This Week's News
The weekly Loyalty Newswire from The Wise Marketer delivers a curated list of the latest news and announcements from around the globe on all topics related to customer loyalty. We share news on a spectrum of topics, all with the intention of giving you an “info boost” to start your week.
The Loyalty Newswire makes it simple for busy professionals (that means YOU) to quickly digest important industry news and to *maybe even* enable you to star in your next big meeting.
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- International Loyalty Awards has a fresh look for 2024
- Let's Talk Loyalty gearing up for Episode 500
- The 2024 Loyalty Trends report is available from iSeatz
- Deloitte’s 2024 Retail Industry outlook is out
- Vibes releases 2024 Consumer Insights Survey
- Loyalty Academy CLMP™ Certification Workshop planned for 27-29 February in Dubai
- Courting loyalty for Ultra Luxury brands with the next generation
- Insights from Australian Loyalty Industry Leaders
- How Indian Retailers are using Tech-Powered Strategies to Build Loyalty in the Digital Age
- The Ten rules of Loyalty Marketing you Did Not Know You Needed
- Oasis Stop ‘N Go Customer Receives $10,000 Loyalty Reward
- Short Takes, Big News
International Loyalty Awards has a fresh look for 2024
The 2024 International Loyalty Awards is under new leadership, with several changes planned for the 2024 event. After 13 years of commitment to building the International Loyalty Awards program into what it is today, Annich McIntosh has transferred leadership of the event to Zenith Marketing, led by Eileen McGuinness and Marian Kelly.
Zenith is the organizer of the Irish Loyalty Awards and has been managing the ILA over the past two years. Annich McIntosh will remain as an advisor to the ILA and now joins the judging committee as a fully-fledged member. Loyalty Magazine will remain as a media partner for ILA and is joined by The Wise Marketer, Let’s Talk Loyalty, and the Australian Loyalty Association as media sponsors.
For the first time in its 13-year history, the International Loyalty Awards Gala Evening will be held outside of London and a new collaborative partnership with the Loyalty Connect Global conference and expo brings the awards to Dubai on the April 24, 2024. The theme for this year’s event is ‘Unity in Shaping Tomorrow Together’ and this new partnership with Loyalty Connect Global will harness the power of collaboration to reach new heights. Finalists will be announced towards the end of February.
Let's Talk Loyalty gearing up for Episode 500
This milestone episode is set to be released on February 21st and Let’s Talk Loyalty is reaching out to its valued guests and listeners to be featured in a special "compilation" episode. Whether you've been a guest on the show or have been a dedicated listener over the years, you are invited to share your insights with the LTL team. Simply record a brief voice message (30 seconds to 3 minutes max) and let the team at LTL know your thoughts about the show, the impact it has had on your career, and how it has connected you with other loyalty professionals.
Let’s Talk Loyalty will edit the best comments together for this special episode which will be published as "Audience Insights and Inspiration - The Let's Talk Loyalty Audience Talks Back"! A user-friendly voice recorder has been set up and you can find it here. The deadline for sharing your voice messages is Wednesday, February 7th. Join in and make this 500th episode a celebration of the fantastic community built by Let’s Talk Loyalty.
The 2024 Loyalty Trends report is available from iSeatz
The 2024 Loyalty Trends – The Role of Loyalty Programs in the New Value Economy report is just released today. Created by iSeatz, the report dives deep into the landscape of consumer loyalty in the context of travel and today's value-driven economy. You can read the full press release announcing the report here. The report outlines four key areas—sustainability, lifestyle rewards, personalization, and fintech tools—that significantly impact the loyalty program experience, providing brands guidance on bridging the expectation gaps, offering more value, and creating a better loyalty experience.
One of the most notable findings from the report is the symbiotic relationship between value and loyalty amidst economic shifts, with 65% of consumers willing to engage more with their loyalty programs if offered better discounts. Additional key highlights include:
- Money and Value Priority: 49% of consumers prioritize saving money on travel through loyalty programs, signaling a significant demand for value-driven offerings.
- Member-Brand Disconnects: There's a disconnect between what consumers expect and what loyalty programs offer, as only 34% rate their effectiveness in delivering valued benefits at a 5 or 6 out of 10.
- Eco-Conscious Consumer Trends: Over the last three years, 53% of consumers have placed more importance on sustainability, which suggests that incorporating sustainable practices is essential for improving loyalty programs and delivering value.
- High UX Frustrations: 62% of consumers cited user experience-related issues as the most frustrating part of booking travel through their loyalty program.
- Generational Spending Patterns: Millennials and Gen Z are likelier to pay more for loyalty benefits, with 29% of Millennials willing to spend extra, compared to just 8% of the Silent Generation and a 25% overall average.
Deloitte’s 2024 Retail Industry outlook is out
- The last two years have been anything but ordinary. Consumers witnessed a 40-year inflationary high in June 2022 and 11 Federal Reserve rate hikes by July 2023. Given this volatility, it's reasonable to assume that consumers' collective psyche would be bruised, and they would retreat from the marketplace. Indeed, consumers are opting for deals over store loyalty amid inflation.
