Rewarding Loyalty – Innovative Ways to Thank Your Consumers
In a world with never-ending digital noise where screens dominate and notifications demand attention, the allure of attending live events is more prevalent than ever. The anticipation, shared joy of a crowd and moments that create everlasting memories are the treasures that elevate experiences in today’s world.
TFL, in partnership with The Harris Poll, recently conducted a survey to better explore the emotional draw and connection to live events. The study uncovered insights from 2,001 American full-time employees ages 18 and above, shedding light on the intersection of live events and consumer loyalty.
Live events are more than just a night out; they serve as a break from routine, a source of happiness and a channel to grow genuine connections with friends, family and colleagues. However, the desire to attend these events often collides with the barrier of ticket prices. According to the survey, 68% of consumers have missed out on live events due to tickets’ high costs, with 63% citing financial constraints.
This hurdle has prompted some companies to offer – or consider offering – live event tickets in exchange for loyalty or rewards points to meet their customers’ wants, and it seems to pay off.
The survey revealed that 74% of Americans would attend more events if they could use a brand’s loyalty points to obtain the tickets. This creates a form of social currency: attendees at events become brand advocates by sharing their experiences online, and brands benefit through added exposure.
If a brand offered live event tickets in exchange for loyalty or rewards points, 64% of consumers said they would recommend the brand to others and 63% would choose the brand over a competitor – allowing brands to tap into one of the most effective yet under-used strategies in marketing: word of mouth.
These findings align with the broader understanding that experiential rewards create lasting impressions for consumers. Who wouldn’t want to watch their favorite artist live in concert or team play in a big game just for staying loyal to their favorite brand?
This alignment between consumers’ desire for experiential rewards and the potential for brands to meet this demand through live events is a model shift in loyalty programs. The correlation between what customers crave and what brands could provide has ignited a transformative approach. By offering live event tickets as a reward for loyalty points, companies not only respond to their customers’ wants but also unlock a variety of possibilities.
Imagine a scenario where loyal customers not only accrue points but collect memories because of the brand they are loyal to. This reciprocal relationship will help enhance the bond between brand and consumer, extending the relationship beyond just transactions. Brands become enablers of shared experiences that create lasting impressions for their consumers.
The integration of live events into loyalty programs is more than a strategic move. By offering this unique avenue of rewards, brands can tap into an emotional connection with their consumer and create a narrative where loyalty is not just an exchange but a journey within a brand. In a world full of choices, brands that understand the value of creating memories will better capture consumer attention and always be omnipresent to their consumers.
