From the tangible value of data assets to stealth pricing, loyalty programs can offer retailers many advantages that are little understood. With 2016 now upon us, I share nine expert-provided aspects of loyalty marketing that retailers may not know.
An oft-used term in business, especially in fast-expanding industries, is, “You don’t know what you don’t know.” These days, in the loyalty marketing industry, there is much retailers are striving to know, but boy is it work to keep up.
From stealth rewards programs to cloaked pricing to delayed regulations, the retail and loyalty environments are more fluid each month. I spoke with my friends at Precima, our global retail strategy and analytics company, and other experts to learn what loyalty events are likely not known as 2016 gets under way. Following are the top nine:
- Your best members can be much better
- Programs are shape-shifting
- Prices can be cloaked from competitors
- Loyalty programs generate their own products
- Odds of engagement are declining
- The best programs are not programs
- Data value is not hitting max
- Experience beats rewards
- Rewards data regulation is now two years away
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