Loyalty & Rewards programs are predominantly run by retailers, travel and hospitality organizations and services industries, such as restaurants, entertainment providers and sports and fitness facilities. These programs offer consumers an incentive to shop at specific stores, venues or service providers. Similarly banks and retailers issue credit cards with an associated loyalty and rewards program which are specifically designed to promote and stimulate spend on a particular card.
In addition to the loyalty programs themselves, there exists an evolving and growing business line that is dedicated to the collection and analysis of market data and consumer spend intelligence. The information and data that is captured during each payment transaction, not only provides the retailer and issuing bank with information pertaining to their existing loyalty program’s performance, but can help assist the retailer in gaining a far deeper understanding of their customers specific spending behavior, preferences and habits. The transactional details that are retrieved are also of vital relevance and importance to the issuing banks, as they provide valuable insights regarding the effectiveness of new and existing loyalty programs and enables the issuer and/or the merchant to devise highly targeted marketing campaigns aimed towards a consumer’s unique and individual interests and shopping patterns.
As Loyalty programs increase in traction and popularity across the globe, consumers are consistently demanding more customizable and tailor-made rewards models and programs, which can provide them with enhanced control and benefits over the type of rewards that they may redeem. As a result it is becoming increasingly important for businesses to have a deeper understanding of their consumer data, so that they provide reward schemes that will entice, compel and ultimately retain their customers’ loyalty.
The most mature and sophisticated loyalty markets are found in the UK, Australia and North America. As a result of their increasing popularity and the increasingly complex and integrated technology and infrastructural environment required to support these programs, the industry is witnessing a growing need for loyalty programs to outsource many of the strategic and operational components of their programs. However recognizing the importance and sensitivity of this type of data and the importance of retaining and housing this competitive intelligence internally, our clients are frequently seeking talent with a strong marketing analytics background and a proven track record of success in the creation and implementation of data driven loyalty and rewards programs. Other functional areas that would be of keen interest would be technology (particularly platform and system integration), project management, marketing, product development and product management.