Tag: consumer trends

3 Missed Opportunities in Customer Loyalty

by Michael Greenberg

Customer loyalty is an incredibly lucrative opportunity for brands, yet marketers still struggle to maximize their relationships with existing customers even though recent research from Forrester shows that 93% of companies have placed customer experience on their list of strategic priorities, with 28% claiming it as their top priority.

Clearly brands understand the value of each customer, yet there is a disconnect between knowing what customers need and want and the ability to actually deliver in a way that creates an experience that builds long-term loyalty. Recent advances such as runtime modeling, location-based services and the increased use of smartphones as shopping devices have greatly improved marketer’s capabilities to deliver exceptional customer experiences by anticipating customers’ needs in near real time.

Lasting loyalty is built on three basic strategies: acquisition, retention and engagement. Here are three commonly missed opportunities and how brands can best address the needs of an increasingly mobile and connected customer to foster loyal and lucrative relationships.

  1. Acquisition: Connecting on a customer-by-customer basis

    The classic CRM approach of defining segments, setting up automation based on those segments, then watching for certain things to occur and responding is still the right mindset. However, marketers’ models and understanding of non-transactional behavior and the whole context of the customer interaction needs to come into play. It’s no longer good enough to know that someone has bought a particular product in the past. Marketers need to move beyond basic segmentation and start looking at: How do I construct models that I can calculate on the fly? How do I estimate lifetime value or potential? Marketers need to be able to do these things in very short periods of time—in milliseconds as opposed to minutes.

    Marketers have a very short window to change the experience for customers, get the right products in front of them, and show what offers might be relevant to that product. Armed with that knowledge, marketers can change the experience on a customer-by-customer basis, adjusting the product, pricing and offer and content that’s relevant to the individual. For example, if you know enough to predict a high lifetime potential for a customer, you should be much more willing to spend more aggressively to acquire that customer—whether through discounts, human follow-up or differentiated service.

  2. Retention: Nurturing a higher-value relationship

    What are the pathways to higher value relationships? Marketers may be able to identify and correct misallocations of capital around email, direct mail, website, SEM or elsewhere. Yet when a customer is in front of you, engaged right now, how do you best take advantage of that slice of attention you are getting?

    In many cases it’s smarter to think in terms of the longer-term customer relationship, instead of focusing on maximizing the immediate transaction to do a better job meeting your customers’ immediate needs. For example, by waiving shipping charges (which reduces revenue but increases customer satisfaction), extending a reward certificate past the cancel date, or sending your tier two support to handle a Twitter complaint (instead of tier one) for an elite customer. Treating elite customers as average is a missed opportunity. Treat these customers differently to gain their loyalty with an eye on the long term relationship.”

    While operating in this mindset may mean less revenue in the short term, the revenue brought in over the life of the customer relationship can more than make up for it.

  3. Immediate engagement

    Marketers need to think about the same things they’ve been thinking about in marketing for a long time, but frame them in a different way. Don’t miss the opportunity to learn more about your customer at interaction points.

    We know that 50% to 70% of purchasing decisions are made on the spot, while the customer is standing in a store. So how best can marketers tell when they are there and influence a purchase decision at that very point in time? Mobile applications are getting much better at using geofences to know when a customer is near or inside a location. It’s only a matter of time before customers expect real-time suggestions, coupons, or other notifications during their shopping experience. And when a customer raises their hand and interacts with your mobile app directly, they’re primed to share more information that will let you serve them better, now and down the road.

 
So if you aren’t actively engaging at these kinds of moments, they become a lost opportunity for cross-selling, upselling, targeted offers, surprise and delights, or any of the other small opportunities that may add up to large changes down the road.

The world is changing to a much more mobile and social-centric view; the way customers interact with brands has changed and very few companies are actually keeping up. The shift to mobile has taken a lot of companies by surprise; mobile has gone through early adopters—early majority and late majority—so fast that everyone, including your grandmother and your five-year old nephew, is interacting via mobile.

Learning to steer customers through all of the various small touch points, to guide them from their current value to their potential value as a customer, is an opportunity marketers can’t afford to miss.

Original document from Chief Marketer.

No Playing Around: Trends in the Computer and Video Game Industry

Today’s blog post was written by our summer intern, Wassa Suttiwiriya. Wassa is an Economics and Math student at the University of Southern California. 


