Spring clean your loyalty program proposition with the Six Currencies Of Collection

It’s Spring (here in Australia) and it’s a perfect time to review and refresh your loyalty program proposition.

Each year the For Love or Money? research aims to uncover deeper consumer insights on customer loyalty and loyalty programs.

In the 2022 and 2023 For Love or Money? studies, we researched our Six Currencies of Collection loyalty program members care about.

While the currency of money “show me the money” is still the number one currency members care about, choice “let me choose my rewards” is the second currency members care about.

(All results by gender and generations can be found in the comprehensive report of For Love or Money? 2023)

The Six Currencies of Collection is a proven and robust framework for developing new loyalty program propositions and for reviewing and revitalising existing program propositions.

If you would like to uncover 62 benefits listed and ranked by loyalty program members under the Six Currencies, you can access the Special Edition report here.

Focus or blend?

While it’s smart to reflect on the relevance of all the currencies for your members and consider a blend, there may be a currency more connected to your brand and its promise and therefore needs to be the focus.?

It’s important to remember the Six Currencies of Collection are only part of the whole loyalty program strategy and proposition development (redevelopment) and need to be considered with the wider strategy in mind, rather than just the proposition itself.

However, as a starting point, go through your proposition (new or review) and map the benefits you offer your members against each of the Six Currencies.

For deeper analysis of the Six Currencies of Collection loyalty program members care about, you can access the?comprehensive report of?For Love or Money? 2023

Have a happy loyalty day and welcome to Spring!

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The Point of Loyalty?specialises in customer loyalty and Joyalty* program strategy, design and deployment, helping clients retain their best customers and grow the rest.?

Founder of The Point of Loyalty,?Adam Posner?is a customer loyalty specialist helping brands build thriving programs through his framework - 'Seven Zones of Loyalty Program Performance'.

He is author of the annual benchmark customer loyalty and loyalty program research study -?For Love or Money? now in its 17th edition.

He has developed the Loyalty Program Experience Index SPVx, a rating of a loyalty program by its members based on their experience with the program weighted against three key variables of how Simple (S), Personal (P) and Valuable (V) the program is to them.

Adam also created the 'Six Currencies of Collection Loyalty Program members care about' now available as a?SPECIAL EDITION?of?For Love or Money??and the?'Four Factor Quality Program Proposition' framework?to increase member activity.

Adam has been involved in the design and deployment of loyalty and rewards programs and loyalty research across industries including entertainment, education, pharmacy, hotels, trade and various retail sectors.

The contents of this article are the opinion of the author. No responsibility for loss occasioned by any person acting or refraining from the action as a result of the material in this article can be accepted by the author.