Merchant Fund Reward Programs

In frequent flyer programs, up to 50% of your base have never transacted with that brand. And so the only way that you're funding that is through either, either partners or largely through merchant funded offers. But obviously there has to be something in the program promise or whatever the target end goal or that point of appeal of why someone would collect that currency still has to be there. It's also about not just looking at the point of interaction or the point of engagement within this proposition itself, but what do they then go on to do? What's their future earning and redemption behavior off the back of that interaction? That's incredibly powerful data. Back to James Little's point on the