It’s Spring (here in Australia) and it’s a perfect time to review and refresh your loyalty program proposition.
Each year the For Love or Money™ research aims to uncover deeper consumer insights on customer loyalty and loyalty programs.
In the 2022 and 2023 For Love or Money™ studies, we researched our Six Currencies of Collection loyalty program members care about.
While the currency of money “show me the money” is still the number one currency members care about, choice “let me choose my rewards” is the second currency members care about.
(All results by gender and generations can be found in the comprehensive report of For Love or Money™ 2023)
The Six Currencies of Collection is a proven and robust framework for developing new loyalty program propositions and for reviewing and revitalising existing program propositions.
Focus or blend?
While it’s smart to reflect on the relevance of all the currencies for your members and consider a blend, there may be a currency more connected to your brand and its promise and therefore needs to be the focus.
It’s important to remember the Six Currencies of Collection are only part of the whole loyalty program strategy and proposition development (redevelopment) and need to be considered with the wider strategy in mind, rather than just the proposition itself.
However, as a starting point, go through your proposition (new or review) and map the benefits you offer your members against each of the Six Currencies.
Have a happy loyalty day and welcome to Spring!