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Marketers across virtually every industry have turned to loyalty programs to help build their brands and drive consumer behaviors. Many succeed, others do not. Yet in the banking world, it seems more common for programs to struggle for efficacy and profitability. Why is that?
WHAT’S DIFFERENT IN THE FINANCIAL INDUSTRY THAT MAKES IT SO DIFFICULT TO MAKE YOUR LOYALTY PROGRAM DO WHAT YOU WANT IT TO DO?
The Financial Brand just published my article, “How Does Your Bank’s Loyalty Program Stack Up?” that pulls FI-specific data from the Forrester Consulting report, Elevate Engagement to Unlock Your Loyalty Program. The full report polled 150 directors and brand managers, including 50 from banking, to shed some light on how loyalty programs for financial institutions differ from other industries.
OVERALL, BANKS’ PRIORITIES ARE DIFFERENT, WHICH LEADS TO THE QUESTION: IF WHAT YOU’RE TRYING TO GET OUT OF YOUR LOYALTY PROGRAM IS SO DIFFERENT, SHOULDN’T YOUR TACTICS BE DIFFERENT, TOO?
My perspective on the data says yes. Here are some interesting take-aways from the research:
These points could help explain why financial institution loyalty marketers feel they could be doing better. The number of FI marketers who were completely unsatisfied with their programs was double the percentage of everyone else who felt that way. Gaps exist and everyone knows it. Read the article to determine what your financial institution could be doing to close the distance between where your program is now and where you want it to be.
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