Since 2000, the number of loyalty program memberships in the U.S. has nearly doubled. So when a major bank wanted a nationally acclaimed loyalty program they charged MotivAction with creating a program that broke through the clutter and captured results.
The Financial Services Industry is Hyper-competitive
Customer acquisition and retention are critical components to profit and growth. This national bank holding company with over 400 branches in seven states, wanted to retain high value debit and credit card customers, increase card spend and attract customers from competitors to their brand.
Promotional Targeting and Untethered Travel Deliver Differentiation
Analysis of the bank loyalty landscape identified gaps and deficiencies in our client’s card reward programs. Customers wanted a program tailored to their needs. They desired more relevant rewards, more partner opportunities and fewer restrictions on travel awards. Through carefully planned communication campaigns targeting select segments with meaningful bonus offers, and by introducing a self-booking travel reward product without the conditions and constraints of frequent flyer programs, our client moved their bank loyalty program from “me too” to “mine.”
BY THE NUMBERS
- 165,000+ open accounts achieved in less than nine months
- Program members spend twice as much as non-program members
- 5+ years of successful customer loyalty program implementation