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Badges and Benefits:
Is Your Loyalty Program
Delivering Value?
Discussion document
Any use of this material without specific permission of
McKinsey & Company is strictly prohibited
McKinsey on Marketing & Sales – Slideshare Brief
September, 2012
McKinsey & Company | 1
Loyalty programs are an important marketing lever in their own
right, and can accelerate the value from other channels as well
▪ Often the primary
vehicle for a 1:1
customer relationship
▪ Establishes
“permission to market”
▪ Provides aspirational
rewards for continued
engagement
▪ Allows for focused
investments based on
customer value
Loyalty programs
▪ Physical
manifestation of
the brand
promise
▪ Key differentiator
for the brand
▪ Delivers on most
important
moments in the
customer journey
▪ Central
component of
the brand
promise and
overall value
proposition
▪ Merchandising a
key differentiator
for brand
▪ Enables highly
targeted offers to
incentive specific
behaviors
▪ Tailors brand
experience to
specific needs
and attitudes of a
customer
▪ Enables 24/7,
1:1 access to
consumers
across the
decision journey
▪ Provides platform
for most loyal
customers to
unleash
advocacy for
brand
Allows for delivery
of targeted,
segment-specific
experiences
Provides a channel
and currency to
deliver tailored
offers, e.g., tied to
spending
Captures rich
customer-level data
to help inform future
pricing and merch
decisions, e.g.,
online next product
to buy
Allows for delivery of
targeted, segment-
specific
experiences, e.g.,
geo-targeted offers
Customer
experience
CLM/
Personalization
Pricing/
merchandising
Digital/social
marketing
Role of Loyalty
across other
channels
McKinsey & Company | 2
While loyal customers have always driven the bulk of revenue (and profits),
trends are creating a mandate for more sophisticated loyalty marketing
70
30
Existing
customers
New
customers
1 McKinsey CLM practice, consolidated results from across retail subsectors
Media fragmentation with
newer channels taking ~20
points of share – mass
marketing less effective
Explosion of data with storage
and processing costs
plummeting 30-40% – enables
better analysis/targeting
Smart phone usage up 3X in
past 4 years – creating
“constant touch” opportunities
Maturing markets and
consolidating competition –
increasing intensity of fight for
loyal customers
Loyalty program
marketing spend is
expected to grow at 5%
annually between 2010
and 2015, versus only
2.2% for all consumer
promotional spend
Loyalty programs are
proliferating – the
average US household now
belongs to 18 programs
Pertcent revenue at
risk, retail example1
Year-over-year “value
at stake”
Trends driving loyalty
marketing focus
McKinsey & Company | 3
Loyalty marketing capabilities and delivery mechanisms continue to
evolve as a result, getting more rich but also more complex to manage
Point of
evolution Loyalty marketing implication
 Loyalty solution providers are investing in scale and capabilities (e.g.,
AIMIA), with new and credible players entrants (e.g., American
Express), making outsourcing options even more attractive…
 …however, weeding through the “pack” of solution providers can be
daunting
Partnering
options
 Expanded customer communication options and new purchase
consideration points
 Additional data collection and personalization opportunities
Digital
technology
integration
 More companies are looking to their programs to generate
standalone economics, not just drive share of wallet (e.g., point
sales, capability sales)
Program profit
potential
 Builds loyalty through less commoditized, non-”point” mechanisms,
relying on experiential solutions (i.e., the power of
recognition/”badging”) to drive behaviors
Currency
diversification
 Enables companies to take a role in a broader range of consumer
behaviors (e.g., shopping), and generate incremental value from
payment economics
Payments
integration
 Coalition, or merchant funded, programs are becoming increasingly
pervasive, providing an alternative to go-it-alone loyalty solutions
Coalition
opportunities
McKinsey & Company | 4
“Loyalty” strategies can take many forms, each of which can be
successful in the right situations
Degree of focus
Broad appeal/ high
universe “capture”
“Niche” offering/
highly targeted
Unpublished
Published
Degree of
visibility
“Experience-
oriented” solutions
“Analytically
oriented” solutions
“Coalition”
solution
“Premium
rewards” solutions
“Fee-based”
programs
“Best customer”
programs
McKinsey & Company | 5
Case: Hospitality company attracts and maintains loyalty program
members by offering both published as well as “unpublished” benefits
