Edition #5: What's The Point Viewsletter
Adam Posner - Loyalty Specialist
Customer loyalty, Loyalty & Joyalty* Program specialist / CEO: The Point of Loyalty / Author: For Love or Money? / CLMP?
Welcome to Edition #5 of What’s the point? - the June 2024 Viewsletter with a collection of ideas, insights and interviews on customer loyalty and loyalty programs to help lift your loyalty strategies and programs out of the snow of whiteness.
They have been collated from our interview series with Loyalty Leaders, the ongoing For Love or Money? customer loyalty and loyalty program research and our experience in designing and deploying customer loyalty and loyalty programs since 2007.
Loyalty program friction. Face up to 21 frustrations member frustrations
"Hey Adam, what's the highlight insight from the latest For Love or Money? 2024?customer loyalty and loyalty program research study?"
This has been the most common question I have received since releasing the 12th edition of the research.
While there are so many new and surprising insights, my personal passion area is Section 5 - Loyalty program friction. Face up to 21 member frustrations.
Why?
It is useful (ranking the 21 loyalty program frustrations from the members' point of view)
It is practical. We provide a 'frustration reduction plan' framework to guide loyalty program managers towards removing/reducing program friction
It is valuable. Research that provides insights that you can action to improve the program's engagement with members (and hence return all the relevant benefits back to the brand) ... to me, that is valuable.
You can access these insights and the framework in the comprehensive report https://lnkd.in/gaUxbkkC
Matt Zimmerman - a Loyalty Leader launching a game-changing loyalty program, pub+
This is the 30th?interview in the series on Loyalty Leaders that I have had the pleasure and privilege of doing.
Every time I do these Loyalty Leader interviews, I get blown away!
The leaders I chat to are living with loyalty programs all day, every day, sharing their learnings, wisdom and passion.
Matt Zimmerman is a loyalty leader who has grown up in hospitality (literally).He has an extensive career in loyalty that spans restaurants, grocery (Albertsons), gaming (Caesars Casinos’ in Las Vegas), pharmacy and food delivery (Menulog).
He is now Head of Loyalty of a newly launched loyalty program (June 2024)?pub+,?a game changing loyalty program (so he says) for 350 pubs across Australia in the?ALH Group.
He shares some fascinating points of view on loyalty programs and why the new program?pub+??is different (read the section on measures of success).
Enjoy!https://lnkd.in/eeBy6GCQ
The five tips I gave to aspiring loyalty professionals
In the past few weeks I have been contacted by a number of university graduates asking for some guidance on the best way to get a role?in the loyalty industry.
While my perspective is only one, the questions I was asked made me reflect on some defining moments in my last 31 squiggly years of being in the direct marketing and loyalty industry.
These have helped in some way to keep me doing what I love, and loving what I do …
Here are five ideas I shared with these aspiring loyalty professionals:
1.Join every possible loyalty program you can.About 13 years ago, for 10 days in a row, I walked the streets and shopping centres asking every retail store if I could join their loyalty program.
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Depending on what they said, I would have a few followup questions (if no, why not, if yes, what do I get from being a member).
I captured every interaction into a spreadsheet and soon compiled some?learnings that gave me a foundation of what I thought was a bad, good, great experience. I also went online and added non-retail based categories.
I do repeat this exercise periodically as the speed of change is extraordinary and the industry is growing rapidly.
2. Create loyalty content (whichever medium you like) I write everyday something about loyalty and loyalty programs.
It’s my loyalty journal. Sometimes a few words. Sometimes a few thousand words.
The purpose is to help with embedding ideas into my memory and if I share these as articles publicly, then I am also aiming to help others.
3. Consume loyalty content. There is an explosion of content from around the world?- books, podcasts, blogs, vlogcasts, webinars, newsletters, interviews, research, events, conferences, meetups, articles and educations courses.
There is an abundance. Find those that inspire.
4. Go deeper on the loyalty landscape, there are niches within niches and find an area of fascinationPsychology, behavioural economics, gaming, finance, technology, data (woweee so much there)…and more
5. Brands you love who have a loyalty program. Create a list of brands across all categories which you would love to work with and join their program and be an active member.
If you happen to get an opportunity there, present your view on their program… the good, the bad, the brilliant!Finally be clear on your purpose for focusing on the loyalty industry.
Why does it appeal to you? (I think as you go through the above five, it might help to add clarity...)
The reasons I love the industry (from the consulting side) is the opportunity to have so much variety in the brands I am lucky to partner with, the problems I am working to solve and the science+psychology of the industry...and one of the articles I wrote about 4 years ago reflects on that...
A data analyst and a behavioural psychologist walk into a bar
The Triple Bottom-Line Of Loyalty Program Success?
Introducing our new loyalty program strategy model – ‘The triple bottom-line of loyalty program success?’.
It comes from the compounding value of 17 years’ experience of advising, researching, presenting, designing, and delivering loyalty program strategies and programs of all shapes and sizes for many brands.
The ‘Triple bottom-line of loyalty program success?’ is defined as:
A loyalty program being of service to three integrated priorities:
Enabled by fit-for-purpose technology + Data analysis and insights for action + Dynamic and personalised dialogue.
The workshop: The triple bottom-line of loyalty program success?
For more details on our workshop, please click through here
For more ideas, insights and interviews on customer loyalty and loyalty programs please pop into The Point of Loyalty
Have a happy loyalty day!