Mon, 11/07/2011 - 10:46
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Telltale markers are everywhere: the sliver of plastic clipped to a key chain, the colorful card positioned deep inside a purse, the frequent e-mail reminders about a “special” deal available only to members of a maybe not-so-exclusive club. These are just a few of the loyalty and rewards program vehicles that companies use to tether themselves to their customers.
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For decades, companies at the forefront of consumer marketing have developed loyalty and rewards programs in an attempt to grow their business by retaining their most valuable customers. And companies continue to spend massive amounts of money to create and market these programs and keep key participants. But has their investment been worth it?
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Comments
Loyalty Program, Really?
I am a member of several "Loyalty" programs, but don't really see any benefit from them, other than an email inbox full of solicitations for their crediticard. This is especially true with airline programs, have you tried recently to use your loyalty points for a ticket anywhere? What a joke!
But, let's forget the supposed loyalty programs directed at customers and consumers. What about loyalty programs for employees? What's out there, what's working, what's not working and why do they work or not work?
Our company has a points program. Earn points, redeem for merchandise from top notch manufacturers and retailers. Pretty simple and stright forward. BUT.....to get anything wortwhile takes several thousand points and the earning rate is maybe 5 - 10 per week, unless you get some kind of special recognitiona and get 50 - 100. Whoo whoo! Maybe the thought is people will stay just to earn enough points to get that new iwhatchamadoodle, or mayby a Monopoly game, say 5 to 10 years for the game and 30 - 40 years for the iwhatchamadoodle. Some loyalty program.
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