Tobias Dengel’s Post

Measuring consumer brand loyalty can feel ambiguous, but we make it tangible and actionable through employing lessons from relationship science research! A loyalty program is a way to reward your customers in service of building more meaningful relationships with them. We can better understand how to drive consumers’ loyalty to your brand through the following relationship characteristics: ❤️ Relationship Satisfaction: Do your consumers feel good about the quality of the services being provided to them by your loyalty program? Does it take consumers a lot of effort to redeem rewards? Do consumers feel like they get value from your loyalty program? 💳 Relationship Investment: Have consumers been a loyalty program member for a long time? Do they get extra benefits or incentives for being a long time member? Would it be hard for them to start over somewhere else? 👀 Quality of Alternatives: Are there other credit card loyalty programs that would afford them better benefits or rewards than your loyalty program? Do those programs better meet their lifestyle? Are other programs more personalized to them? Taken together, this model states: Relationship Satisfaction + Consumer Investment - Quality of Alternatives = Consumer Commitment to their Loyalty Program In this white paper, Kate Tighe-Pigott and I explore which elements of a credit card loyalty program’s digital experience impact these different contributing factors of consumer brand loyalty in five regions (AP, EUR, MEA, NAM, & LAC). This report is available for download at the link below. #brandloyalty #loyaltyprogram #financialservices #relationshipscience. #consumerrelationships #research #digitalexperience #ux

Customer Loyalty Programs when done well do more then reduce churn and drive repeat business. Well-designed and run programs allow organizations to deeply connect with their customers, and provide ongoing opportunities to understand their preferences, expectations, and experiences. Check out the report WillowTree (a TELUS International company)'s amazing research team put together covering rewards programs and key trends in the financial services vertical. BTW - This content is not gated - no contact information required! Enjoy. #customerloyalty #customerexperience #financialservices

Credit card loyalty programs are evolving globally, and we have the data to prove it: https://lnkd.in/ehVXUbUh We have conducted research across five global regions to deepen our understanding of consumer behaviors and preferences, and with nearly 500 English-speaking loyalty card members surveyed, our research highlights crucial insights that emphasize why a one-size-fits-all approach just doesn't cut it in the diverse global marketplace. 🔀 The good news? Every region shared a preference for mobile engagement, clear and transparent offers, and personalized rewards relevant to their everyday spending. The most popular loyalty redemption choices are typically cash back and essential goods, which ranked highest in four of the five regions. 🌏 However, financial brands can and should cater to varied global markets, delivering personalization in loyalty programs. From North America's passion for community-based rewards to Asia-Pacific's focus on travel benefits, regional differences clearly underline the necessity for customer data platforms and tailored loyalty strategies. "Deep market-specific research is crucial to understanding and meeting the diverse needs of customers across regions," said Tobias Dengel, President of WillowTree, a TELUS International Company. "By creating shared infrastructure that enhances efficiency, while maintaining the flexibility to adapt to regional nuances, brands can develop truly personalized experiences." Intrigued? Download our full report to glean more insights on how financial brands can cater to varied global markets and drive personalization in loyalty programs: https://lnkd.in/ev4PPgAm Explore how our unique approach to #DigitalCX, #DataAI, and #CustomerLoyalty can transform your brand’s loyalty programs: https://lnkd.in/ep-rTvyr #LoyaltyPrograms #FinancialServices #CustomerExperience #DigitalTransformation

📢 Attention financial service leaders! Are your credit card loyalty programs keeping up with what global customers really want? Exclusive research from WillowTree, a TELUS International Company, has uncovered regional insights and universal takeaways to help you capitalize on differences in credit card customer loyalty preferences across diverse global markets. Get the details in today’s press release: https://lnkd.in/gbiKu3Y3

I just read an insightful article on how consumers spend loyalty points and cash differently. It’s a must-read for anyone looking to understand consumer behavior and optimize loyalty programs. 🔍 Key Highlights: 💡 Consumers fall into four categories: Money Advocates, Currency Impartialists, Point Gamers, and Point Lovers. 📊 Each group has unique preferences and behaviors when it comes to spending points versus cash. 🎯 Strategic implications for managing loyalty programs effectively. Whether you’re refining your loyalty strategy or looking to enhance customer engagement, this article offers valuable perspectives and actionable insights. Check it out and let me know your thoughts! 💬 #ProductManagement #CustomerLoyalty #ConsumerBehavior #ContinuousLearning https://lnkd.in/dcmBcV6P

