Top 5 Loyalty Use Cases of the Week #5
Loyalty programs have become a crucial component of retail and consumer industries in recent years.
As customers continue to demand more personalized experiences, offering a comprehensive loyalty program can be the key to building lasting customer relationships.
In the last entry of our weekly loyalty series, we explore five use cases that demonstrate the value and impact of loyalty programs in different industries, from retail to entertainment and finance.
In this week’s top 5 loyalty industry use cases:
Use Case #1
3 Components of an Effective Loyalty Program
In this Total Retail Talk, Joe Keenan and Kristina Stidham discuss the reasoning behind Total Retail’s focus on customer loyalty and how loyalty programs are just the beginning of customer relationships.
In the report, he details a few tips for creating a successful loyalty program, such as:
- Acquiring members.
- Engaging them once they are part of the program.
- Successfully implementing it.
Use Case #2
How Broadway’s sole loyalty program reached $1 billion in ticket sales
“Over the last 15 years, members have spent an average of about 20% more per ticket than the typical non-member ticket buyer.” – K. Dalton (VP at Audience Rewards)
Broadway’s only loyalty program, Audience Rewards, marks its 15th anniversary this month and sells $1 billion in tickets. Tickets can be purchased through the Audience Rewards website, earning ShowPoints, which can be used towards more tickets, Broadway merchandise, and other experiences.
Use Case #3
90% adopt cost-saving behaviors: PwC Consumer Insights Survey
As costs of living continue to rise worldwide, consumers have drastically changed their spending habits, with a majority (53% of consumers worldwide) holding back on non-essential purchases.
This proves a challenge for retailers as they must offer competitive pricing to incentivize customers properly. Beyond that, brands need to start creating a purchase experience that is both enticing on a price level and in terms of loyalty, providing ad-hoc benefits to the occasion.
Use Case #4
Woolworths drops prices for staples as cost of living hits Aussie households
“Woolworths has announced it will drop prices on more than 400 essential products as part of its autumn ‘Prices Dropped Program’.” (YF)
To maximize savings, Woolworths recommends shoppers on a tight budget look out for weekly specials, choose its own-brand products, and join Everyday Rewards.
Use Case #5
Creating a Credit Card Rewards Program that Drives Cardholder Engagement and Loyalty
“The average American is enrolled in up to 14 different loyalty programs. Breaking through the noise can be a game-changer for credit unions.” (CUTimes)
Mike Knoop, CEO at ampliFi Loyalty Solutions, points out that personalized and simple-to-use rewards programs with a range of redemption options are preferred by members. Adding that, data from every purchase should be leveraged to enhance the experience.
Thank you for taking the time to read our most recent entry into the top 5 loyalty use cases of the week. By exploring these different use cases, businesses can gain insights and inspiration for creating a loyalty program that drives engagement and loyalty among their target audience.
Don‘t forget to signup for early access to our upcoming Loyalty Report 2023 coming soon. Who knows what other surprises await by registering early: Global Rewards Liquidity Report (2023).
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