New site helps match Canadians with the right loyalty programs to get rewards faster
(NC) Did you know that the average Canadian household is signed up for eight loyalty programs? Canadians are clearly eager to reap the rewards of loyalty membership, but are people participating in the programs that are best suited to their shopping habits and reward preferences?
To find out, COLLOQUY, a LoyaltyOne research group, commissioned the public opinion firm Environics Research Group to take a closer look at loyalty programs in Canada and what they bring to the table for their members.
The research revealed that comparing loyalty programs on the basis of dividend alone – in other words, weighing the number of points earned against the amount of money that a program member must spend to get the reward – can be misleading and give an inaccurate sense of value. In addition, bundling consumers into one-size-fits-all loyalty programs that do not take individual spending habits or specific reward preferences into account does a disservice to those who are trying to discover which program is going to give them the best bang for their buck and get them to their rewards quickly.
“Consumers want to maximize the value loyalty programs offer them, but it has been difficult to gauge which programs work best for individuals' preferences – until now,” says Ken Wong, Queen's School of Business. “Over-simplified comparisons of different programs do not take into account variations in the kinds of purchases and the range of retailers where consumers can amass loyalty points. As you might imagine, the more opportunities a consumer has to use their card, the faster they can accumulate points.”
All of this research has culminated in the development of a free online tool - www.compareloyaltyprograms.ca - that helps Canadians identify which loyalty program(s) will get them to their desired reward faster. By answering a few easy questions about their reward preferences and shopping habits, Canadians will easily discover which programs will reward them faster. To see for yourself, visit www.compareloyaltyprograms.ca.
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Source: Commissioned by COLLOQUY, a LoyaltyOne research group, Environics Research Group developed an algorithm that allows consumers to determine which rewards programs get them to the rewards they want as quickly as possible, based on their individual shopping patterns, program features and attributes.
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