BY BILL PRICHARD
Is your credit union’s “rewards” program really providing your members with the experience they desire? These five recommendations for upgrading your program will help you give your customers more of what they want. And none of them will break the bank – or the CU, as the case may be.
If you haven’t updated your rewards program in a few years (or more), you probably aren’t giving – or getting – the kind of rewards you’re hoping for. The recently released “2016 Bond Loyalty Report,” which surveyed more than 19,000 U.S. and Canadian consumers, reveals that people have specific ideas about the rewards experience they want. And they aren’t necessarily getting it from the companies they patronize. Although the average consumer belongs to 13.4 rewards programs, s/he is likely to be active in only 6.7.
Andrew Gates, CEO of Azigo – one of the loyalty solutions providers behind Member Rewards by CO-OP – has some suggestions for credit unions based on some opportunities contained in this year’s Bond report. Here are five recommendations to focus on to make your rewards program more rewarding.
1. Mobilize. – According to Bond, 57 percent of members want to engage with rewards programs via their mobile devices. Another 70 percent find the idea of redeeming accumulated rewards instantly in store appealing, with 43 percent indicating they’d be willing to pay a premium to do so.
“You have to consider where your customers are interacting today,” said Gates. “They have to have full access to your rewards program through their phones – whether that’s through a standalone app or an integrated API in your mobile banking app.”