Loyalty points have grown significantly in value and usage, but how consumers view them varies widely. A recent study identified four distinct groups: **Money Advocates** (prefer cash over points), **Currency Impartialists** (see points and money as interchangeable), **Point Gamers** (maximize point value), and **Point Lovers** (value points more than cash). These insights present a big opportunity for businesses to rethink their loyalty programs. For example, instead of offering uniform discounts, companies like airlines could tailor promotions based on customer preferences, making them more cost-effective and engaging. Ultimately, this shift reflects a broader trend towards personalization in customer engagement. By understanding these segments, businesses can transform loyalty points from transactional tools into strategic assets, fostering deeper customer relationships and driving growth. #customerrelationship #loyaltypoints

Just finished reading the report, "The Role of Strategic Partnerships in Consumer Credit Cards," produced by PYMNTS Intelligence in collaboration with Elan Credit Card Official Link: https://lnkd.in/guegj-dF The eye-opening report has brought to the fore the highly influential role that strategic partnerships play in the consumer credit card industry. It explores the current state of co-branded credit and store cards, revealing valuable insights into consumer preferences and behaviors. The main outcome of the study shows that with many consumers using general-purpose credit cards, co-brand cards still have great growth opportunities. Customers are motivated to the co-branded cards for loyalty and rewards programs. For example, 38% of the cardholders named loyalty and rewards programs as the reason for obtaining the card. The report also highlights the importance of clear value propositions and user-friendly experiences for co-branded cards. Retailer-affiliated cards, in particular, enjoy widespread popularity among consumers, who prefer cards from merchants they frequently engage with. Finally, this research surfaces interesting characteristics associated with demography with socioeconomic parameters and age being primary determinants of co-branded card ownership level. All providers will continue to find success in the rapidly growing lower-income consumers and younger age groups. If the credit sector or strategic partnership is a matter of interest to your company, this report is an absolute must! #reditcardindustry #strategicpartnerships #consumerinsights #markettrends #PYMNTSintelligence #IndustryRreport

What can payments companies learn from the customer loyalty sector? In today’s data-rich era, data’s multifaceted value is rising. Regulatory measures are often seen as limiting data’s commercial potential in the payment industry, overshadowing broader growth opportunities. With the right customer consents in place and access to additional data sources, payment companies have an ability to: ▷ Create customer profiles and value segments ▷ Look for similar audiences across different media channels ▷ Assess the impact of media spend ▷ Estimate customer lifetime value by enrolment source, demographic and brand preferences Find out why a customer data strategy is key by downloading White Paper co-authored with the Payments Innovation Forum and BOWSPRIT INTERNATIONAL LIMITED which presents some broader context and touches upon the steps towards achieving a properly curated data strategy. https://lnkd.in/ejxqryBD #strongertogether

💡 "Do consumers treat loyalty points the same way they treat cash?" A recent study uncovers how consumers spend loyalty points differently from cash. Here are 5 key findings: 💰 Money Advocates: Prefer cash over points, even when values are identical. ⚖️ Currency Impartialists: Value points and cash equally based on financial worth. 🎯 Point Gamers: Seek the best redemption opportunities, spending points when their value surpasses cash. ❤️ Point Lovers: Value points more than money, even if their purchase power is lower. 📊 Strategic Implications: Companies must tailor loyalty programs to these distinct consumer behaviors. ❓ How do you prefer to spend your loyalty points? ❓What strategies do you use to maximize their value?  ❓ How can companies improve their loyalty programs? Share your thoughts below 👇 To learn more, read the full article here:  https://buff.ly/4g1AgOQ #LoyaltyPrograms #ConsumerBehavior #MarketingStrategy #CustomerEngagement #BusinessInsights

🤔 You already know that payment acceptance is driven by merchants and consumers habits. But do you know what are the key challenges merchants and retailers are and how to respond to them ? In our paper with Edgar, Dunn & Company : ✅ Discover Emerging Trends: Learn about the shifts in consumer behavior and technology that are redefining payment acceptance. ✅ Strategic Frameworks: Gain access to our merchant management framework that outlines the path to leveraging digital payment solutions effectively. ✅ Innovative Solutions: Explore how implementing new technologies and embracing data analytics can create seamless, personalized customer experiences. And more. 🔗 Get your copy : https://ow.ly/QZXO50ReUe0