Chapter 10

“Brands need to keep evolving and augmenting the program to enhance the user’s experience.”

Chapter 10 Rewards and Loyalty

The Emerging Payments Association (EPA) Asia is a commercial membership association of payments industry influencers. EPA Asia is part of the growing EPA global network. It runs more than 30 events each year, delivers eight projects annually to drive change, helps to connect the ecosystem, encourages innovation and profitable business growth. The EPA’s vision is for Asia is to be the regional Knowledge Hub for payments innovation. As it sets out to be the most influential trade body in emerging payments, the EPA’s mission, to collaborate to innovate, has the potential to improve lives everywhere.

Convenience is the new currency

  • Consumers know that their time is limited and valuable; so a brand that saves a customer’s time whilst significantly benefiting them in the process, is one that will win.
  • If a brand can simplify a consumer’s experience, enrich their lives, and give them the ability to do more things at the same time, then this is powerful.

Personalisation is valuable and increasingly essential

  • Consumers want to be shown that a brand truly knows who they are.
  • Points based loyalty programs are no longer enough; habits and preferences need to
    be acknowledged to tailor make a unique and personalised customer experience.
  • A brand needs to show customers why they deserve their time, money and loyalty.

Data sharing and the role of trust

  • Data & AI allow brands to provide customers with a broad digital experience.
  • However, there are still risks around granting access to one’s personal data;customers are very aware of this but may be prepared to trade for convenience.
  • As long as the brand is using the data to enhance a customer’s experience, consumers are satisfied with that value exchange.

Digital Payments and Digital Rewards

  • Digitalisation is the best way for a brand engage with their customer.
  • Apps, websites and platforms gives a customer a direct channel of communication with a brand and helps with the ability to continue reaping the benefits of a brand even after a purchase has been made.
  • Brands connected with digital payments can instantly reward customers with benefits, allowing customers to continuously stay loyal to a brand.

Loyalty programs – and payments – must adapt to the expectations of the consumer by utilising data, emerging technologies, and psychology to build rich experiences.

COVID-19 and consumer behaviour

We buy out of habit, but habits change; due to COVID brands needed to find ways to keep up our habits while offering us more. The pandemic has affected how we view brands and our criteria over which brands we choose to be loyal too.

The trend of consumers wanting an instantaneous element to their experience from food delivery, payments and online shopping is now a contributing factor in what attracts a customer to giving their loyalty to a brand.

In the wake of the pandemic people are becoming used to living in a digital world, and has accelerated our expectation of emerging technologies, utilising data and building our experiences to be the best that they can be. If anything COVID has forced brands to be able to adopt new ways of business; keeping customers happy is key to survival.

Opportunities for brands

Due to COVID-19 we are now aware of new benchmarks on loyalty and rewards, which presents new opportunities for how brands can gain new customers and keep existing ones engaged.

Customers are now more willing to change brands if one offers a better experience than the one that they are currently loyal too; this can lead to expensive switching costs for brands.

The future of rewards and loyalty

The future of rewards and loyalty is that brands need to continue to modify and enhance the user experience; so that they can ensure that a consumer stays loyal to them.

Brands must understand that customers always want something new- and if a brand does not continue to evolve and augment their programs, platforms and benefits then users will choose to take their business elsewhere.

Technology and security

Like a lot of technology there is always going to be a risk factor, and brands need to keep in mind that technology can be a double edged sword. Bad actors are always going to be there to try and seek out insecurities and loopholes to perpetuate fraud.

For a brand to gain and maintain the trust of their customers, they need to ensure safety and security of their systems so that a customer, their data and information is protected.

If a brand can offer security to their customers, then it will allow the customer to stay loyal.

Jill Goldworn Vice President Of Business Development at Annex Cloud I am an experienced, forward-looking sales leader with a history of transforming organizations to exceed profit goals and repurpose products for new markets. My roles as a sales & loyalty marketing executive have garnered a career with diverse industry experience selling into Fortune 500 leaders in highly competitive environments. A founder of 3 companies interspersed with being a sales leader in 4 others, including one I helped to take public over the course of my career, I have a strategic playbook to help companies accomplish their revenue goals. My passion is leveraging my talents and unlimited zeal to help Brands repurpose existing content and products to generate profitable topline growth in creative ways. In graduate school at the University of Miami, I discovered my passion for developing new revenue streams for content by helping James A. Michener (an author who has sold 60MM books) realize his dream of a board game based on his novels. From there I developed and sold a line of Nintendo Game Boy products into the educational market, represented and licensed dozens of video game brands to bundle with computer hardware manufacturers, and over the last decade have focused on B2C and B2B sales of digital rewards developing incentive and loyalty programs that have reduced churn up to 46% for global clients across Hospitality, Financial Services, Lottery and Gaming, Technology, Entertainment and Retail. Volunteering as a mentor, my focus is promoting more women into sales and leadership positions and believe if there is no seat at the table we need to pull up a chair. A devoted mother of two, I spend my free time developing my talents as a cook, am an avid traveler and serve on the Board of Directors for the ADL Santa Barbara/Tri-Counties and the Board of Advisors for University of California Santa Barbara Customer Experience Program. In sum, I’m a collaborative and nimble business partner with considerable experience licensing content to brand partners. Self-starter with a passion for media/entertainment, customer acquisition and management, contract negotiations, business development, digital technology platforms, metrics/analytics and how they garner more sales. Interested in bringing my connections and talent to an organization where all benefit from joining forces to enhance our mutual offerings and solve problems for potential clients. DM and follow me on social media and join our “Driving Customer Loyalty” club on Clubhouse every Monday at 3pmPT. I am always happy to help.
Leanne Bradley Financial services professional specialising in Asset management, fintech consulting and payments Connector and consultant that help businesses realise their potential. Experienced financial services professional with a demonstrated history of working in the wealth, and asset management industry. Skilled in investment management, superannuation, product development, investment consulting, fintech and boutique asset management start up distribution strategy as well as strategic planning. Graduated from Australian Institute of Company Directors and almost a decade of investment committee, non executive director and advisory board experience.
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