With the growth of the computer and video game industry, it is no surprise that the sector’s consumer base has diversified and expanded to a great extent. Who are the key players of computer and video games? What types of games do they want? The 2013 Essential Facts About the Computer and Video Game Industry, authored by the Entertainment Software Association, reveals statistics on consumer demographics and trends.

 

Gamer demographics:

  • Almost 60% of Americans play video games
  • The average age of game players is 30
  • More than half (55%) of game players are female, and women 18 or older represent a significantly greater portion of the game-playing population (31%) than boys age 17 or younger (19%).

 

The best- selling video games are action, shooter, and sport games, and the best-selling computer games are role-playing, casual, and strategy games. Gamers say the top reasons they purchase a game are the quality of the graphics, an interesting storyline, a sequel to a favourite game, and word of mouth.

 

Digital trends:

  • The average U.S. household owns at least one dedicated game console, PC, or smartphone
  • Gamers are increasingly playing on-the-go with 36% playing on their smartphone and 25% playing on their wireless device
  • Sales in the digital format have increased from 20% to 40% since 2009, while those in physical format have declined respectively

 

The 2013 Essential Facts About the Computer and Video Game Industry is the most in-depth and targeted survey of its kind, gathering data from more than 2,000 nationally representative households.

 

Is loyalty a missed marketing opportunity for mid-sized retailers?

By Mark Croxton, managing director, UK&I, Aldata

Organisations have been taking advantage of loyalty schemes ever since the Co-operative (or the ‘Rochdale Pioneers Society’ as it was known then) launched its dividends scheme in 1844. The most notable loyalty system today is probably the Tesco Clubcard, started in the mid 90’s by Grant Harrison and Dunnhumby. Schemes continue to evolve, with Debenhams recently announcing a loyalty system using an iPhone app, helping the brand to interact directly with customers via their phone handsets.

According to the Journal of Retailing and Consumer Services, it is recognised that when loyalty scheme members are happy with the benefits of a programme, they will be less fussy about in-store prices, and more likely to return to the store and provide repeat business .

However, these days consumers are targeted with a variety of cards, vouchers, offers, membership deals and subscription-only loyalty schemes. Many of these soon become ineffective as consumers sign up to gain the benefits, but simply receive mass-mailed marketing and general, non-specific promotions.

A problem of size?

Although many loyalty programmes do function well, there is a perception that these are only run by large companies; smaller organisations are limited to ‘cards to get stamped’ to get a free beverage, for example. Indeed, many mid-sized retailers have hesitated over getting into loyalty because of the perceived barriers to entry. Many retailers believe that loyalty systems, with their complex tracking and prediction algorithms, are both difficult and expensive to implement.

But let us take a step back for a moment. There are many mid-sized organisations which are better suited to loyalty schemes by virtue of their specialism or the nature of their services. Small hotel chains, for example, are in regular physical contact with their customers, presenting a strong opportunity for a bespoke scheme and tailored communications. They also gather a wealth of data via bookings systems, which they could potentially feed into loyalty systems, providing customers with offers which exactly suit their requirements – or offer them new opportunities, encouraging new visits and building up the store relationship with the customer.

Loyalty schemes can certainly help these mid-sized players compete with their larger rivals andengage with existing customers. A tailored experience and custom-fit offers can go a long way to make customers return to the store again and again. It also offers a way of testing new products and services with existing loyal customers, or cross- and up-selling. Tesco’s Clubcard, for example, makes no secret that although most of the discount vouchers sent out are for already-purchased items, two out of every six are for items related to existing purchases, expanding sales opportunities.

A new wave of accessible loyalty

As we have said, many small retailers and organisations believe loyalty systems to be inaccessible because of the cost barriers. However, this is far from the truth – with the latest wave of ‘Software as a Service’ offerings, companies can purchase ‘pay as you go’ access to loyalty solution, based on a rental, rather than purchase model, eliminating many of the costly outgoings.

Indeed, Finlandia (a chain of boutique independent hotels in Finland) is using a highly effective loyalty programme, and pays for its loyalty software based on the number of customer sign-ups to the scheme. Finlandia also charges customers €26 for its loyalty card for three years, so the procedure is quite painless from a budgetary point of view.

Once organisations do overcome the perceived barriers, loyalty schemes not only increase customer ‘stickiness’ but also enable organisations to engage with customers, improving brand experience both in-store and out. It can also act as a catalyst for business and a safety net in adverse times.

