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With loyalty platforms driving increased growth and becoming more important in overall strategy, they deserve the same level of care and attention that other aspects of the business receive to continually improve and drive results.
The five biggest airline loyalty programs experienced an average growth of 7.75% in valuation from 2020 to 2023. The combined revenue from their loyalty programs is more than $20 billion. Bank travel programs are also growing - the AMEX Fine Hotels + Resorts® program has tripled since 2019 Yet while revenue is up, satisfaction is down: Customers were less likely to recommend loyalty programs to their networks in 2023 than in 2021. This growth amid dissatisfaction provides leaders a unique opportunity to grow their programs even further by prioritising the customer experience.
Now is the time for leaders to invest in their programs and re-focus on their intent: Influencing and encouraging repeat behaviour. What leaders are tasked with now is how they can use loyalty to drive business while still creating fulfilling programs that build preference.
With loyalty platforms driving increased growth and becoming more important in overall strategy, they deserve the same level of care and attention that other aspects of the business receive to continually improve and drive results.
The five biggest airline loyalty programs experienced an average growth of 7.75% in valuation from 2020 to 2023. The combined revenue from their loyalty programs is more than $20 billion. Bank travel programs are also growing - the AMEX Fine Hotels + Resorts® program has tripled since 2019 Yet while revenue is up, satisfaction is down: Customers were less likely to recommend loyalty programs to their networks in 2023 than in 2021. This growth amid dissatisfaction provides leaders a unique opportunity to grow their programs even further by prioritising the customer experience.
Now is the time for leaders to invest in their programs and re-focus on their intent: Influencing and encouraging repeat behaviour. What leaders are tasked with now is how they can use loyalty to drive business while still creating fulfilling programs that build preference.
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