Consumers demand equitable value exchange from the brands they engage with. And loyalty programmes have to work extra hard to attract, retain and excite a hyper-aware, hyper-connected and hyper-individual customers.
The major challenge brands face in achieving that objective is that digital tools and technology have simultaneously made it easier to reach and understand consumers while making it increasingly difficult to grab their attention.
Resolving this disconnect is made harder if your loyalty programme has become stale, is too complex, or is based on simple transactions that offer little in return for often significant investment.
To tackle this head-on, we believe brands should consider their loyalty schemes like a product, elevating their strategic importance and turning them into a priority value stream for the business.
Thinking in this way and adopting a product mindset will help brands better comprehend their offer, respond quicker to market forces and create more compelling propositions tailored to what customers actually want.
Our recent future of loyalty event explored this topic in detail and invited loyalty and customer experience leaders to join the discussion.
Our panellists included experts on Gen Z, market trends analysts, product specialists and loyalty product owners to demonstrate how the market is changing and how brands can respond effectively.
After the event, we sent a survey to all attendees asking them about their existing schemes and the challenges they feel most acutely. Here's what they told us:
Nearly all of our attendees were experiencing challenges with their existing programmes and understanding their customer lifetime value. And half were finding it difficult to respond rapidly to shifting market conditions.
New technology and ideas topped our area of interest for our event attendees with loyalty comprehension and engagement a distant second.
What we learned is that loyalty and customer experience leaders are keen to find and explore new ways of improving their offering to their customer base but are grappling with internal alignment, expanding into new markets and knowing exactly what to do next.
The Future of Loyalty Event
If you're intrigued as to what happened at our future of loyalty event and want to join the conversation, then make sure you watch the recording now or read the transcript below:
Additionally, individual transcripts of the presentations by our speakers can be found below.
Joel Williams: Loyalty as a Product
Chris Sanderson: Generation Z Loyalty
Ryan Foreman: Nando's Rewards