February 6, 2018
Mladen Vladic, General Manager – Loyalty Services
Loyalty programs remain an important tool for merchants to attract and retain top consumers. However, traditional programs – those where currency comes in the form of points or cashback – no longer work the way they once did. To motivate modern consumers, you must integrate with their lifestyles and that’s where technology can help.
Loyalty programs were first created when baby boomers defined the market. That’s no longer the case. In fact, millennials surpassed baby boomers as the largest segment of the workforce in 2013 and Gen X in 2015. With such large numbers, millennials’ aggregate spending power now exceeds that of all other generations.
This new world means new preferences to cater to and, for millennials, that means adjusting loyalty programs to connect with their personal lifestyles and choices.
2. Today’s loyalty customers expect to have a prominent voice in communication choices.
3. Customer segmentation – from entry level to the most profitable – allows for program customization for the purpose of producing incremental revenue.
All of us must learn to thrive in an environment of disruption. It’s the new normal. It’s far bigger than chasing the latest loyalty app invented by five folks in a garage. It’s really about adopting a corporate mindset of continuous evolution, designed to keep pace with shifting consumer preferences.
Successful relationship rewards programs require a strategic perspective – one that focuses on a more thoughtful and comprehensive approach that creates a reciprocal relationship with consumers and promises to delight customers.
How does your loyalty rewards program compare?
FIS | General Manager, Loyalty Services
Mladen Vladic has more than 15 years of experience in the Loyalty and Payment Card Industry. He has managed and headed both the Product Strategy and Operations organizations that support over 4,500 financial institutions and retailers. Mladen is responsible for developing and implementing loyalty solutions for multidimensional complex operational problems at FIS.