The So What from BCG

Punch Cards, Frequent Flyers, and the Future of Loyalty

Jul 17, 2024

Edward Crouch discusses the future of loyalty programs, emphasizing unique experiences and personalization to create loyal fans. Topics include the impact of loyalty programs on industries, evolution towards personalized interactions, Gen AI's influence on loyalty programs, and reevaluating strategies for future success.

20:37

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Episode guests

Edward Crouch

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Episode notes

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Quick takeaways

Communicate loyalty program benefits clearly to customers for easy understanding and appreciation.

Create value from loyalty programs by identifying key customer behaviors and customizing incentives to drive engagement and gather insightful data.

Deep dives

Importance of Communicating Clearly in Loyalty Programs

In the podcast, the importance of communicating loyalty program benefits in a clear and simple manner is highlighted. Companies face the challenge of ensuring that customers quickly understand the offerings and why they should care. Simplifying the communication of loyalty incentives is emphasized to help customers grasp the value proposition easily.

Intro

5min

The Impact of Loyalty Programs on Industries

2min

Evolution of Customer Loyalty Programs

4min

Exploring the Influence of Gen AI on Loyalty Programs and First Mover Advantage

3min

Reevaluating Loyalty Programs for Future Success

6min

The average US consumer belongs to around 14 loyalty programs. Edward Crouch, BCG’s global leader for loyalty and membership, explains how unique experiences and personalization can convert everyday customers into loyal fans.

Learn More:

Edward Crouch: https://on.bcg.com/3zgpaF0

Loyalty Programs Need Next-Generation Design: https://on.bcg.com/4chjlWy

Travel and Tourism: https://on.bcg.com/3KXgJ3X

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