Let's Talk Loyalty
#523: Speed of Success by Way of Velocity of Earn
Apr 16, 2024
Join loyalty marketing experts Bill Hanifin and Aaron Dauphinee as they discuss the importance of earn velocity in loyalty programs. Explore how brands can forecast and manage this critical factor to drive successful customer loyalty. Dive into the strategies for optimizing earn velocity and tailoring rewards to enhance program effectiveness. Learn about the impact of credit card surcharges on consumers and businesses, emphasizing the need for strategic cost management and value creation in the restaurant industry.
19:04
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Quick takeaways
- Earning velocity is crucial for loyalty program success, requiring strategic planning and continuous monitoring.
- Tailored strategies and diverse rewards cater to varied customer segments, enhancing engagement and program effectiveness.
Deep dives
Key Success Factors for Loyalty Programs
Earning velocity is a critical aspect of the success of loyalty programs, determining the speed at which members gather points or miles for rewards. Successful programs require strategic planning during design and continuous monitoring to ensure set goals are attainable. Various factors like base programs, coalition partnerships, and category accelerators play a role in enhancing earning velocity and providing value to customers.
