The right rewards mix encourages both customer engagement and point spend. But increasing loyalty rewards redemption requires a targeted customer segmentation strategy, often going beyond just typical travel rewards offerings.
What if a specific type of reward could create the ultimate travel experience, one that’s exciting, memorable, something your customers have never experienced before? Would you consider it a nice-to-have or need-to-have?
Rewards fulfillment occurs from the time rewards members hit “redeem” to the time they receive their reward – a process that can make or break a customer’s experience with your brand.
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.
Consumer trends evolve and change, and so should rewards portfolios. Static loyalty programs that don’t account for changing consumer trends will have a hard time engaging current members and drawing in new ones (read: they’ll perform poorly). Successful rewards program managers not only study the KPI’s of their program data, but also look to retail trends and track changes in consumer purchase behaviors to stay relevant. It’s how to make sure that their program is offering the right rewards at the right time.
Imagine, for a moment, that you have $300 in rewards points value. Do you:
Two hundred and thirty-eight billion dollars. That’s the estimate of total outstanding value of all the rewards and loyalty programs in the U.S. It’s a gigantic figure, so much so that it has caught the attention of folks who wouldn’t mind cashing in on all those points – other people’s points that is.
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.