SOURCE: McKinsey team analysis; client interviews, published data
Target customer segment(s): High value entertainment seekers (high spend and/or high frequency)
3
12
20
65
202219
39
1-2 trips 3-4 trips 5-9 trips
+567%
+83%
10 or more trips
-40%
Members
Non-MembersVisitation volumes
Percent of customers
Significantly fewer
customers with just 1-2
trips a year
Significantly more customers with 5
or more trips a year
What makes it successful:
Aspirational
segment delivery
“Tiered” program
design with a set of
exclusive and
attainable benefits
Unique access
Ability to earn
access a set of
experiences that
only available
through the
program (e.g.,
celebrity chefs)
Ubiquity
Earn and redeem
points before,
during and after
trip, as well as
partnerships with
hundreds of brands
Analytical rigor
Culture and
capabilities to
support analytics
approach to CRM,
focused on
customer profitability
and preferences
Frontline
empowerment
Employees can
deliver benefits that
matter most based
on a discretionary
budget
McKinsey & Company | 6
Amazon has leveraged Prime to target customers who would not “cross
the aisle”, with spend more than doubling pre- and post-sign up
SOURCE: Analyst and expert interviews
2010
~11.5
2011
~14.0
Prime users
Millions
Prime users spend
Indexed to 100
Grows cross-aisle shopping behavior and creates more loyal
customers – 92% of Prime customers are likely to renew, and
customer spend more than doubles following enrollment
Program description
▪ Membership program introduced in
2005
▪ The plan costs $79 per year after one-
month free trial
▪ The company has added movie and TV
streaming, and eBooks on loan to the
Prime membership for no additional
charge
Program benefits
▪ Free two-day shipping
▪ No minimum order size and a flat rate of
$44 per item for one-day shipping
▪ Unlimited instant streaming of movies
and TV shows with Prime Instant Videos
▪ A Kindle book to borrow for free each
month from Kindle Owners’ Lending
Library
Results
Prime
250-400
Non-Prime
100
+22% p.a.
2.5-4x
McKinsey & Company | 7
Consumer benefits
Loyalty coalitions provide both consumer and partner benefits
Faster earning
Members accumulate value
faster by earning across their
daily spend
Simplicity
Members can rationalize
loyalty program participation
(especially in long tail/low
frequency retail categories)
Flexible redemption
Members can redeem in a
broader selection of
categories across partners
Cross-marketing
Partners can cross-market to
each other’s customer bases,
making coalitions a valuable tool
for customer acquisition in
addition to retention
Shared infrastructure
Coalitions pool and share costs
related to data environments, CRM
tools and technology, analytical
expertise/talent
Richer data
Coalitions have a broader, richer
data pool to inform segmentation
and targeting
Partner (points issuer) benefits
McKinsey & Company | 8
However, executing on customer loyalty is not easy – many
companies have fallen prey to a typical set of pitfalls
Program
design
Common pitfalls
Targeting the wrong customers
Creating a “copy and paste” program
Designing to cost, not perceived value
Focusing on benefits, not “badges”
Failing to innovate
Not linking the experience to the front-line
Ignoring the greatest assets - data
Investing in strategy, without investing in
capabilities
Program
implemen-
tation
McKinsey & Company | 9
Are you asking the right questions about your loyalty program?
How can I improve my
loyalty program’s ROI?
How can I take a best-in-class
program to the next level?
Should I create (or partner
with) a loyalty program?
▪ What business problem am I
trying to solve with a program?
▪ What customer segment am I
targeting, and what problem of
his/hers am I trying to solve?
▪ How should I structure my
program for maximum value
creation?
▪ What capabilities and
infrastructure are required?
▪ What is the best way to get to
scale quickly, and how to think
about partners and providers?
▪ What are the keys to a
successful program launch?
▪ Is my program design
optimized around the biggest
opportunities in my customer
base?
▪ Does the program have the
right mix of hard benefits
(rewards) and soft benefits
(recognition)?
▪ Is my program differentiated
and defensible (hard to copy
cat)?
▪ Is my program capitalizing on
monetization opportunities
(e.g., data monetization, co-
brand)?
▪ Is the program integrated and
capturing customer data
across all channels (e.g., in-
store, online, on the web)?
▪ Does my program touch
customers across their
decision journey?
▪ How is the program leveraging
mobile to provide greater
localization and immediacy?
▪ How will mobile payments
affect my loyalty program?
