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Loyalty is way beyond just point, rewards

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October 28, 2019

Developing a loyalty program today isn’t about rewards and points, but exceptional customer service, digital access and ease of use. Those elements, according to a Mastercard report, "Beyond Rewards: Raising the Bar on Customer Loyalty," are the most important components for building loyalty, according to a press release.

The report, which surveyed 400 leaders in a dozen major industries worldwide, also reveals that fewer than half, 42%, believe their organization's customer loyalty strategy is effective and that 55% have updated or refreshed their loyalty strategy within the past two years.

"Today's consumer has a bank branch, a retailer and all of her friends within her reach," said Francis Hondal, president, loyalty and engagement at Mastercard, in the release. "We need to meet consumers where they are, when and how they want to engage. This means connecting them across channels in a meaningful way and bringing them high-value services.  These are the building blocks for robust, loyalty programs today and into the future."