fargo credit card rewards program gives cardholders access to new rewards, perks and functionality. Some of the enhancements clearly will appeal to Millennials – a segment most banks are working hard to attract and satisfy.
Across industries, rewards programs seem to be working… at least in terms of membership numbers. But something seems to go wrong after consumers sign up for these programs: they don’t use them. It’s not surprising, therefore, that Forrester reports that only 16% of FIs are completely satisfied with the performance of their loyalty programs. What’s going on here? Are loyalty programs a waste of time – and money? We don’t think so. In fact, we think that this lack of engagement actually presents an opportunity for smart FIs.
What really caught my eye about this calculator was the direct, head-to-head comparison with other online travel booking sites. Orbitz is not taking on the whole travel industry; instead, it is taking on its direct competitors: Priceline, Hotels.com and Expedia. This is a very smart approach: there are a lot of players competing for travel loyalty, and Orbitz seems to have decided that it’s best to play to its base and stick to a smaller sub-segment of travelers.
For financial services companies, evolving technologies not only help them improve their own rewards programs but also position them as potential competitors to leaders in the deals space… even versus the big guys, like Groupon.
Recognizing the potential value of loyalty programs to long-term customer relationships, new credit card offers are emerging that lure consumers away from competitors and tap the consumer bases of major retailers.