▪ Is my program staying “fresh”?
McKinsey & Company | 10
Learn more
www.cmsoforum.mckinsey.comWWW
Twitter.com/McK_CMSOForum
Youtube.com/McKinseyCMSOforum
marketingandsales@mckinsey.com

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Badges & Benefits: Is your loyalty program delivering value?

  • 1. WORKING DRAFT Last Modified 3/19/2014 4:28 PM Eastern Standard Time Printed Badges and Benefits: Is Your Loyalty Program Delivering Value? Discussion document Any use of this material without specific permission of McKinsey & Company is strictly prohibited McKinsey on Marketing & Sales – Slideshare Brief September, 2012
  • 2. McKinsey & Company | 1 Loyalty programs are an important marketing lever in their own right, and can accelerate the value from other channels as well ▪ Often the primary vehicle for a 1:1 customer relationship ▪ Establishes “permission to market” ▪ Provides aspirational rewards for continued engagement ▪ Allows for focused investments based on customer value Loyalty programs ▪ Physical manifestation of the brand promise ▪ Key differentiator for the brand ▪ Delivers on most important moments in the customer journey ▪ Central component of the brand promise and overall value proposition ▪ Merchandising a key differentiator for brand ▪ Enables highly targeted offers to incentive specific behaviors ▪ Tailors brand experience to specific needs and attitudes of a customer ▪ Enables 24/7, 1:1 access to consumers across the decision journey ▪ Provides platform for most loyal customers to unleash advocacy for brand Allows for delivery of targeted, segment-specific experiences Provides a channel and currency to deliver tailored offers, e.g., tied to spending Captures rich customer-level data to help inform future pricing and merch decisions, e.g., online next product to buy Allows for delivery of targeted, segment- specific experiences, e.g., geo-targeted offers Customer experience CLM/ Personalization Pricing/ merchandising Digital/social marketing Role of Loyalty across other channels
  • 3. McKinsey & Company | 2 While loyal customers have always driven the bulk of revenue (and profits), trends are creating a mandate for more sophisticated loyalty marketing 70 30 Existing customers New customers 1 McKinsey CLM practice, consolidated results from across retail subsectors Media fragmentation with newer channels taking ~20 points of share – mass marketing less effective Explosion of data with storage and processing costs plummeting 30-40% – enables better analysis/targeting Smart phone usage up 3X in past 4 years – creating “constant touch” opportunities Maturing markets and consolidating competition – increasing intensity of fight for loyal customers Loyalty program marketing spend is expected to grow at 5% annually between 2010 and 2015, versus only 2.2% for all consumer promotional spend Loyalty programs are proliferating – the average US household now belongs to 18 programs Pertcent revenue at risk, retail example1 Year-over-year “value at stake” Trends driving loyalty marketing focus
  • 4. McKinsey & Company | 3 Loyalty marketing capabilities and delivery mechanisms continue to evolve as a result, getting more rich but also more complex to manage Point of evolution Loyalty marketing implication  Loyalty solution providers are investing in scale and capabilities (e.g., AIMIA), with new and credible players entrants (e.g., American Express), making outsourcing options even more attractive…  …however, weeding through the “pack” of solution providers can be daunting Partnering options  Expanded customer communication options and new purchase consideration points  Additional data collection and personalization opportunities Digital technology integration  More companies are looking to their programs to generate standalone economics, not just drive share of wallet (e.g., point sales, capability sales) Program profit potential  Builds loyalty through less commoditized, non-”point” mechanisms, relying on experiential solutions (i.e., the power of recognition/”badging”) to drive behaviors Currency diversification  Enables companies to take a role in a broader range of consumer behaviors (e.g., shopping), and generate incremental value from payment economics Payments integration  Coalition, or merchant funded, programs are becoming increasingly pervasive, providing an alternative to go-it-alone loyalty solutions Coalition opportunities
  • 5. McKinsey & Company | 4 “Loyalty” strategies can take many forms, each of which can be successful in the right situations Degree of focus Broad appeal/ high universe “capture” “Niche” offering/ highly targeted Unpublished Published Degree of visibility “Experience- oriented” solutions “Analytically oriented” solutions “Coalition” solution “Premium rewards” solutions “Fee-based” programs “Best customer” programs
