I came across this word when reading the book ‘Brand Currency’ by Steve Susi (a former Amazon Exec).
It’s an insightful and enjoyable read and in it he suggests ‘loyalty’ is the amplifier currency when optimising three other currencies:
- Money – the most popular
- Information – the most powerful and
- Time – the most scarce
In summary he writes:
“…when you can find a way to combine any of these - the backbone of any respectable loyalty rewards program - you’ll enjoy a high return on investment. When it’s done right, I call it “joyalty” because of the brain chemicals released in the participant.”
I love the way he explains it, however I am adding to the above currencies the currency of ‘Exclusivity – the most desired’.
This is the currency where customers feel extra special.
Whether it is promised (a tiered level in a loyalty program) or an unexpected delightful surprise or moment of magic, ‘joyalty’ is enhanced even more.
From a personal point of view, I experienced ‘joyalty’ on a recent family vacation when the Qantas Club allowed my third child into the Club when the rules only said 2 adults and 2 children.
It was a magic moment, seeing the delight on their faces. QFF have not only enhanced the connection to the current generation (me), they also now have the next generation of QFF members ready to join.
All four currencies combined in one moment of joyalty…
- Money (they saved us money ie no food to buy in the airport)
- Information (they knew me, my status)
- Time (they gave us time to relax)
- Exclusivity (they made us feel super special and my children even more so)
The outcome is clear: many moments of sharing this ‘joyalty’ with friends, family and others (this article and other posts).
With the above in mind and some creative licence gained from my ongoing learnings of loyalty, I have crafted a definition of ‘joyalty’:
“Your customer’s feeling of maximum joy and delight from one or a series of moments of magic delivered by your <brand>”
- Moments of magic are made up of money + information + time + exclusivity = MITE (MITE pronounced so it sounds like ‘Mightee’, which gives ‘joyalty’ an extra kick of greatness)
- <brand> can be replaced by <loyalty program> (sorry I am a bit biased)
Interestingly I found a loyalty program for a hotel in Bodrum Turkey called ‘Joyalty’ with the tagline - “When you discover joy – you will keep coming back for more”. (Nice one)
So, in 2020, what’s your plan for delivering ‘joyalty’ to your customers or to your loyalty and rewards program members?
Have a ‘joyalty’ day!
(Original image from unsplash.com - Preslie Hirsch)