Having a customized loyalty program tailored to meet your members’ needs can increase bank membership and drive engagement. Below are five benefits for creating your own member loyalty program.
Below are five tips for creating your own member loyalty program.
Top 5 Tips for Loyalty Programs
- Loyalty Leader
Banks that lead in Net Promoter Score®—a metric of the likelihood a member would recommend the bank to others—outperform laggards in net interest income growth.*
- Increase Engagement
Most respondents visit their preferred membership reward program at least a few times a month, with 16% visiting daily. Additionally, members who engage more frequently are less likely to close out their accounts.**
Having a platform customizable to fit your brand look and feel with content that is personalized for your members can go a long way to retaining your member base and meeting your members’ needs.
- Reward Diversity
Reward variety is one of the top reasons why members choose a credit card. Most cardholders picked rewards as the best benefit offered by their top card. With one connection, InComm InCentives can offer over 1,000 gift card brands, an Apple Rewards Store, and over 6,000 merchandise options.
- Fresh Content
Create promotions around incentives, points burners and sponsorships. Keep your content fresh and engaging with seasonal promotions and access analytics and insights while driving engagement.
*Source: Bain & Company survey of 151,894 people in 29 countries.
**Source: InComm Incentives study 2020