NewswireToday - /newswire/ -
Dover, NH, United States, 2011/12/19 - RewardsNOW, Inc., the leading marketing solutions company for loyalty programs is pointing to a number of interesting trends when it comes to loyalty programs - RewardsNOW.com.
For one thing, companies and organizations interested in deploying a loyalty strategy will increasingly turn to more sophisticated loyalty programs as they face ever increasing pressure to raise revenue while providing value in the eyes of the consumer. Sophistication will come in the form of using more customer data as well as more technology to get more value from the data, thus deriving more value from loyalty programs.
With research showing that more than 80 million U.S. adults shape their buying decisions according to loyalty programs, it means there are already many loyalty programs helping companies derive revenue from long term customer engagements. Those companies seeking to stay at the head of the pack, however, will offer “saturated” rewards customers with much more emotional or experiential rewards wherein customers can redeem rewards for once-in-a lifetime experiences, or lifestyle themed events, such as backstage passes or a dream vacation.
Companies will also become more sophisticated about fostering loyalty through consumer rewards. The best won’t think of customer loyalty as a “program” but as the goal—with every consumer touch point in an organization being seen as a chance to increase loyalty.
Look for more companies and organizations to employ mobile loyalty programs. They can be as simple as a loyalty program card that now is used as an app that integrates with a restaurant’s digital Point of Sale system allowing loyal customers to pay via smart phone instead of waiting for the check. At the same time, the restaurant will be able to offer highly relevant consumer rewards based on customer preferences.
On the financial front, the Financial Reform Act and recently instituted Durbin Amendment is increasing pressure on financial institutions to get more out of their loyalty programs than ever before. Financial institutions will offer more ‘relationship rewards’, sometimes called enterprise-wide loyalty programs as they seek to engage customers across multiple product and service lines. These programs allow, amortization of costs across the company, increase data acquisition and also increase long-term loyalty as part of an overall retention strategy.
About RewardsNOW, Inc.
Loyalty programs generate incremental profits from increased customer retention and acquisition, increased product usage, and a higher level of customer engagement. As the premier provider of turnkey loyalty programs, RewardsNOW (rewardsnow.com) and its exclusive Extended Rewards Networksm (ERNsm) encompasses all the critical elements for a customer loyalty program to be successful. This includes design, implementation, analysis and reporting, marketing and rewards offerings and redemptions as well as 24/7/365 customer service.