Loyalty Trends: Consumer Spending & Partner Portfolio Expansion – Global Loyalty Trends Report 2022
Catch up on key loyalty insights through our “GLTR 2022 Mini-Series”, where we break down some of the core topics discussed in our full report and emphasize some of the more intricate details.
In the ninth instalment of our series, we are breaking down the most how consumer spending can be boosted by focusing on expanding the partner portfolio to facilitate member expansion.
More specifically, the issues with isolated loyalty programs as well as the benefits of offering partner products and services from a rewards ecosystem.
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Isolated Loyalty Programs
To put it in perspective, 53% of brands don’t offer their members any way to earn through partnered brands.
These brands leave an average of $150M on the table*, in comparison to brands which allow members to earn through partners.
* Assuming 25$ revenue per member per year (from rewards sold to partners) -> x6M members (average from the brands surveyed that are open to partner-earning)
Benefits of Partner Products and Services
Furthermore, 71% of brands don’t offer any partner products or services as redemption options in their loyalty program.
These brands also displayed a lower customer spending of approximately 63% less than brands who did offer partner products/services as rewards.
Additional Brand Insights (2022)
Interestingly enough only 32.2% of brands enable conversion of points but the benefits are clearly reflected with these same brands having a 66% larger average active member count and nearly 40% more customer spending.
Overall, the use of points conversion as well as earn and reward options that are partner-based, has shown to be beneficial in terms of customer spending and engagement. Additionally, providing great leverage when boosting member acquisition as it can be used as a selling point!
Conversion of Points
Key Takeaways (TL:DR)
53% of brands don’t offer their members ways to earn through partnered brands, leaving an average of $150M on the table*.
71% of brands don’t offer any partner products or services as redemption options to their members.
Only 32.2% of brands enable conversion of points but the benefits are clearly reflected with these same brands having a 66% larger average active member count.
There are more than just a few ways to boost member engagement, growth, and customer spending by 2.5x (GLTR 2022). Schedule a call with us to explore all the potential avenues: 30-Minute Call – Gioele Giancola.
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