- This latest report, which you can download here, says that as retailers look to woo price-sensitive consumers in 2024, loyalty will have to be earned. To make that happen, trust will need to be the cornerstone of their profitability playbook.
Vibes releases 2024 Consumer Insights Survey
Vibes, the intelligent mobile engagement platform, has announced the findings from its comprehensive annual Consumer Insights survey for 2024. Vibes surveyed a broad range of over 1,000 mobile-centric consumers with the intention of understanding what their relationship with their smartphones looks like today; how this has changed over multiple years; how they prefer to interact with brands on their phones, and how these interactions help or hinder their path to purchase. You can read the official press release here.(insert link to WM press release)
Among the core findings was the near ubiquity of SMS adoption by both brands and their consumers, with 75% of consumers reporting that text messages from brands routinely drive them to make purchases. In retail settings, this could be a text that drives an immediate online purchase or offline store visit; in quick-serve restaurants, a typical use case might be a discounted in-restaurant offer to drive foot traffic, or a coupon redeemed through use of a Mobile Wallet.
Loyalty Academy CLMP™ Certification Workshop planned for 27-29 February in Dubai
The Loyalty Academy™ and QBF Consulting are presenting a public Certified Loyalty Marketing Professional™ Workshop to be held in Dubai 27-29 February. The workshop will be led by Chayya and Manav Fernandez, principles of QBF Consulting. For those who wish to achieve the distinction of Certified Loyalty Marketing Professional™ (CLMP), this workshop is for you! More information can be found here.
Courting loyalty for Ultra Luxury brands with the next generation
Ultra luxury brands are at a crucial milestone with the next generation of consumers who possess influence and affluence and are coming of age. While luxury brands have to this point focused predominantly on the relationship with their Generation Y and Z clients, this next generation is less likely to have the same affinity for the ultra-luxury brands that their parents and grandparents had – if they don’t align with principles of sustainability, social responsibility, technology, innovation and exclusive access to experiences and communities.
Their loyalty is the most critical currency for ultra luxury brand marketers who understand that it holds the keys to relevance for decades to come. Here's how marketers must cultivate the next generation’s affinity for ultra luxury brands.
Insights from Australian Loyalty Industry Leaders
Want insight into the Australian loyalty market? Here is a compilation of thoughts, predictions and insights from Jonathan Reeve, Vice President of APAC at Eagle Eye, Graham Webb, Marketing Manager-CTP at Suncorp Group, Richard Segar, Platform Architect at Simplicity Loyalty, Stephanie Barr, Loyalty Senior Manager at AGL Australia, and Jaimi Farrey, Senior Loyalty and Personalization Manager at Grill’d.
How Indian Retailers are using Tech-Powered Strategies to Build Loyalty in the Digital Age
Here is a useful article that highlights how Indian retailers are building strong customer relationships. Included here are some stats that will be found handy in support of your loyalty ROI. Here are some key statistics that highlight the importance of building customer relationships:
- 83% of customers are willing to spend more on brands they are loyal to (Accenture).
- Acquiring a new customer is 5 times more expensive than retaining an existing one (Harvard Business Review).
- Increasing customer retention by 5% can boost profits by 25-95% (Bain & Company).
The Ten rules of Loyalty Marketing you Did Not Know You Needed
Catchy article headlines often disappoint but rarely fail to make a point. This article seemed to hold promise of some undiscovered Loyalty Truth™ “isms.” Au contraire. Of the ten “insights” that are documented as best practices of modern loyalty, they start with:
- Loyalty is a long term game
- Brands are better off creating a smaller slice of super fans rather than attempting to capture the majority of their customer universe
- Personalization is key
- Instant rewards matter. Customers “want it now”
- “Data collection and enrichment is as important as selling more trombones”
That is only half the list and you can read the rest here. Though everything in this list echoes what we teach in the Loyalty Academy™, therefore is not new, it’s still worth a read as valid points are made.
Oasis Stop ‘N Go Customer Receives $10,000 Loyalty Reward
Who says Loyalty Programs don’t’ pay off big time on occasion? Oasis Stop ‘N Go has reported that Megan Logan, a customer from Twin Falls, Idaho, was the winner of KickBack’s 2023 Grand Prize — a sum of $10,000 earned by using her KickBack card. Megan commented “I was so surprised to win, but I do use my card almost every day … the best part about the loyalty program and earning points is that you can use your points on anything. That lets me get discounts and even free items on thinks like gas, snacks, and beverages.”
Short Takes, Big News
- Tymit partners with Harley-Davidson for a new credit card programme - UK-based credit company Tymit has partnered with Harley-Davidson to offer a specially tailored instalment credit card to its customers in the UK.
- Crypto mobile payment app Oobit raises $25 million Series - Israeli-founded crypto mobile payment app Oobit announced on Monday that it has raised $25 million in Series A funding amid expansion plans as it pushes to advance the adoption of cryptocurrencies as a means of payment.
- How hard is it to develop a mobile app? This article explores the key factors that determine the difficulty level of mobile app development, including the cost, time, and talent requirements.
