Canadians want their loyalty program rewards and they want them now!
When it comes to loyalty programs, what really matters to Canadians is getting their rewards faster. According to a new poll by Environics Research Group, earning rewards faster (42%) and having more opportunities to earn miles and points (40%) are priorities for Canadians in their loyalty programs.
Canadians can link to www.compareloyaltyprograms.ca, answer a few simple questions about preferred rewards (flight, cash back or merchandise), lifestyle and shopping habits, and quickly learn which loyalty programs offer the fastest rewards. The tool includes the latest programs and credit cards in the marketplace and will allow Canadians to personalize their spending responses.
“Time to reward is a vital measure of loyalty programs but is often overlooked,” Susan Misner and Laura McDonald, founders of Golden Girl Finance, a site offering financial education in a modern, engaging way to encourage everyone to play a more active role in their finances, said in a press release. “Compareloyaltyprograms.ca offers Canadians a unique way to consider their current loyalty program or find others worth exploring.”
According to the poll, the majority of consumers who participate in loyalty programs believe that loyalty programs can be confusing (almost six in 10 Canadians). Of those, three-quarters (76%) say they are less likely to use a loyalty program if they are confused by how it works–and that figure rises for those under the age of 35 (84%)–meaning Canadians could be missing out on the benefits loyalty programs can offer.
Sources of confusion, according to the poll, include not knowing how to redeem reward points or miles for a reward (39%), not knowing which program is best for them personally (37%) and not knowing how or where to earn reward points or miles (24%).
Many Canadians redeem at least once a year–while others hold off for various reasons. According to the poll, 45% of Canadians redeemed for their last reward with points or miles they had accumulated in less than one year. Of those who last redeemed one or more years ago or who have never redeemed (48%), four in 10 chose to save their reward miles or points for a bigger reward. However, the majority (56%) say they do not earn enough reward miles or points to redeem sooner–perhaps because their program is not the best fit for them.
“If you don’t feel you’re earning enough rewards, it’s a good idea to take stock of your program and how you use it,” according to Misner and McDonald. “Consider pairing your program with an affiliated credit card, participating in a coalition program with more partner retailers and focusing on one or two programs–proven methods to get to rewards faster.”