Maritz Loyalty ProgramFor most consumers, a great loyalty program is one that offers desirable, exciting, and relevant rewards. For as much time that’s been spent on determining best practices in things like cost per point management and effective program financials models, the reward mix is often overlooked.

During Tuesday’s webinar titled, “Experiences Matter! Building Memory and Meaning into Your Loyalty Rewards Strategy,” Maritz Motivation Solutions explained why experiential rewards can be an incredible boost to loyalty program engagement. The webinar, powered by Loyalty360, proved to be an enlightening discussion on how to engage customers with experiential loyalty rewards.

Barry Kirk, VP of Loyalty Solutions for Maritz, noted a tendency for Millennials to value experiences over tangible items. According to a 2015 Harris study, three out of four Millennials indicated that they would spend money on an experience as opposed to an item.

“A part of this Millennial mindset is a desire to apply financial resources to something that enhances their social experience,” Kirk explained. “They believe, with good reason, that attending live experiences helps them better connect with the world around them.”Maritz Loyalty Program

This logic rings true for the Millennial generation, but it also holds up when viewed across the entire market. Since 1987, consumer spending on events relative to total spending has increased by 70%.

Mary Luckey, Senior Reward Strategist for Maritz, discussed how companies can make redemption a more exciting moment for members. As it stands now, many brands are approaching rewards too rationally, when they should be viewed as an emotional experience. This emphasis on excitement can be achieved largely with bold imagery.

“There is absolutely nothing emotional about a picture of a gift card,” Luckey explained. “It’s really a transactional product; it’s a way to get a reward. But, if you show an image of people using the gift card in an experience, now you’re creating a mental image and people can see themselves in the picture.”

What’s more, Jason Hodge, Maritz’s Loyalty Travel Strategist, walked listeners through the benefits and challenges of incorporating travel into a rewards program. The primary benefit of travel rewards is the longevity of the experience. The loyalty built by receiving a trip from a brand extends far beyond the transactional process. Besides the trip itself, the customer is being engaged when bragging to friends, sharing pictures on social media, and creating memories that will last long after the points are redeemed.

Often times, the confusion of deciding how and where to book a trip interferes with the excitement of redeeming the points.

“Now more than ever, we need to provide a travel guru,” Hodge explained. “Someone who helps you navigate through all this mess and introduces you to something special, something emotional.” 

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