73/75/65 (nope that’s not a typo):
It’s summary of three key successes that SPG found in its rewards programs (and one of them is good for a laugh too). They surveyed their key target customers with impressive results:
73% prefer would rather have hotel rewards program benefits with them than their spouse
75% would take extra trips to bump up their status
65% fear losing loyalty status more than lost luggage
As your company looks at its loyalty programs, these findings create benchmarks of sorts as to what's possible from loyalty programs. They provide clear "YES" answers to three key questions that companies often doubt:
Can members become emotionally attached to a rewards program?
Can a rewards program directly drive increased revenue?
Can a rewards program become a highly valued asset for members?
Based on SPG's recent survey, it's a big yes on all three counts -- giving companies food for thought about whether they're expecting enough from their loyalty rewards programs. It also points to a strong effort by SPG to take their rewards program to a higher level where this type of impact is possible.
They provide a role model for other companies -- especially those which reluctantly undertake follow-the-leader loyalty programs that target meeting a minimum standard rather than maximizing impact.