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Canadian Tire’s iconic loyalty program−My Canadian Tire ‘Money’−recently went digital and, based on early returns, the customer engagement sparked has left brand officials astonished.
Michael Medline, President of Canadian Tire, explained the reception to the new digital version of the loyalty program during Thursday’s third-quarter financial results conference call.
“And just last week we launched My Canadian Tire Money, the digital evolution of Canadian Tire’s iconic paper money loyalty program,” Medline said, according to a Seeking Alpha transcript. “It is a national loyalty program that will take Canadian Tire to the next level, helping us to deliver more personal product offerings, rewards and in-store experiences. Clearly, it’s still early days, but we’ve been blown away with the results from our first week. We are issuing about 100,000 new cards per day, well above our expectations and we are already hitting our 2015 targets for sales penetration. The positive early results are largely due to the strong dealer support and staff engagement in the store in the program, which we’re seeing across our entire network. But as I said before, the real benefits to us are linkage to the data which will ultimately allow us to serve our customers better.”
The program launched in Nova Scotia on Oct. 10 and nationally on Oct. 28, 2014, and will complement paper Canadian Tire ‘Money’, which will remain in circulation.
Canadian Tire money is known for its fictional Scottish character known as Sandy McTire.
Shawn Stewart, Associate Vice-President, Loyalty, Canadian Tire explained to Loyalty360 in September the factors that prompted the expansion of the program.
“Meeting customer needs has always been at the heart of our innovation strategy and ensures that everything we do has a positive end benefit for our customers,” Stewart said. “Our customers told us that they wanted a more convenient, value-driven program that rewards them for their loyalty and allows them to get more from shopping at Canadian Tire. With this understanding, we created My Canadian Tire ‘Money,’ combining the best attributes of our iconic paper Canadian Tire ‘Money’ with the benefits of a digital rewards program, including enhanced flexibility and the ability to collect Canadian Tire ‘Money’ easier.”
Stewart said the program gives customers the power of choice, as they can now choose to go digital, or continue collecting and redeeming our paper ‘Money,’ which will remain in circulation.
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