  • 6. McKinsey & Company | 5 Case: Hospitality company attracts and maintains loyalty program members by offering both published as well as “unpublished” benefits SOURCE: McKinsey team analysis; client interviews, published data Target customer segment(s): High value entertainment seekers (high spend and/or high frequency) 3 12 20 65 202219 39 1-2 trips 3-4 trips 5-9 trips +567% +83% 10 or more trips -40% Members Non-MembersVisitation volumes Percent of customers Significantly fewer customers with just 1-2 trips a year Significantly more customers with 5 or more trips a year What makes it successful: Aspirational segment delivery “Tiered” program design with a set of exclusive and attainable benefits Unique access Ability to earn access a set of experiences that only available through the program (e.g., celebrity chefs) Ubiquity Earn and redeem points before, during and after trip, as well as partnerships with hundreds of brands Analytical rigor Culture and capabilities to support analytics approach to CRM, focused on customer profitability and preferences Frontline empowerment Employees can deliver benefits that matter most based on a discretionary budget
  • 7. McKinsey & Company | 6 Amazon has leveraged Prime to target customers who would not “cross the aisle”, with spend more than doubling pre- and post-sign up SOURCE: Analyst and expert interviews 2010 ~11.5 2011 ~14.0 Prime users Millions Prime users spend Indexed to 100 Grows cross-aisle shopping behavior and creates more loyal customers – 92% of Prime customers are likely to renew, and customer spend more than doubles following enrollment Program description ▪ Membership program introduced in 2005 ▪ The plan costs $79 per year after one- month free trial ▪ The company has added movie and TV streaming, and eBooks on loan to the Prime membership for no additional charge Program benefits ▪ Free two-day shipping ▪ No minimum order size and a flat rate of $44 per item for one-day shipping ▪ Unlimited instant streaming of movies and TV shows with Prime Instant Videos ▪ A Kindle book to borrow for free each month from Kindle Owners’ Lending Library Results Prime 250-400 Non-Prime 100 +22% p.a. 2.5-4x
  • 8. McKinsey & Company | 7 Consumer benefits Loyalty coalitions provide both consumer and partner benefits Faster earning Members accumulate value faster by earning across their daily spend Simplicity Members can rationalize loyalty program participation (especially in long tail/low frequency retail categories) Flexible redemption Members can redeem in a broader selection of categories across partners Cross-marketing Partners can cross-market to each other’s customer bases, making coalitions a valuable tool for customer acquisition in addition to retention Shared infrastructure Coalitions pool and share costs related to data environments, CRM tools and technology, analytical expertise/talent Richer data Coalitions have a broader, richer data pool to inform segmentation and targeting Partner (points issuer) benefits
  • 9. McKinsey & Company | 8 However, executing on customer loyalty is not easy – many companies have fallen prey to a typical set of pitfalls Program design Common pitfalls Targeting the wrong customers Creating a “copy and paste” program Designing to cost, not perceived value Focusing on benefits, not “badges” Failing to innovate Not linking the experience to the front-line Ignoring the greatest assets - data Investing in strategy, without investing in capabilities Program implemen- tation
  • 10. McKinsey & Company | 9 Are you asking the right questions about your loyalty program? How can I improve my loyalty program’s ROI? How can I take a best-in-class program to the next level? Should I create (or partner with) a loyalty program? ▪ What business problem am I trying to solve with a program? ▪ What customer segment am I targeting, and what problem of his/hers am I trying to solve? ▪ How should I structure my program for maximum value creation? ▪ What capabilities and infrastructure are required? ▪ What is the best way to get to scale quickly, and how to think about partners and providers? ▪ What are the keys to a successful program launch? ▪ Is my program design optimized around the biggest opportunities in my customer base? ▪ Does the program have the right mix of hard benefits (rewards) and soft benefits (recognition)? ▪ Is my program differentiated and defensible (hard to copy cat)? ▪ Is my program capitalizing on monetization opportunities (e.g., data monetization, co- brand)? ▪ Is the program integrated and capturing customer data across all channels (e.g., in- store, online, on the web)? ▪ Does my program touch customers across their decision journey? ▪ How is the program leveraging mobile to provide greater localization and immediacy? ▪ How will mobile payments affect my loyalty program? ▪ Is my program staying “fresh”?
  • 11. McKinsey & Company | 10 Learn more www.cmsoforum.mckinsey.comWWW Twitter.com/McK_CMSOForum Youtube.com/McKinseyCMSOforum marketingandsales@mckinsey.com