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How reward programs can be the differentiator during an economic crunch

Insights 30 September 2022
Card being pulled from wallet to pay for something online

With a cost-of-living crisis and overall economic crunch on the horizon, many businesses are looking for ways to stay resilient and to keep customers engaged.  Did you know that for many airlines, their reward programs were key to staying afloat during the pandemic?

Reward programs are an investment which can help companies thrive, even when times get tough. That’s why, amidst a cost-of-living crisis, we know customer engagement programs are a worthwhile investment which will come into their own over the following months and years.

As we enter a climate where disposable incomes are certain to be pinched, competition for this smaller share of wallet will become fierce. People will be spending less. So how can financial institutions encourage more frequent engagement with their customers against this backdrop?  This is where reward programs can help one financial institution stand out over another – not only to attract new customers, but to retain customers, encourage more frequent engagement and to encourage consumers to choose your card when shopping for goods and services.

Valuedynamx was created to bring together Collinson’s expertise across payments, card linked offers, affiliate marketing and reward earning and redemption, pooling consumer buying power and providing a global center of excellence to deliver more relevant, diverse and engaging solutions for clients.

It’s this expertise that enabled airline loyalty programs to thrive at a time when no-one was traveling.  Having a relevant, appealing and curated set of offers and rewards, from leading brands, merchants and retailers is a sure-fire way to drive meaningful everyday engagement with customers.  

Through these initiatives, customers can earn points, miles and cashback when they spend with merchant partners. These kinds of rewards are especially appealing right now as they could be the ‘make or break’ that helps them justify their spending at a time when it could be otherwise unaffordable for them. Companies have chosen Valuedynamx to enhance their customer reward programs and deliver the relevant and meaningful, everyday offers and rewards, from our merchant partners, that will help them create stronger relationships with their customers.

It’s these kinds of differentiators that will help your company stand out as one who understands and can help your customers, giving you their share of wallet when there’s less to go around in the near future.  

Interested in hearing more about how Valuedynamx can help you engage and retain customers?