The For Love or MoneyTM research has been tracking the overall improvement in loyalty programs (from the members’ point of view) since 2017 and specific areas of improvement since 2018.
The For Love or MoneyTM2023 research revealed that 71% of members indicated programs have improved in recent years, up from 51% in 2017… that’s a significant improvement.
A pat on the back for the past…then keep on improving into the future
While the overall metric of improvement is useful as a sentiment of how programs in general are improving (also a signal of warning if the trajectory heads downwards), what’s more useful is where loyalty programs have improved to-date and where they must still improve in the future.
The For Love or MoneyTM2023 research identified six factors for loyalty programs to focus on improving into the future.
- They need to enhance the technology they use, including mobile apps and mobile payments
- They need to be easier to join and seamless to interact with
- Communications need to be more personal and relevant
- More moments of surprise and delight (Joyalty*)
- More innovative rewards, not just financial discounts (Non-financial rewards
- More achievable rewards (earn-rate)
Ranking six factors where loyalty programs still need significant improvement
Loyalty program members were asked which of these factors still need significant improvement.
The six factors for programs to focus on in the future as ranked by loyalty program members are:
- More achievable rewards (earn-rate)
- More moments of surprise and delight (Joyalty*)
- More innovative rewards, not just financial discounts (non-financial rewards)
- Communications need to be more personal and relevant
- They need to be easier to join and seamless to interact with (simplicity)
- They need to enhance the technology they use, including mobile apps and mobile payments
A note to all loyalty program managers
In the quest for ongoing improvement, ask your members where your program has improved to-date and where it can improve in the future.
You can access the full results of where programs have improved to-date and where they need to improve in the future (showing changes since 2018 and by gender and generations) in the For Love or MoneyTM 2023 comprehensive report .
Have a happy loyalty day!
