#400: "For Love or Money" - Australian Consumer's Loyalty Perspectives For 2022 (Short Summary Show)

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.

The Loyalty People also runs a free global community for anyone working in the loyalty industry. If you are working in loyalty marketing, make sure to join. Let’s Talk Loyalty every Tuesday, Wednesday, and Thursday to hear the latest ideas from loyalty experts around the world.

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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, on behalf of Let’s Talk Loyalty, this week my Let’s Talk a Little Loyalty podcast showcases Paula’s interview with Adam Posner, who talks about his hugely popular “For Love or Money” Australia research reports and insights from 2022.

In the original podcast, Adam explains key insights from his research and discusses what compels consumers to join a loyalty program and the three B’s of loyalty. Adam also talked about generational differences in loyalty, preferences, rewards, and even currency types. Adam is a really great guy and a hugely experienced loyalty expert.

It was great to hear that this research is now in its 10th year, and listening to the original show was fantastic because Adam puts forward some really interesting theories back took by the data for all of us to learn from. This isn’t specific to the Australian marketplace. Adam talks us through his three B model for best practice loyalty. Behavior, Belief and Belonging.

As Adam says, belonging is becoming more and more important within a loyalty program. As members look for an alignment of interest and purpose with the brands they’re loyal to. This is a great trend globally, and Adam is absolutely right to highlight this. It was also very interesting to hear how Australians have highlighted loyalty as a major reason for changing their propensity to spend with a brand, and this is also a growing trend in the market.

Adam hypothesizes that this is to do with changing behavior as a result of the pandemic. I wonder if this is perhaps related to the tough economy we’re all in and consumers looking for value at every turn. This may also be why points reward catalogs are still the number two benefit in Australia and growing.

Like many other places, members still love that tangible and rational benefit of using points for something you would’ve had to pay for otherwise. Adam also speaks about how Gen Z are driving the revolution towards subscription based loyalty, which over indexes for this demographic. I think this relates to the fact that this generation more than the others, wants instant rewards and benefits and are willing to pay for access to them straight away.

And finally, Adam talks us through his six loyalty currencies that members use to validate if the program is right and valuable for them. These are financial, experience, utility, or time saving personalization, ego and social community. I think this is a really interesting and very valid framework, and another great insight from Adam.

So I’d highly recommend listening to the main show, which can be found at www.letstalkloyalty.com, and first aired on the 9th of May, 2022. Episode number 219. Thanks for listening, I hope you enjoyed my summary show all the best and speak to you soon.

Paula: This show was 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 has 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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