The prevalence of travel booking presents a staggering revenue opportunity for financial institutions.
Travel rewards programs use incentives to attract and engage customers. The top performing travel rewards programs take it a step further: turning loyal customers into brand advocates. We looked at the most successful travel rewards programs, those that garner both loyalty and advocacy, and found they all share some common characteristics.
Mobile devices enable users to be more connected than ever. As of 2015, two-thirds of Americans owned a smartphone, a number that will undoubtedly grow in 2016. Consumers can connect with anyone, anywhere, at any time. And they expect the same from brands and loyalty programs: they want to check their rewards points in line at the grocery store and chat with reps who can answer questions almost instantly.
Immediacy is no longer the goal; it’s the expectation. And loyalty programs that can offer real-time one-to-one communication will win.
In a recent interview, Connexions Loyalty rewards expert Heather Sorrentino shared some tips on creating a travel rewards marketing program that serves both brands and their customers. To further improve program performance, Heather emphasizes the importance of timely content that reflects your customers’ interests.
In recent years Hannah White has become something of a loyalty fraud aficionado. In fact, over the course of a 45-minute interview for this story, she admits that she probably has enough material to talk about loyalty fraud for an entire day.
Loyalty fraud is a real and growing threat, and it’s only getting worse. Airlines, financial services firms and retailers are falling victim to cyber-thieves, who, in the face of highly secured financial systems, are moving on to points and miles programs that are typically more exposed and at greater risk.
Imagine, for a moment, that you have $300 in rewards points value. Do you:
When it comes to evaluating the performance of your loyalty program, there’s a goldmine of data at your fingertips. A variety of metrics can tell you what’s working and what’s not and even send up red flags when your rewards program may be on the verge of trouble. Here are four warning signs you should be on the lookout for when evaluating your program’s data.
Customer loyalty has a direct impact on a company’s bottom line. You’re probably investing lots of time, money and other resources to create positive experiences and loyal customers. But are your efforts working? Do your customers choose you over the competition? Below are five ways to gauge customer loyalty: