Loyalty in Financial Services - Canada - April 2015
“The preference of high income earners for unique/non-purchasable rewards is an opportunity for marketers to think out-of-the-box and come up with creative rewards which may not be materially extravagant, but appeal to the status conscious.”
– Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following areas:
- Designing winning features that resonate with target segments
- Bridging the trust deficit towards the financial services industry among certain segments
- Improving loyalty program tracking and communication
- Enhancing the appeal of loyalty programs among younger Canadians
Canadians love to participate in loyalty programs and this has resulted in one of the most vibrant markets in the world in this regard. Marketers have used loyalty programs to influence the shopping habits of consumers and have made the pursuit of loyalty rewards an everyday activity in the lives of most Canadians. As consumers are inundated with offers, it is important for loyalty marketers to understand the features that consumers value and how to design a program that resonates with their target segment.
Financial institutions also pay a great deal of attention to the topic of customer retention and how to distinguish their program from their competitors. This report aims to tie in these two themes by examining the reasons behind why customer switch financial institutions, their participation in loyalty programs, features they value most and general attitudes around the theme of customer loyalty. It also examines how loyalty programs influence shopping decisions and how satisfied customers are with loyalty program tracking and communication.
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