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Loyalty NewswireNovember 27, 2023

This Week’s News

The weekly Loyalty Newswire from The Wise Marketer delivers a curated list of the latest news and announcements from around the globe on all topics related to customer loyalty. We share news on a spectrum of topics, all with the intention of giving you an “info boost” to start your week.

The Loyalty Newswire makes it simple for busy professionals (that means YOU) to quickly digest important industry news and to *maybe even* enable you to star in your next big meeting.

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Starbucks announces “Triple Shot Reinvention” strategy

As part of an investor presentation in early November, Laxman Narasimhan, chief executive officer of Starbucks unveiled the Triple Shot Reinvention strategy that will focus on three priorities: elevating the Starbucks brand; strengthening the company’s digital capabilities; and becoming truly global. You can read the entire press release here but here are the key points:

  • Elevate the brand through better run stores, growing the portfolio with more purpose-defined stores and accelerated renovations, and driving further product innovation.
  • Strengthen and scale digital by doubling its 75M global Starbucks Rewards Members within five years and expanding digital and technology collaborations to elevate the partner and customer experience.
  • Become more global by accelerating store expansion to 55,000 globally by 2030.
  • Unlock efficiency to generate $3B in savings over three years – with $2B outside the store – to deliver returns to shareholders through margin expansion and earnings growth.

Reinvigorate the partner culture through the rollout of the mission, promises and values and through continued investments in the partner value proposition across the partner experience.

Uber India launches rewards program for driver partners in 12 cities

Uber India announced a new rewards program – ‘Uber Pro’ – designed to influence driver behaviors and help them reach their goals. The program is patterned after a similar program in the US. Uber said that by rewarding drivers with good customer ratings (above 4.8) and low trip cancellations, the overall platform experience will improve. The program is in effect across 12 cities in India.

The program has four tiers: Blue, Gold, Platinum, and Diamond. Drivers can progress through the tiers by earning points on every completed trip and meeting other criteria. Points reset every 3 months and the drivers’ tier status is determined on a rolling period of 3 months. Achieving higher tier status unlocks exclusive perks, experiential rewards offered by third parties, and cash rewards. The program also provides personal benefits via micro-credits that help drivers achieve life goals such as supporting their children’s education, contributing to house expenses, and being eligible for discounted premiums on Life, Health, and Motor insurance.

Accrue Savings address rising consumer debt with a savings-based approach to customer loyalty

Strong retail sales reports from Black Friday in the US may encourage retailers that the future is bright. Black Friday shoppers spent a record $9.8 billion in U.S. online sales, up 7.5% from last year. An offsetting reality check is that much of this total is being transacted with credit cards and the numbers from that industry are concerning for consumers and business alike.

According to a recent Bankrate retail card survey, the average annual percentage rate on retail credit cards reached an all-time high of 28.93% this year, up from 26.72% in 2022. That is well above the average of 21.19% on all credit cards. Delinquency rates have risen from 3.69% to 5.78%. Inflation is rising. And, as this article suggests, the hangover in early 2024 is shaping up to be a whopper.

Accrue Savings is one company taking a different approach to consumer spending. They are not a bank, but a fintech company with banking services provided by Blue Ridge Bank, N.A. Accrue Savings says that it helps smart brands and retailers centralize how their customers save and spend — with a hub for incentives, store credit, and deposits in one place. Founder Michael Hershfield started the company two years ago and believes that loyalty models will change to focus on wallets. “It’s also giving loyalty to consumers through a wallet experience,” Hershfield explained. “It’s not just about the version one that we’ve seen for so long, the tap-to-pays or include your credit card. There’s so much more to it. That’s the work we’re the company focused on next year.”

Microsoft introduces Defender Bounty Program

Microsoft has launched the Defender Bounty Program, which aims to improve the security of its customers’ experience by incentivizing researchers with rewards of up to USD 20,000. Researchers from worldwide are invited to participate in the Microsoft Defender Bounty Program to find vulnerabilities in Defender services and products. You can read Microsoft’s description of eligible submissions here. Over time, the Defender program will grow to include additional products under the Defender brand. Initially, it will only focus on Microsoft Defender for Endpoint APIs. Submissions that meet the requirements can earn bounty payments ranging from $500 to USD 20,000.

New study from Ath Power Consulting cites key connection points with Gen Z

This new study from Ath Power Consulting (APC) focuses on the three core aspects of the rising consumer generation: values and beliefs, impact on traditional industries (focusing on restaurants, retail and banking), and generational differences as compared with previous groups like millennials and Gen-X. APC helps organizations in both the public and private sectors measure and improve customer and employee experience, deepen engagement, develop leaders, and optimize talent through research and training initiatives and has worked with Bank of America, JP Morgan Chase, TD Bank, Irving Oil, American Family Insurance, Dunkin’, The Department of Commerce, and The U.S. Army Corps of Engineers.

The study s premium content at this site and found Gen Z has five top demands from businesses and brands, Authenticity, PhysiDigital, Experiential, Custom, Rewards.

Boba Guys Introduces Innovative Loyalty Program Using Solana

Boba Guys is a successful and expanding tea chain with two dozen locations in San Francisco, Los Angeles and New York and known for its high-quality boba tea and fresh retail spaces. Founders Bin Chen and Andrew Chau founded the company with three simple words in mind: quality, passion, transparency. From the outset, they knew they wanted to reward their “amazing supporters” and have taken a further step on that road, announcing it will build a new next-generation customer loyalty program.

The program is created in conjunction with Solana. By collaborating with the Solana Foundation and leveraging the Solana network’s incredible speed, near-zero transaction costs, and its energy efficiency, the cafe chain will be able to offer real-time rewards and perks to customers, making their experience even more personalized and engaging. “Integrating with Solana is a game-changer for us,” Bin says. “We’ve always been focused on creating a memorable experience for our customers, and leveraging Solana’s blockchain technology in our loyalty program allows us to do that in a way that’s never been done before.” A key part of this announcement is that The Solana Foundation has invested $100,000 in the form of a convertible grant into Boba Guys.

Stakeholder Loyalty and Conscientious Branding are catalysts for a new form of Customer Loyalty

As The Loyalty Academy™ points out in its Psychology of Loyalty module, coming out of Covid, research showed that people were making purchase decisions based more on their perceived alignment with their favorite brands. Globally recognized brands such as Patagonia and Unilever have set noteworthy precedents in prioritizing environmental sustainability and social responsibility, respectively. This article from Malaysia offers regional examples of Petronas, AirAsia and Maybank as brands making strides in aligning their values with those of their socially conscious consumers.

Brands can state their purpose but winning the “trust game” may be the path to success in stakeholder loyalty. In a recent interview with Founder and CEO at Do Good Points, he shared his belief that “relationships develop as the speed of trust.” That is sound advice and highly quotable. Just be sure to give attribution to Andy if you use it in your next presentation.

Career Opportunities and Jobs in Loyalty Marketing

We’ve gathered some interesting career opportunities across the Loyalty Marketing industry. We share here a partial list of all that is on our desk and there are excellent brands represented. To learn more and express your interest, please click through the individual links below.

We also have a curated concise list of executive level resources and other professionals who are available to support your team. If you are interested in connecting with anyone on the list, please email Bill Hanifin. All inquiries are managed in a confidential manner.

Stay. Loyal. Always.