The future of loyalty lies in mobile payments (28 Dec 2015, The Wise Marketer)
The Wise Marketer - Home Subscribe to our RSS feed!   Share it!   
Email this page to a friend! Tweet this! Share this via LinkedIn! Share this on Facebook! Share this on Google Plus!
  Mobile Edition Tablet Edition
   The Wise Marketer          Customer Strategy Network             Log In          Register for Free   
  
Stay up to date with What's Hot in the world of Customer Loyalty and Marketing All the latest Customer Loyalty and Marketing News and Developments worldwide - just the facts Facts, Figures and Stats to support your Loyalty, Engagement and Marketing initiatives Opinion and Analysis from the world's most respected Customer Loyalty and Marketing luminaries
The Loyalty Guide - the only complete global Guide to Customer Loyalty, Engagement and Marketing Feature Articles and How-To Guides by the world's most respected Customer Loyalty and Marketing experts Details of the top Customer Loyalty and Marketing Conferences worldwide Search The Wise Marketer from top to bottom!
   The Wise Marketer   

Get your headlines by email every Thursday - Free!

The future of loyalty lies in mobile payments

   
Swap to the printable version of this page
Print!
 

Monday December 28, 2015                      Tweet this article

 


If you've read anything on the costs of customer acquisition vs customer retention over the last 20 years, you'll have heard that customer retention makes good business sense. And while the traditional loyalty card is dying out, loyalty itself is more alive than ever - but marketers need to take a different approach, according to myCircle.

Experts claim that it costs anywhere between 3 and 30 times more to get a new customer through your door than it does to persuade an existing one to return - even if that door is virtual, in the form of a website or mobile app. With figures like that, just imagine the increase in profit margin a business could make on something as simple as a cup of coffee… if it's customers loyally returned on a daily basis.

The traditional answer to this has always been the loyalty card, but the truth is, whilst loyalty schemes are more popular than ever, the loyalty card that you are so readily handing out… the one that your customer has just stuffed inside his or her wallet or put on a key fob, is dead weight. In an age where the world is moving toward an integrated online/offline experience, the loyalty card is inflexible, inconvenient and simply no longer fit for purpose. Cards get lost or forgotten, rewards go uncollected and the loyalty that you're expecting your card to deliver, will never arrive.

Even the modern day 'web-based reward card' has its limitations. After all, what is there to remind the consumer that your reward scheme even exists? There's no scratched up, faded card taking up space in their wallet and the email statements you helpfully send out on a weekly basis are either unsubscribed from or automatically filtered into the junk mail folder. And what happens as a consumer, if I come into your store, your cafe, your bar or your restaurant and I make a purchase? There's a critical disconnect between a web-based reward programme and the bricks and mortar experience, and that means, once again - the value of the loyalty scheme is lost.

So what is the answer? There's no question that customers can still be influenced to give loyalty - providing that we as merchants, reward them for it. The key lies in convenience and accessibility and this comes in the form of mobile payments. By enabling mobile payment functionality throughout your online and offline channels, you're able to integrate a loyalty programme into the payment system. In doing so, you're streamlining the purchasing process, delivering better service and immediately and conveniently rewarding customers for their loyalty.

Just imagine if your customers could pre-order a round of drinks or a meal-deal from a mobile app, pay and collect loyalty points, all in one smooth transaction. No need to fumble around in a wallet for a card, no need to check your points tally online and no need to go through your junk mail searching for the latest statement to see if you've got enough points for a free cappuccino. Instead, your customers are getting the instant gratification of being rewarded at the moment of purchase and that feels great.

So while the loyalty card itself may have had its day, a loyalty programme done well is more powerful than ever. The only question left is who's going to make the first move and unify the consumer experience across channels? Who is going to take it a step further and integrate loyalty with mobile payments - you or your competitors?


More Info: 

https://www.mycircleinc.com

> The Customer Loyalty Marketing Guide

Tell a friend about this article Tell a friend   or   Tweet this article

Have your loyalty news delivered - free.

Get all the most important customer loyalty and marketing news by email every Thursday, and it's still absolutely Free ...
Sign up!

 

What is The Wise Marketer?

We're the only truly unbiased, global source of news & research for customer loyalty and marketing professionals...   Join Free Here

See The Loyalty Guide 7 up close, and find out how to increase profits and market share with more effective loyalty marketing!

Join nearly 13,000 other loyalty and marketing professionals and get our free weekly news roundups...

Sign Up For Free

See The Loyalty Guide 7 up close, and find out how to increase profits and market share with more effective loyalty marketing!

Subscribe and follow...

Get our free weekly newsletter
Follow us on Twitter
Access our RSS news feed

Hot off the presses...

What's been happening recently?

