I’ve noted here before that we sit in a privileged position within the customer loyalty community. Because of our role as educators and journalists, we have the opportunity to interact with people from a broad swath of loyalty, and that opportunity affords us a unique perspective.
The recently-released report from Bond Brand Loyalty is good example. We were lucky enough to get an early look at the 9th edition of the largest loyalty survey in the world. This Loyalty Report surveyed over 55,000 consumers across more than 900 Programs in more than 20 markets and gathers insight on the state of loyalty from both the consumer perspective as well as from the providers themselves.
Over the years, the Bond Brand Loyalty Report has become one of the most often quoted and often referred-to sources in our industry and this year’s report is equally as weighted and important. We’ve highlighted some of the Loyalty Report’s key findings below.
The Prime’nomic Scale
New this year, the Bond Prime’nomic Scale—similar to the Big Mac Index’s ‘Burgenomics’—provides a benchmark for consumer expectations and the impact that best-in-class loyalty programs can have on influencing customer satisfaction and engagement around the globe. Using Amazon Prime as a reference point, this new Prime’nomic Scale helps compare how a loyalty program in one market performs relative to programs in another market.
The data suggests that consumers have a high expectation that when personal data is shared, it will be used to make a much better and more personalized experience for them.
- 96% of programs collect first names and yet only 57% use them.
- 8 in 10 program members want more of their data to be used to improve personalization.
- Only 1 in 10 members say their program experience is highly personalized or that they are satisfied with the level of personalization, and only 12% say programs keep their preferences up to date.
Partnerships are an Opportunity
According to Loyalty Report’s data, program members have the capacity to be actively involved in only 8 of the 13 programs in which they are members. This represents an opportunity for brands to come together in a partnership when program participants have similar traits or buying patterns.
- 55% of members expressed interest in partnerships introduced to them through their loyalty programs.
- The data shows that spend is highly impactful when loyalty brands bring in partners. For example, two-thirds of RBC loyalty members surveyed are spending more at Petro Canada since linking their RBC cards. More than half of Canadian Tire Triangle Members who are Husky customers say they are spending more at Husky Fuel.
The full, 9th edition of the Loyalty Report adds important context to the above so please download and read it for yourself. For more information about purchasing The Loyalty Report 2019 and to download a free copy of the Executive Summary, visit https://info.bondbrandloyalty.com/loyalty-report-2019.
Editor’s Note: On Wednesday, May 29th at 1:00pm EST, The Wise Marketer and Bond Brand Loyalty will be presenting a webinar that will take attendees through key findings from The Loyalty Report ‘19 and discuss the following key opportunities to improve the program experience. You can register for the webinar here.
• Revisit Personalization
• Rethink strategies for Gen Z & Young Millennials
• Remake the Redemption Experience
• Renew focus on the Power of Partnerships
• Reimagine the Member Journey
Bond Brand Loyalty is a sponsor of The Wise Marketer.