The New Frontier For Loyalty: Making Money
Large firms often use the latest buzzwords to make it sound like they know something about loyalty that you don’t.
As a loyalty manager, the reality is that you most likely know more about loyalty, are more in tune with your member base, and have your pulse on what’s happening much more than anyone else out there.
You know what I’m talking about – a big firm publishes an article or white paper that says all the right things and yet says nothing at all.
Or even worse – they’re on stage showing you pretty charts.
85% of customers we surveyed said they want a better customer experience.
92% of Gen X customers tell us they want more rewards.
What the heck does this even mean to you in your job?
How do you use those numbers? How does that help you hit your KPIs?
They don’t tell you how to generate more bookings, increase co-brand uptake, make money out of a campaign, or measure and track ROI across loyalty<->flights.
They don’t tell you how to calculate customer lifetime value.
Instead, there is a flood of flash-in-the-pan buzzwords to confuse you.
“Seamless experience”
“Artificial intelligence”
“Customer engagement”
“360-degree customer view”
“Earn and burn”
“Put the traveller first”
“Legacy systems”
“Reimaging loyalty”
“Big data”
“Web 3.0”
Last year it was Bleisure.
The year before, it was blockchain.
What is the next big thing they’ll tell you that is the future of loyalty?
Airlines & hotels don’t run loyalty programs as a charity service to the world.
They run them to make money.
Generating revenue is typically direct + indirect revenue, which feeds into the loyalty and airline/hotel business.
Loyalty has always and will always be about one thing: making money.
Today, in 2024 – there is more money in the world than ever.
Premium demand for travel is at a record high.
Your loyalty members have the money and are willing to spend it.
While some loyalty brands are sitting around twiddling their thumbs with committees, running endless focus groups, transforming into a ‘lifestyle brand’, and putting out RFPS for new loyalty platforms that don’t make them more money — the real players are doing the stuff that their customers want them to do — CREATING NEW PRODUCTS AND MAKING MORE MONEY!
80% of the loyalty team’s time should be focused on making money.
What new products can you launch?
How can you charge more for your products?
How can you grow your audience?
What are competitors charging for that you are not?
What are other industries charging for you you are not?
What are the fundamental pain points of your most cashed-up customers?
Less nonsense – more money.
Create something new
Be innovative.
Make money.
Your loyalty members will thank you — by opening their wallets and spending more with you.
Loyalty is about making money.
Everything else is a sideshow.
