Quantum Mob’s Eric Kim and Erich Reich sat down with Australia’s own loyalty expert, Philip Shelper, to discuss the ever-evolving field of loyalty and rewards programs. Shelper is the CEO of Loyalty and Rewards Co., which is a loyalty management consulting firm offering services and solutions for companies looking to start, redesign, maintain, or grow their loyalty programs.
This week’s episode of the North Report was particularly illuminating. Shelper shed light on a lot of the successes, and some missteps, those companies make with their rewards programs. Having consulted on innumerable projects, Shelper’s body of knowledge and experience is extensive, and so Quantum Mob listened to what he had to say.
Here are some valuable insights that can power a loyalty program to success.
The Power of Consumer Psychology:
What do companies get wrong about loyalty and why do they get it wrong? It all revolves around consumer psychology. It’s easy to disregard consumer psychology however, when companies can put themselves into their consumer’s shoes, they can immediately experience what kind of value their loyalty program offers. If the value isn’t compelling, it won’t succeed.
Strive to build a loyalty program that centers around the consumer’s experience.
The Power of Being Different:
A company that can look outside their sector when building their loyalty program, has the power to differentiate themselves from other competitive programs. Many programs either mimic competitors or create a program that simply doesn’t work with their products. Points and miles don’t work for everyone.
The structure of a loyalty program that is different, exciting, meets the needs of your products and also inspires the consumer to participate.
The Power of Seeing into the Future of Loyalty:
Alway consider and plan for the future of loyalty and rewards. With lightning-like changes happening to tech and the digital market, loyalty and rewards programs are barreling into the future, and there are some potentially game-changing influencers. Cryptocurrency, AI-powered marketing, skew level data – something that is still a far-off dream for many companies and data brokers are all potential big players in the future of loyalty.
Don’t get left behind. Your loyalty rewards program needs to be leading edge and technologically brilliant..
After listening to this week’s episode of the North Report, you will come away with some thoughts and considerations for loyalty and rewards programs. What kind of value are your consumers getting? Do your program’s design and tech stand out from other loyalty programs. Is the marketing of your program consumer-focussed? And finally, is your program ready for the future? It better be!
To join the discussion and to get your own perspective on the future of loyalty, check out season 2, episode 2, “Improving Loyalty Through Consumer Psychology” to learn more!