The 8th annual Australian customer loyalty and loyalty program research study For Love or Money 2020 reveals for the first-time more than two-thirds (68%) of loyalty program members agree programs they are a member of enhance their experience with the brand or business and even more so for Gen Z and Gen Y (76% and 77% respectively).
While there are many factors influencing a customer's brand experience, it is interesting to see how a loyalty program (well designed) can augment their experience.
There are many more insights in the report to help you assess the value and viability of your loyalty program strategies and programs, including:
- Concerns members have about loyalty programs
- Ranking the three principles for optimising program design
- Money, time or ego – which benefits are most important to members?
- Psychology of earning and redeeming rewards. Do members change their behaviour as they get closer to earning a reward and after redeeming a reward?
- How is loyalty program personalisation performing?
Top 10 loyalty programs 'doing a very good job'
Plus, the report reveals the ranking of the top 10 loyalty programs identified by members as 'doing a very good job', with new entrants CommBank Rewards, Nando's PERi Perks, MYER one and Supercheap Auto Club Plus. There are 53 other programs also nominated by members.
Have a happy loyalty day!