There are a lot of different loyalty programs nowadays. All of them promise a variety of things. Collect credit to purchase goods or services or collect points to get a free product. It usually sounds like a great promise, be rewarded for buying more. But is it the reality of things?
We are all consumers in the world, and there are a lot of chances to place value on the consumers, over profit. It’s a matter of choice. Seeing how consumerism is becoming more and more of a statement, contemporary loyalty rewards should reflect that. Traditional loyalty programs are expensive and usually, the loyal customer actually pays for their own rewards. So, who’s fooling who?
As consumers become more aware of what they’re buying into, loyalty programs have to square up; after all, the consumer of today is becoming more and more informed than they used to be. Consumers are smart and care about the impact of their buying habits. Consumers don’t just want the credits, points or miles. They want value.
And we listened. We listened to the call of people who like to buy, but don’t want to involuntarily participate in these expensive, old-school, loyalty programs. We listened to the buyer who wants transparency, to know what the actual worth is of the rewards system they’re buying into.
It seems fair, and reasonable. It’s become almost common knowledge that loyalty programs usually cost the consumer more than they gain. This is one of the reasons that more than 50% percent of all loyalty rewards is never claimed.
Another big argument to not choose old-fashioned loyalty system is the reception of the reward. Do loyal customers actually perceive the rewards as valuable and worth their time? A lot of loyalty systems have intricate layouts and systems which only fuel the disinterest of consumers to continue to participate in the loyalty system. This, in turn, adds to the drop-out rate to become higher as time goes by. This is especially the case when loyalty program companies choose to make rewards perishable. This means that some rewards customer claim from loyalty will come to expire in the short span of a couple of years.
All in all, loyal consumers should be rewarded for their loyalty in a way that fits their wants and needs. It’s that simple. No elaborate mass-produced programs which lack creativity and humanity. No more loyalty programs that just serve as a marketing tool.
Consumers who go out of their way to be loyal should be rewarded in a valuable way. One which enables them to relate and feel appreciated in the way they should be. That’s why Qryptonite exists. We put the value on the customer. We believe loyalty should be rewarded. In a transparent, long-term manner. We don’t believe in instant gratification. We believe in durability. In strong relationships with humans, rather than their wallets.