Redemption drives repeat engagement and deepens emotional connections
For most loyalty marketers, redemption is viewed as the “second cousin” to member acquisition or earning activity. However, we believe at Collinson that redemption is actually the prime mover of your loyalty programme and we have explored this notion in our latest whitepaper.
The experience and satisfaction of getting a reward is what really motivates your customers. Evaluating how you motivate and perhaps even incentivise loyal customers to redeem more frequently is a great way to boost those retention numbers and increase your brand’s profitability.
The results of our research in the travel industry offer insights that can be leveraged in other sectors as well, such as retail and financial services, to drive loyalty rewards programme success. The research clearly identifies redemption as the keystone for a loyalty programme, and this paper will highlight three factors that can help loyalty marketers:
- redemption frequency
- core vs. non-core rewards
- low vs. high value rewards
Thanks to an efficient and optimised redemption cycle you will be able to:
- create sustainable habits of loyalty
- increase earning activity
- boost overall brand engagement and loyalty
Redemption makes your programme one that gives your customers the satisfying experience they want. It is redemption, not earning, that is the engine that drives repeated engagement and deepens the relationship between customers and brands.
Download our whitepaper to find out our experts’ views.
Written by Tracy Delphia, Senior Insights Analyst; Anne Dorst, Strategy Director and Nick Fletcher, Head of Strategy and Planning