Paula: Welcome to Let’s Talk Loyalty, an industry podcast for loyalty marketing professionals. I’m Paula Thomas, the founder of Let’s Talk Loyalty. Today’s episode is hosted by Tom Peace, Managing Director of the Loyalty People, a strategic consultancy with a laser focus on loyalty, CRM, and customer engagement.
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Tom: Hi, I’m Tom Peace, Managing Director of The Loyalty People and presenter of Let’s Talk a Little Loyalty. Welcome to this week’s short summary show. In this week’s episode of let’s talk a little loyalty. I’m reviewing the original podcast where Paula was joined by Simon Rowles, Managing Director of Beyonde who discussed the latest customer strategy and inspiring loyalty propositions in the marketplace.
Beyonde is a customer experience consultant firm, based in Sydney, Australia, with a single minded focus on identifying, evaluating, and implementing the best global solutions to create compelling loyalty concepts. In this week’s short summary show, I summarize Simon’s discussion with Paula on how data is no longer the new oil, but actually even more powerful, now that it is becoming increasingly shareable. Simon also showcases some incredible statistics to drive customers or employee loyalty using the fractional ownership, as well as increasingly important option to allow loyalty members to aggregate their rewards across programs. Simon first of all talks about how open banking is slowly opening up the opportunity for banks to create collaborative loyalty programs where members enable data sharing with their preferred merchants.
This is something very close to my heart, having worked at reward on their banking partners. And I genuinely think this will be a very powerful new trend within the loyalty sector. Banks have an enviable volume of data about customers and an open banking power program has the opportunity to be extremely powerful for customers, merchants, and the banks.
There are some brands really innovating here with eBucks in South Africa, a real highlight. So I agree with Simon and look forward to further developments. The banking programs are facilitated by the fact that under GDPR legislation, the data belongs to the consumer. On this basis, if the consumer opts into allowing their data to be shared with their favourite merchants, then it can be shared.
This has taken the ownership away from the loyalty program and enabled an entirely new way of utilizing the customer data. This new way of data sharing driven by the customer opting in is something that the sector is adjusting to still, but the benefits of this change are far reaching. Simon also goes on to discuss the trend for brands to cooperate with other loyalty brands to exchange loyalty currency.
And there are lots of examples of this happening globally. In 2021, British Airways and Nectar enabled this process and other brands like Starbucks are doing similar collaborations. Loyalty is changing and rather than rewards being exclusive to the core brand, we are seeing more value as consumers. In versatility, Simon and Paula also talk about upcycling as a new trend where secondhand items, especially clothing, can be resold and members can get loyalty rewards for sale and for purchase. Clearly there’s a value proposition here, but also an environmental stance, both of which are also rewarded with points.
Lastly, Simon talks about crypto and NFT, but you’ll have to tune into the full show to see what he has to say here. This was a really interesting show to listen to, especially as Simon is a good mate.
You can find the main show at www. letstalkloyalty. com and first aired on the 17th of August, 2022, episode number 263. Thanks for listening. I hope you enjoyed my summary show. All the best and speak to you soon, Tom.
Paula: This show is sponsored by The Wise Marketer. The world’s most popular source of loyalty marketing news, insights, and research. The Wise Marketer also offers loyalty marketing training through its Loyalty Academy, which is already certified over 500 executives in 38 countries as certified loyalty marketing professionals.
For more information, check out thewisemarketer.com and loyaltyacademy.org.
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