Loyalty NewswireJanuary 25, 2024 | The Wise Marketer

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This Week’s News

The weekly Loyalty Newswire from The Wise Marketer delivers a curated list of the latest news and announcements from around the globe on all topics related to customer loyalty. We share news on a spectrum of topics, all with the intention of giving you an “info boost” to start your week.

The Loyalty Newswire makes it simple for busy professionals (that means YOU) to quickly digest important industry news and to *maybe even* enable you to star in your next big meeting.

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Stay. Loyal. Always.

American Airlines updates AAdvantage program rules and benefits

In an email to AAdvantage members, American Airlines announced updates to its frequent flyer program beginning March 1, 2024. American said there will be expanded choice in Loyalty Point Rewards, new enhanced opportunity to earn miles, opportunity to earn miles when paying with cash to upgrade to a premium cabin and the ability to upgrade with miles at select airline partners.

Additional benefits exclusive to AAdvantage members will kick in later in 2024, including greater flexibility when buying a Basic Economy ticket, being able to cancel non-refundable tickets, and to receive a partial trip credit for a fee. The airline is adding the option to select and hold flights for up to 24 hours before making a purchase, use same-day standby, and be able to purchase a one-day pass to the Admirals Club. Full details of the changes can be found here.

Bilt Rewards reaches valuation milestone

As outlined in this post, Bilt Rewards announced a $3.1 billion valuation after raising $200 million in a round led by General Catalyst with participation from Eldridge Industries & others. The startup, led by CEO Ankur Jain, added Kenneth I. Chenault as chair as part of the transaction. Look for an interview with Bilt Rewards SVP, Head of Loyalty and Partnerships, Dave Canty here soon.

Loyalty Academy CLMP™ Certification Workshop planned for 27-29 February in Dubai

The Loyalty Academy™ and QBF Consulting are presenting a public Certified Loyalty Marketing Professional™ Workshop to be held in Dubai 27-29 February. The workshop will be led by Chayya and Manav Fernandez, principles of QBF Consulting. For those who wish to achieve the distinction of Certified Loyalty Marketing Professional™ (CLMP), this workshop is for you! More information can be found here.

Forrester has published its Global Martech Software Forecast, 2023-2027

The report provides a five-year forecast of growth for global martech spending. In the report, Forrester predicts that global spending on martech will reach $148 billion in 2024 – up from $131 billion in 2023 – and will surpass $215 billion by 2027, with growth most prominent in technologies related to customer data management, customer analytics, marketing performance management, and marketing automation.

Another key finding from the report says that Martech is growing faster than the broader enterprise software market. Martech represents 14.9% of total global enterprise software spend in 2023 and will grow to 15.4% in 2027. In addition, the report states that Data is the cornerstone of modern technology stacks, and that customer data management will grow at a CAGR of 14% between 2023 and 2027 and reach $37 billion in spending.

Bob Evans enhances its Customer Loyalty Marketing efforts with PAR Punchh

Bob Evans, the iconic family-style restaurant chain with 437 locations in the U.S. has selected PAR’s industry-leading loyalty and offer solution PAR Punchh® to enhance its customer loyalty marketing efforts. The official press release states the choice reflects Bob Evans’ commitment to enhancing and personalizing customer experiences, creating stronger connections with their guests.

Punchh’s AI-driven loyalty platform provides customers with personalized offers and rewards through the Bob Evans app, including family offers, value deals and online takeout options. This collaboration will modernize the franchise’s dining experience and create deeper guest connections. According to Deloitte, nearly half (47%) of restaurant loyalty members use their memberships several times a month and almost a third (32%) do multiple times a week.

Federal Reserve Extends Comment Period for Debit Card Swipe Fee Changes

The Federal Reserve Board announced on Jan. 22 that it will extend the public comment period on its interchange fee proposal to May 12. The additional time will allow the public more time to analyze the proposal and prepare their comments, according to the Board. Comments on the proposal were originally due by Feb. 12.

If adopted, the base component cap would decrease to 14.4 cents, the ad valorem component would decrease to 4 basis points, and the fraud-prevention adjustment would increase to 1.3 cents per transaction. With the three components taken into account, the maximum interchange fee for a $50 debit card transaction will be 17.70 cents, down from the current value of 24.50 cents for the same transaction.

GenAI will fuel the next wave of Martech growth according to Forrester

In this commentary from Forrester, Global Martech Spending is forecasted to reach $148 Billion in 2024. Where does this growth come from? Forrester says that GenAI will spark a new stream of innovation in martech. From this article “Martech vendors across all market segments are racing to incorporate generative AI (genAI) into their products. While early use cases for genAI focus on creative development such as writing and testing email copy, genAI’s potential goes far beyond these day-to-day tasks.” Read the full article here.

Hilton makes foray into the metaverse with Paris Hilton’s Slivingland world on Roblox

An immersive Hilton hotel lobby in Roblox allows users to earn free digital wearables and real-world perks like upgraded Hilton Honors status and Hilton Honors Points through in-game challenges. Developed with Paris Hilton’s 11:11 Media entertainment company, the activation demonstrates brands are still exploring ways to connect the metaverse to real-world rewards even as the technology has lost some of its early appeal. Read the full article from Marketing Dive here.

TCC Global partners with Master Chef to enhance supermarket loyalty programs

Loyalty program solution provider tcc Global has partnered with popular culinary competition TV series “MasterChef” on three loyalty rewards promotions running not only at The United Family division of Albertsons Cos. Inc., based in Lubbock, Texas, but also at QFC, the Bellevue, Wash.-based division of The Kroger Co.; and Niemann Foods, a regional independent grocer based in Quincy, Ill. The campaigns, which last three to four months, use the tcc currency and rewards platform to drive additional shopping visits and larger basket sizes.

How to calculate your customer retention rate

Understanding the requirements for solid financial planning in customer loyalty is subject of this Loyalty Academy™ course. It’s one of the most popular topics in the Loyalty Academy curriculum and always a hot point of discussion in the Loyalty Academy workshops.

This article, from another source, takes a stab at calculating customer retention rates and it offers perspectives that you can incorporate into your planning.

Giant Eagle enhances myPerks loyalty program

Giant Eagle is unveiling its enhanced myPerks loyalty program, giving customers the ability to earn perks faster and redeem them in the way that allows themselves and their families to maximize savings. Coinciding with the launch of the enhanced myPerks program, all Giant Eagle customers enrolled in the retailer’s fuelperks+ loyalty program will be transitioned into myPerks on Jan. 25.

Customers new to myPerks will immediately benefit from being part of a program that awarded customers more than six billion perks in 2023, more than the number of perks awarded to fuelperks+ customers last year, the company noted. More information can be found here.

Marigold releases 2024 Global Consumer Trends Index report

You can download Marigold’s 2024 Global Consumer Trends Index, and get more data for age generations, as well as new insights into key areas like purchase drivers, messaging engagement, data privacy and zero-party data acquisition. You’ll want to read the entire report, but key findings include which factors consumers deem more important than price when making a purchase decision, how to leverage your messaging to drive both engagement and loyalty and which types of brand interactions consumers consider to be creepy, and which they consider to be cool.

Career Opportunities and Jobs in Loyalty Marketing

We’ve gathered some interesting career opportunities across the Loyalty Marketing industry. We share here a partial list of all that is on our desk and there are excellent brands represented. To learn more and express your interest, please click through the individual links below.

We also have a curated concise list of executive-level resources and other professionals who are available to support your team. If you are interested in connecting with anyone on the list, please email Bill Hanifin. All inquiries are managed in a confidential manner.

Stay. Loyal. Always.

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