Loyalty really can change behaviours
As we rocket into 2020, there is a real buzz about the Stream office. With new projects for existing clients and a sprinkling of new clients added to the mix, interviews for 3 new roles as the team expands and research and analysis happening across the board, there is a real excitement as to what this year will bring.
We are often asked, does loyalty really work? Or the more important question, ‘does a loyalty programme really change behaviours?’ and the answer is yes! Analysis from one of our programmes throughout the last 12 months saw a spend shift of 61% towards qualifying products.
When you devise a loyalty programme, it can be difficult to decide the ‘what’ that customers will get in return for the loyalty and whether the customers will see value in that reward. One of our studies from late 2019 proved that customers who redeem their points, purchase 3 times as many brands, spent over double the average spend value AND purchased 2.3 times more often than non-redeemed. So where does the value lie?
The key is in understanding the motivations of the customers, is it free product or is it something that will reward them or their team. We know that technology and gadgets always perform well in the reward stacks, but interesting 16% of the rewards redeemed during November were items that could easily be shared amongst teams such as team experiences and large luxury hampers.
A number of the team are working on an exciting new product that will launch at the Marketing B2B Expo this March. Our new RewardShop will mean that short, tactical campaigns can be run quickly with the ability to reward the audience.
Have you heard of Baku? For those F1 supporters you probably have as it has hosted the Grand Prix since 2017, but for the rest of us, it is a new destination for us. One of our Event Managers has just had the pleasure of visiting the Capital City on the Caspian Sea, Azerbaijan.
An emerging destination, Baku already provides visitors with warm friendly hospitality, exceptional hotels, and fine cuisine. Its location provides a fascinating insight to that unique part of the world - a crossroads in every sense - East really does meet West in Baku!
About the Author
Mark is a thought leader and shaper, and regularly speaks at seminars in different industry sectors on loyalty strategy, customer engagement, channel relationships and overall performance improvement.
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