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The latest news in the world of customer experience and customer loyalty.
Cinemark’s New Loyalty Program Racks Up 120,000 Members in 80 Days
An article in TheStreet on fourth quarter earnings mentioned that movie cinema brand Cinemark/Rave reported its third consecutive year of record revenue, net income, blah, blah, blah, and, oh yeah, by the way it launched a new loyalty program that racked up 120,000 members in just 80 days. Wait! What! Wow! The new program is called—creatively—Movie Club and is a paid program. Movie Club members pay $8.99 a month, and for that they receive 20 percent off on concession purchases and a free ticket to a 2-D film. They can also purchase an additional ticket to the same movie for $8.99, and up to two tickets for an unlimited number of movies for $8.99. So members can earn their monthly membership by using that free ticket, while Cinemark wins as well. Let’s see, $8.99 x 12 months = $107.88 per member per year. Multiply that times 120,000 members and you get nearly $13 million in new revenue. That’s not chump change, even for a $3 billion-a-year company.
Tough Times for Blue Apron
The subject of customer acquisition costs is getting very hot in the kitchen for Blue Apron. According to an article in The Motley Fool, Blue Aprons customer acquisition costs went from bad to worse in the space of a year. In the article, Blue Apron CEO Brad Dickerson said, “I’m a firm believer that the acquisition of new customers, everything being equal, will increasingly continue to be more and more challenging as more competition, more people spending money on voice and marketing” enter the market. Amid these financial issues, Blue Apron also has more competition, such as HelloFresh, Walmart, and Amazon.com.
Cryptocurrency Hits the Classrooms
The subject of cryptocurrency and, in particular, Bitcoin has been around for nearly a decade now. We wrote an article back in 2013 about Bitcoin possibly entering the customer loyalty arena. Now, cryptocurrency is being taught in universities. Consider this article from The Chicago Tribune about cryptocurrency classes at DePaul University. The article says that cryptocurrency has become a fundamental part of some finance courses. Digital currency is now part of the classes’ discussions surrounding the definition of money, a core concept in courses that cover money, banking and capital markets. Some professors, the article says, are altering lesson plans that before just touched on the subject of cryptocurrency, while some schools are adding entire Bitcoin and blockchain classes to their course lists.
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