Members of the loyalty program have made it clear that brands and companies should think outside the box when it comes to the bonuses offered.
This information comes from the 8th annual Australian study on the customer loyalty and loyalty program "For Love or Money" 2020.
The study, commissioned by The Point of Loyalty, examined eight options for programs to improve their members' lives with informative and insightful results.
This contains:
- Rewards for recycling – such as donating beloved clothing for reuse / furniture for reuse or recycling.
- Earn rewards for healthy behavior – e.g. Points for achieving a minimum number of steps in a week.
- Earn cashback bonuses – are passed on to your pension fund so you can save more for retirement.
- Rewards for reducing your daily living expenses – such as phone, energy or insurance bills.
- Earn cryptocurrency (e.g. Bitcoin) as a reward.
"With the maturity of the Australian loyalty program landscape, it is time for the programs to focus on finding different and distinctive ways to improve the lives of their members," said Adam Posner, author and CEO of The Point of Loyalty.
"While members generally want rewards to help reduce their cost of living, they are also keen to participate in programs whose rewards have a greater purpose, such as recycling and healthy behavior."
When it comes to age groups, those who were classified as Gen Z were the ones who identified rewards for recycling, healthy behavior, and rewards to increase their retirement savings to be more attractive than Gen X, Gen Y and Baby Boomer.
The study also shows in a first step that two thirds of Australians believe that loyalty programs increase their overall desire for a relationship and experience with the brand.
The 2019 Australian Loyalty Program ranking, which members most often call “doing a great job” without being asked, is:
- Flybuys
- Woolworth's rewards
- Qantas frequent flyer
- Virgin Velocity
- MyDanMurphy
- Priceline Sisterclub
The following are all ranked 7th as they are new in the leaderboard: CommBank Rewards, MYER one, Nandos PERi Perks and Supercheap Auto Club Plus.
The full report can be found at thepointofloyalty.com.au