Survey: Banks, know thy customers - Consumers do not believe their banks treat them as individuals and want their banks to understand them better, according to the results of a new consumer banking survey conducted by Belgium-based data ...
UK: Survey reveals Brits want more from loyalty programmes - The UK's Retail Times has a trove of stats from a recent 3radical survey of British consumers what British marketers already know: UK consumers want more from their loyalty ...
Special offer: Join our FREE Loyalty Academy beta test on July 26! - The Wise Marketer Group is pleased to announce the beta launch of the Loyalty Academy, the first-ever online certification programme for loyalty marketers. As you are all ...
Study: Mobile gamers exposed to loyalty programme spend 12% more - Mobile coalition loyalty platform koomalooma presented this week the results of its study of 5,000 Turkish mobile gamers at Gamescom 2016 in Amsterdam. The research includes ...
UK: Nectar leverages AI in move into the digital age - Long-running coalition loyalty progammes such as Nectar in the United Kingdom and Air Miles in Canada were born in the age of direct mail and paper vouchers and now find themselves ...
Insight: Priceline leverages AI to build loyalty - Seeking Alpha provides a look inside the plans of Booking.com, a division of Priceline, to combat hotel loyalty programmes not by competing with a loyalty programme of their own, but by ...
India: Aimia launches Nectar India - Last week, Montreal, Canada-based Aimia Inc extended their Nectar coalition loyalty brand into India with the launch of Nectar India, an e-commerce coalition programme, launched in partnership with ...
Insight: Online hotel wars heat up - but at what price? - The Wall Street Journal reports that the tension between major hotel brands and online travel booking sites has escalated into a shooting war, with hotels now pursuing aggressive ...
Canada: Huggies adds mobile, bonuses to reward programme - Canada's Marketing magazine reports that Kimberly-Clark's Huggies diaper brand is ditching the traditional boxtop code-entry model of CPG loyalty for a mobile application that ...
Canada: Supreme court upholds BC pharmacy rewards ban - Lots of loyalty news out of Canada this week. Here's the latest: following up on our report out of Canadian provice British Columbia concerning the provincial ban on earning reward ...
Insight: Top mobile loyalty activations of Q2 - The intrepid Alex Samuely at Mobile Commerce Daily has named her top ten mobile loyalty activitations of Q2 2016. That there are enough mobile loyalty launches happening today that Samuely can ...
Insight: How airlines measure customer value - Over at Smart Data Collective, contributor Mark Ross-Smith provides an in-depth look at how airlines leverage data analytics to determine customer value at the individual level. The methods have ...
Canada: mobile startup Drop takes on the "loyalty mafia" - Betakit.com, a publication covering the Canadian startup industry, reports on the ambitious plans of Drop, a Toronto-based loyalty programme startup that aims to disrupt the consumer ...
Insight: How valuable is non-transactional data? - We always enjoy keeping up with the discussions on RetailWire, and this week sees the publication tee up a robust one on the importance of non-transactional data to personalised offers. With ...
Insight: The North Face takes the high road to loyalty - A terrific article from CMO Innovation highlights several best practices for designing and implementing a successful retail loyalty strategy. Apparel manufacturer The North Face found ...
Insight: Is customer experience sufficient to win loyalty? - GeoMarketing has a revealing interview with Thom Kozik, VP of global loyalty for Marriott International, who argues that "loyalty is absolutely a dated concept" and that "generic ...
Insight: Are these the four fundamental attributes of customer loyalty? - CRM guru Denis Pombriant has launched a new article series over at E-Commerce Times discussing the "four basic attributes" required to build customer loyalty in the ...
US: Pepperidge Farm launches digital loyalty programme - US-based baked goods manufacturer Pepperidge Farm has launched its first digital rewards programme for consumers on PepperidgeFarmReward.com. The programme is heavy on experiential ...
Survey: Consumers don't want to give up personal data - Brands are facing an uphill battle when trying to reach connected consumers today; more than half don't want brands to have any of their personal information, according to a new Boxever ...
Brexit won't have significant impact on earning, says Aimia - The recent "Brexit" vote, in which the voters of the United Kingdom voted to exit the European Union, has roiled financil markets and sent multi-national corporations doing ...

  ... Never miss anything important - join nearly 13,000 marketing professionals and get our free weekly newsletter, written by marketers for marketers - sign up here!

 

See The Loyalty Guide 7 up close, and find out how to increase profits and market share with more effective loyalty marketing!
  
                          
   The Wise Marketer   
   Published By & Copyright 2016 Customer Strategy Network / The Wise Marketer. All rights reserved.   
The Wise Marketer - Home Subscribe to our RSS feed! Share this on Facebook! Share this on Google Plus! Tweet this! Share this via LinkedIn! Email this page to a friend!