Highlights of the week (June week 2)

??Nationwide payout free ￡350 million total rewards to customers who meet 'criteria'

After doing the same thing the previous year, the Nationwide Building Society has prepared itself to give its customers a reward bonus under its Fairer Share program once more this year. The largest building society in the UK previously gave its members who met certain requirements a total of ￡350 million in rewards, with each member receiving around ￡100. However, unlike last year, the number of rewards that it will give to its 16 million members is expected to be significantly higher this time, with a more detailed announcement to follow. According to the previous year's scheme, customers and members who have a current account plus a mortgage or a savings account with Nationwide and have at least ￡100 in their savings account or ￡100 if they own a residential mortgage are eligible for the rewards. Couples with joint accounts or mortgages may also receive double payments. Many members prefer that the eligibility criteria for the program be loosened up a little bit to give members more benefits. This would be an excellent decision, especially given the criticism they received last year for the strict criteria that filtered many valued members into receiving the rewards. There’s a rumor that this year, Nationwide members can expect a higher amount than last year's ￡350 million total rewards due to the company's mutual profit. People who are eligible for the rewards will also be notified in the coming weeks. This strategy of giving away hundreds of rewards bonuses is an excellent way for Nationwide to demonstrate their gratitude for their valued customers. Not only is Nationwide's rewards program popular, but its recent merger with Virgin Money has become another factor that could potentially increase its value and signal a watershed moment in the UK financial sector.?

??Insomnia cookies move from indulgence to repeat treats using data-driven technology for its rewards program?

Insomnia Cookies, a New York and Philadelphia-based bakery chain that specializes in delivering warm cookies, baked goods, and ice cream, has announced the launch of its new customer rewards program called Insomnia Rewards. The new program aims to improve customer experience and engagement across the chain's network of more than 280 stores in the United States. The new program also collaborates with one of the industry's leading guest retention companies and solutions providers to help them strengthen customer relationships through rewards while also increasing traffic to their website and mobile app at the same time. Customers can join the program for free by downloading the Insomnia Cookies app, which offers the ultimate rewards experience. Inside the app, they will be able to easily track their point status, redeem rewards, access surprise deals, and reorder their favorite menu items. In a press release, they stated that they are excited to launch their new Insomnia Rewards program to provide their valued members with an even better experience. As the world becomes more digital and distributed, they believe it is critical to establish a deep connection with customers so that they feel embraced more. The brand also planning to integrate its rewards program into various omnichannel platforms because of the challenge that it faces regarding how customers nowadays are easily distracted and bombarded with text messages, emails, and even pop-up ads. Insomnia Cookies hopes that the creation of this rewards program will allow them to expand their reach to more customers through online channels, provide more value, form a deeper emotional connection, and maintain the brand’s standard of innovation and creativity.?

?An exclusive rewards app for people looking for fuel discounts?

True North Energy has announced the launch of its new True Rewards program and mobile application. According to a press release, members now have more opportunities to save and earn rewards at their favorite True North locations. In a statement, they stated that they are excited to add a true rewards program to their customer journey, which will provide value to their valued guests and set them apart in a competitive digital landscape. The rewards program, developed in collaboration with PDI Technologies, provides members with an initial savings of 25 cents per gallon on their next fuel purchase after enrollment and five cents per gallon for every $25 spent inside the store. The company will also provide other appealing offers through its reward app, such as exclusive access to deals, giveaways, and trackable progress across its range of products. This also marks another step forward in True North's brand evolution as a company, as they now go more digital while still maintaining high standards in their offline operation. Aside from that, the company also recently introduced new brand assets to help promote the rewards program both digitally and in-store. The app also planning to integrate its program with Shell Fuel Rewards in the near future, allowing members to link their Shell Fuel accounts with the app and earn stackable savings of at least 10 cents per gallon on daily fill-ups.?

??Fiji Airways plans to make the local airplane market more rewarding?

Aside from Fiji Airways' preparation to join the Oneworld airline alliance in early 2025, another significant step forward for the Pacific carrier is the introduction of the Fiji Airways rewards program. This new program will be quite different from its current airline's club, which is a paid program that provides basic benefits such as lounge access, priority airport services, and a larger checked luggage allowance. However, their current program lacks one feature: the ability to convert earned points into free flights. Many Fiji Airways customers and members appear to prefer earning miles through rewards, which, unfortunately, they can’t get from the current Fiji airline club. The good news is that things are about to change because of the upcoming program. They teased that they would collaborate with Oneworld Airlines on this rewards program to improve the rewards offerings, including the ability to earn and redeem miles seamlessly, which its customers and members have long requested. However, the specifics of the new collaborative rewards program are still being worked out, but its CEO has hinted that major announcements will be made shortly. If the plan is implemented, Fiji Airways will become the 15th full-member airline to collaborate with Oneworld Airlines, joining Alaska Airlines, American Airlines, British Airways, and other major airlines in the industry. So far, Fiji Airways has a close relationship with Qantas, but this could change soon if rumors about a partnered rewards program are true. This will be a significant step for Fiji as well, especially since the airline has a smaller market and operates in a more local environment.?

Despite the interesting topics discussed above, we also have some additional "news worth reading" about rewards program advancements below.

??Gen Z travel habits: shift away from traditional rewards program?

