The long-gestating Bond Loyalty Report is finally here, and we have a few highlights for you courtesy of the executive summary. The bottom line: While year-over-year programme satisfaction remains relatively stable at 44%, the Bond report revealed many areas of improvement on which loyalty marketers will need to focus in order for their programmes to meet customer expectations.
From the report's executive summary: "A deeper dive into this year's study shows that many programmes are missing the mark when it comes to personalising offers and communications in ways that meet customers' needs. The opportunity also exists to reduce reward costs and strongly influence consumer behavior with more effective programme experiences." Other key stats from the report, drawn from an online survey of 12,000 U.S. and 7,000 Canadian consumers:
- The Bond report shows an average of 13.4 memberships per person, with exactly half of those members (6.7) active.
- 57% of members would like to engage with loyalty programmes via a mobile devide, while 49% don't know if there is an app for their programme.
- 44% of programme members are very satisfied with their loyalty programme experience, compared to 43% in 2015.
- Only 30% of members are satisifed with their programme's web site.
- 73% of members are more likely to recommend brands with good loyalty programmes.
- Only 23% of members are satisified with the ways rewards can be earned.
- Only 22% feel very satisfied with the level of personalisation they experience with a programme.
- Only 34% strongly agree that programmes are trustworthy.
- Only 24% strongly agree they love their loyalty programme.
The Bullet Point: The Bond study is extensive, and we'll be hearing much more about its results over the next few months. In the meantime, one thing is clear: loyalty programmes work, but many programmes are still missing the mark on personalisation, engagement, and experience. Looks like we collectively have much work to do to help these programmes live up to consumer expectations. Thanks to the Bond team and their partners at Visa for providing some useful signposts to guide us.
Download a copy of the Bond Loyalty Report executive summary here.