Modern customer loyalty programs
Today, customer loyalty programs are diverse. Banks offer regular customers credit cards with a range of valuable benefits, while business-to-business markets focus on rewarding customers with discounted offers and wholesalers offer customers discounts on bulk orders.
In an Australian retailer study, the most mentioned loyalty programs cited by respondents as 'doing a particularly good job' are Coles Flybuys, Woolworths Everyday Rewards, Qantas Frequent Flyer, MYERone, Priceline, Virgin Velocity, CBA credit card, and IGA.
It’s not just big companies implementing their own schemes. Smaller businesses have jumped on the loyalty bandwagon. Cafes offer customers free coffee when a voucher card is fully stamped, while hairdressers and hardware stores offer VIP discount coupons for regular clientele.
However, not all programs are successful. Some customer loyalty programs fail because they have been adopted too quickly, without much thought or planning.