Loyalty programs offer exclusive experiences over discounts
Implications - In lieu of discounts toward future purchases, some brands are instead offering exclusive experiential perks through their loyalty programs. This not only helps these programs stand out in an increasingly saturated market; it's also consistent with consumers' shifting preferences for experiences over things.
Workshop Question - Think about rebuilding your current loyalty program (or creating a new one), what could you offer your consumers, that focuses more on experiences?
Trend Themes
1. Experience-driven Rewards - Loyalty programs offer exclusive experiences over discounts.
2. Interactive Loyalty Programs - Virtual reality campaigns and gamified rewards increase user engagement.
3. Instant Rewards - Mobile apps and Bluetooth beacons offer on-the-spot incentives to consumers.
Industry Implications
1. Marketing and Advertising - Loyalty programs and rewards-based marketing strategies are paramount in the marketing industry.
2. Retail and E-commerce - Marketing analysts are discussing the importance of appealing to luxury consumers.
3. Travel and Tourism - Travel rewards and bonuses are becoming increasingly competitive in the travel industry.
