The Top Five Findings from our Travel and Leisure Research Campaign
Our recent insights piece, ‘Creating Effective Loyalty Schemes Within Travel And Leisure’, explored the current loyalty scheme landscape, with a particular focus on the travel and leisure industry. Through our research, we discovered some very interesting facts and statistics which may shape the future of loyalty schemes to come.
Whilst the insights piece goes into more in depth detail, explaining how to start a loyalty scheme and what should be considered, here are the five top findings to come from the piece.
1. Only 25% of businesses with a loyalty scheme reward any form of engagement other than transactional purchases
It seems that a lot of businesses are really missing a trick with their loyalty schemes, as only 25% of them offer rewards for an activity or engagement other than a transactional purchase. This is quite surprising considering 85% of consumers say they would spend more with a retailer offering points for activities other than purchasing (tnooz). A loyalty scheme should be all about building the relationship with the customer, therefore getting them to engage with your brand or business is key to its success. Engagement such as completing surveys, reviews or referring friends should be considered an important part of your loyalty scheme.
2. Consumers want flexibility and choice
Another interesting discovery was the importance of flexibility and choice within the loyalty scheme. 82% of consumers said that loyalty programmes would be better if there were more choices available and if the participant was allowed to choose the categories of reward they wanted. This is especially true in the travel industry, as reward choices were named as the most important benefit for frequent flyers.
3. 77% of Travel Managers are interested in a corporate loyalty programme that rewards companies through discounts and perks
Travel managers can generate a lot of business for organisations within the travel and leisure industry, and with 77% of travel managers being interested in corporate loyalty programmes that reward companies through discounts and perks, the importance of a loyalty scheme in the B2B sector is immense.
4. High earners are more likely to spend with a company that offer a loyalty scheme
Research by suggests that over 71% of people earning £70,000 or more per annum are enrolled in a loyalty scheme (Software Advice), proving how important loyalty schemes are for attracting high earning, high spending customers. This is even more prevalent within the travel industry, where 66% of travellers earning £140,000+ per annum are more likely to spend money when they have found a good deal, such as a company offering a loyalty programme.
5. There are over 2 billion people enrolled in coalition loyalty programmes worldwide
With over a quarter of the world’s population being enrolled in a coalition programme, there is no denying the strength of this strategy. With several businesses’ coming together to offer rewards, the audience reach is expanded massively, as is the loyalty schemes offering.
These findings by Finaccord, among others, confirm how crucial loyalty programmes are for any business wanting to stay ahead of the competition and develop long lasting relationships with their customers, especially businesses’ within the travel and leisure industry. You can see what else we found out here, including more loyalty programme statistics, a step by step guide to starting a loyalty programme and our top tips.
If you want to discuss your businesses’ customer loyalty strategy with us, please feel free to contact us today.