There is a LOT going on in customer loyalty news and it fits nicely into three big categories: consumer data, loyalty strategy and program launches. Here is what we’re following...
CONSUMER DATA
Will Facebook's New Plan Really Deliver on Privacy?
Quotable: “A Privacy-Focused Vision for Social Networking,” is a plan to bet heavily on one-to-one and small-group communications protected by encryption. “Today we already see that private messaging, ephemeral stories, and small groups are by far the fastest growing areas of online communication.”
Should We Trust Artificial Intelligence Regulation by Congress If Facebook Supports It?
Quotable: “According to a confidential Facebook document obtained and reported on last year by The Intercept, the company is courting corporate partners with a new machine learning ability that makes explicit the goal of all marketing: to predict the future choices of consumers and invisibly change their decision without any forewarning.”
Data science in retail: it’s as much about people as science
Quotable: “A black-box thrown into the e-commerce tech stack can certainly do a lot of automated heavy-lifting, but there is still a need for human intervention to guide what the algorithms are trying to achieve as well as augmenting their outputs with human ingenuity and inspiration.”
New PwC Survey Reveals Consumer Data Is The Most Highly Valued
Quotable: “As if to underline the value of data, according to research at the University of Texas, two billion dollars annually would be the average revenue boost to Fortune 1000 companies from increasing data’s usability by just 10%.”
The IAB’s New Position On Regulation Signals We’re Not In The Little Leagues Anymore
Quotable: “It’s easy to see how, in the absence of one set of regulations for the entire country, any company that collects consumer data could face a dizzying array of regulations, filings, disclosures, consent requirements, consumer notifications and so on. This, in turn, will make it difficult for any website to operate across state lines. Is anyone really surprised that the IAB abandoned its self-regulatory position and seeks to guide a national effort?”
LOYALTY STRATEGY
In a Customer-Driven Age, Financial Firms Are Struggling to Achieve Loyalty
Quotable: “A commissioned study conducted by Forrester Consulting on behalf of Collinson surveyed senior loyalty experts from businesses in the financial services, retail, travel, and hospitality sectors, and it revealed that the majority of global financial organizations do not understand what drives their customer relationships. More specifically, two-thirds (66 percent) of financial services organizations with revenues exceeding $300 million are unaware of why their customers are loyal to their brand.”
Airlines Want You to Burn Your Miles
Quotable: “The six largest U.S. carriers grew more generous from 2013 to 2018 as they sought to encourage mileage redemption. The average price, in loyalty miles or points, for a domestic rewards ticket declined 13.5 percent over that time …”
Millions Of Credit Card Holders Never Switch Cards And Shun Free Flights, Hotel Rooms
Quotable: “More than 50 million Americans have never changed the credit card they use most often, and only a tiny percentage use their go-to credit card for free airline flights or hotel stays.”
Will Your Customer Relationships Survive Infidelity?
Quotable: “Your prime target audience is no longer a mass, ill-defined demographic of loyal consumers. Instead, marketers should be looking to win the interest of the individual. Many companies are still operating in a mass marketing world, when consumers are living—specifically, searching and learning—in a very personalized world.”
4 Psychological Experiments that can Strengthen Customer Relationships
Quotable: “Charlotte Blank is the chief behavioral officer at Maritz, serving as the consulting firm’s go-to expert on consumer psychology. With a background in neuroscience and behavioral biology, she takes an experimental approach to understanding what drives the relationships between customers and the brands they patronize.”
PROGRAM LAUNCHES / RE-LAUNCHES
Paytm First, a subscription-based loyalty programme launched
Quotable: “The Paytm First annual subscription price has been set at Rs.750. Customers who opt for a premium subscription plan will receive an additional cashback worth Rs.100”
Barneys New York Launches Tiered Loyalty Program Open To All Customers
Quotable: “Barneys also is forging connecting with shoppers through the launch of "The High End," a luxury cannabis lifestyle and wellness concept inside the retailer's Beverly Hills, Calif. flagship. A.T. Kearney found that 56% of U.S. consumers say they would try cannabis if it were legal, and jumping into this up-and-coming market could make Barneys the retailer of choice for those interested in both luxury and cannabis.”
Fitbit Plans Rewards To Incent Fitness
Quotable: “Now Fitbit is launching a rewards program to motivate people to reach health and fitness goals. Consumers with Fitbit devices can earn points for activities, such as steps taken and active minutes. Those points then can be redeemed for discounts on Fitbit products or rewards from other companies, including Adidas, Blue Apron and Deezer, according to Fitbit. The company also plans to offer a paid premium service later in the year.”
Uber Rewards loyalty program rolls out to all US riders
Quotable: “The program grants points to Uber users for hailing rides or ordering food through Uber Eats, with perks increasing for higher dollar amounts spent. The program started rolling out in January, and Uber has announced that it's now available to all riders in the United States.”
EVENTS
Did We See You in Fort Lauderdale?
We'll be posting highlights from what was easily the best Loyalty Academy Conference so far. The location and venue were spectacular but it was the speakers - and their insights - that made this a one-of-a-kind event. Stay tuned for interviews and recaps over the next few days and weeks.
The Loyalty Newswire is compiled and edited by the staff at The Wise Marketer.