While many travelers are still eager to fly and visit new places, a recent OAG survey shows a shift in priorities, particularly among Gen Z and millennial travelers. The survey, which is based on insights gathered from 2,000 travelers, reveals a growing desire for flexibility and personalization, particularly among the younger demographic travelers. This necessitates that travel services and airlines adjust their business strategies to better reflect these changes. Notably, many younger travelers are less swayed by traditional airline rewards programs, resulting in lower enrollment in rewards programs. Several major barriers for younger travelers include a lack of consistent travel with a single airline, a redeemable process that typically takes too long, a refusal to provide airlines with their data, and a preference for specific travel preferences and booking patterns. Despite the challenges, younger travelers, however, like unique experiences, even if they are more expensive. These travelers value convenience and add-on purchases, so they are willing to pay more for the convenience they desire.? This emphasizes the significance of expanding rewards program options beyond traditional flights in order to appeal to all generations of customers, including younger travelers. This has also become something that is necessary because the rewards landscape is expanding, and younger travelers become one of the primary drivers for the current growth. Travel rewards programs that can create dynamic rewards programs tailored to changing preferences and use real-time data to personalize marketing strategies will foster stronger customer relationships and have a better chance of redefining rewards in the travel industry. The survey recommends that businesses in the travel and tourism industries begin catering to the specific needs and preferences of today's travelers, including younger travelers who are more difficult to satisfy.?

??The golden age of rewards programs is approaching

The traditional store rewards program previously only allowed customers to earn a stamp on a punch card for each purchase. However, as the world has become more digital, the implementation of rewards programs has become much more modern and integrated into various innovations, ushering in a new golden age of rewards programs. According to Accenture, 90% of businesses now have some kind of program to entice customers to buy more in exchange for benefits. The benefits provided by rewards programs have evolved beyond a simple punch card. More businesses are now utilizing tiered rewards schemes to not only offer lower prices but also to lay down the red carpet for a highly personalized and VIP shopping experience. The new golden age of rewards programs also includes many exclusive experiences and services, giving members one-of-a-kind experiences that ordinary shoppers do not have access to. This type of rewards scheme is gaining popularity because it is simple to use and helps brands distinguish between customers who require consistent good service and those who demand exceptional service. The current golden age of rewards programs has prompted the majority of businesses that had not previously implemented rewards programs to rush to do so and provide members with exciting benefits. Many business owners believe that the use of rewards programs is now a requirement in order to survive and compete in the market. Regardless of the cost, many businesses are now more eager to launch a flashy rewards program for their most valued customers because it is beneficial. It is because if customers decide to join a rewards program, that means that they care enough about the brand and will usually spend more money. Because of the competitive nature of business, the current golden age of rewards programs requires brands to continue updating their rewards programs in order to attract as many members as possible. Rewards programs have also evolved into more than just a strategy for rewarding members; they are now used by brands to seamlessly collect customer data. A rewards program has emerged as an effective tool for brands to determine which customers are willing to pay more for which services or products, and this information is collected directly from customers. This wealth of data can be used to improve many aspects of business operations. In the end, rewards programs have emerged as important strategic tools that play a huge role in transforming the world of consumerism.?

?Rewards on the rise: 90% of UK citizens now engaged in rewards scheme?

The rewards program is evolving in many countries, including the UK. Gift and Voucher Association recently reported that more than 90% of UK citizens are now actively participating in rewards programs. The report claims that rewards program schemes are now appealing to a wide range of demographics and income levels in the UK. The high engagement rate that businesses with rewards programs experience demonstrates the effectiveness and widespread appeal of reward programs in the country, as well as how they have evolved into something that customers recognize and value. Supermarkets have proven to be the most effective place in the UK for integrating rewards programs and setting the standard, followed by coffee shops, travel, beauty, and restaurants. Many businesses in the sectors are also beginning to use the report's insights to improve their operations and navigate to high levels of customer retention and satisfaction. With so many innovative options available to brands, the report also highlights that gift cards are the most popular type of reward among UK consumers due to their ability to provide effectiveness, perceived reward value, and engagement potential. The use of gift cards provides a straightforward reward mechanism that simplifies the process for customers and is also considered flexible and reliable. In the end, the rewards program's expansion and implementation will continue in many countries and fields, including the United Kingdom, and it does not appear to be slowing down anytime soon.

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???People love limited reward offers and how brands can maximize it

Time-limited offers and campaigns are increasingly popular as attention-grabbing and retention tools nowadays Many businesses believe that this strategy is one of the ideal tools for increasing immediate sales, fostering long-term commitment, and generating memorable emotions. Many brands use this strategy because it has been shown to provide numerous benefits, including distinguishing a brand from competitors and encouraging an increase in sales and customer engagement, causing customers to return to the brand on a regular basis for special promotions. The use of this strategy can also help brands stand out more in the minds of customers whenever they are looking for special deals. There are a variety of limited-time offers that are commonly used by brands, including exclusive discounts, bonus point promotions, early access to product development, special offers for anniversaries or birthdays, referral bonuses, and even seasonal promotions. However, with so many time-limited offers on the market, how can brands develop a successful strategy for implementing these offers? One of the most important ways is to create urgency and momentum. The goal is to convince customers that if they do not act quickly, they will miss out on something important. Some popular ways for brands to create urgency without annoying customers include sending a countdown via email or embedding it in an app or website, highlighting the time the limited offers will expire, and communicating with customers about scarcity and exclusivity. Aside from urgency, brands can create FOMO by sharing user-generated content, working with relevant influencers, and displaying positive customer feedback. However, brands must avoid several factors that may annoy customers with these limited-time offers. Customers dislike it when brands over-discount and fail to promote their limited offerings without being redundant. To summarize, the nature of the presented limited-time offers provides a unique opportunity for both businesses and consumers. Understanding the dynamics of these promotions enables businesses to devise strategies that boost engagement, entice customers, and, ultimately, increase sales.