A new survey of more than 230 Fortune 500 brands reports more than half plan to allocate more marketing dollars toward loyalty programs next year and, surprisingly, 26 percent of companies surveyed still don’t have a loyalty program.
The report from CrowdTwist and Brand Innovators states marketers are struggling with technology and data management, in addition to budgets, and predicts more will opt to partner with third-party vendors to get the job done.
For brands targeting millennials (because who isn’t … they’re now America’s largest generation), loyalty platforms are a must. Earlier this year, FastCasual.com reported 96 percent of millennials use restaurant loyalty programs. That’s huge. Forty percent prefer to use an app for loyalty programs and of those 40 percent, 36 percent want to view their rewards balance. Only 29 percent want to view menus and prices.
Check out the full report from CrowdTwist and Brand Innovators here. Then tell us — do you have a loyalty program? And if not, WHY?