Today’s need for loyalty

To put this in context, customers included in Finlandia’s loyalty scheme currently account for 5-25% of turnover. During the downturn, overall sales dipped by 20%, but sales from customers in the loyalty scheme only dropped 10%, clearly showing the value of such a scheme properly executed.

Although retailers can hesitate over loyalty schemes, mid-sized retailers should not flinch from the opportunities which they can present. In fact, with many of the issues now a question of perception, rather than of fact, and with a loyal customer often making the difference between a lean year and a good year, now is certainly the time to get involved.

Original post from Ulta Marketing.

Retail Loyalty Programs: Pain Killer or Vitamin?

by Jon Wurfl, Retail Solution Principal, SAP

At a time when retailers struggle to retain and attract key segments of their shopping audiences, customer loyalty management, practiced as a strategic element of their business plans, can drive sustainability and differentiation into the enterprise. One mistake many retailers make: Viewing loyalty programs as a short-term source of brand buzz to jumpstart sales and lessen the pain of the tough economic climate.

Done right, retail loyalty programs can indeed “bring people back to the brand.” A successfully delivered loyalty program has immediate benefits to a retailer’s top line. In this economy we’ve witnessed  shoppers switch to every-day low prices in a dash to get economic benefits as soon as possible. But loyalty, if delivered successfully over a period of a time (at least four or five consecutive quarters), can go from painkiller to vitamin. If you put in the time and effort to develop a well-thought-out loyalty program that truly engages with customers on their terms, the program will pay dividends that go far beyond just a quick hit of interest.  Our studies show retailers have the opportunity to drive the top line of their revenue by 20 to 25% annually thanks to a well-executed loyalty program.

To keep receiving the benefits of this organizational “vitamin,” however, you have to keep at it, keep working on your loyalty program, constantly refining the benefits, engaging regularly with your shoppers  to understand their wants and needs. Many programs I have seen don’t offer rewards that are truly in line with what members want. It is especially important for you to have “wow” perks for your most valuable customers – tickets to a home basketball game, for example, when you know the member is a fan.  To feel understood is thrilling for anyone, especially customers.

You can also give special access as a benefit for program members. For example, a book retailer could provide the first chapter of a popular author’s new book to his devoted fans. This creates a sense of entitlement as an insider, which can be even more potent than the perk itself. In this example, it costs the book store practically nothing to provide access to a download of the chapter, while being granted that access means a lot to customers who are fans of that author.

The point here is that once you start “doing” loyalty you must keep innovating your loyalty program over time as opposed to going backwards. Your customers are ever changing, and your program has to evolve along with them. If you can maintain your focus on the customer –  and your loyalty program reflects that focus – you can help give your organization the health-giving vitamin it needs to sustain growth.

Original document from SAP Community Network.

The Key to Loyalty

By Nick DiUlio

Retail rewards programs are gaining in popularity, but the quick-serve industry hasn’t quite figured them out.

For years Brandon Ansel frequented Steak n Shake on a monthly basis. He was a regular, a loyalist in the purest sense. Slowly, however, his habits changed, and Steak n Shake faded completely from his mealtime routine for more than a year.

Then one day Ansel got a promotional coupon in the mail, and he was back on the horse.

“That coupon came because [Steak n Shake] knew I was once a regular, and it got me back in the door,” he says. “I’ve now been back there five times in the last month alone.”

Ansel owns and operates a Biggby Coffee and a Roly Poly in the town of Jackson, Michigan, and recognizes the importance of the loyalty programs he has implemented at his two quick-service locations. Even though Ansel knows he already has a loyal base of customers, he also knows habits change, and a successful loyalty program, he says, helps guard against the fallout from customers’ fickle dedications.

“We are creatures of habit, and loyalty programs reinforce habits,” Ansel says. “If we don’t have a way to constantly stay in front of customers, we run the risk of them forgetting about us and developing other habits.”

Evidence seems to be growing in support of the potential power loyalty programs could have in the quick-service sector. A recent study conducted by First Data, an information commerce provider that processes point-of-sale transactions, surveyed more than 2,400 U.S. consumers about their attitudes and behaviors toward loyalty programs in the retail and travel industries. It concluded that consumers are more eager than ever before to sign up for reward programs.

But while 60 percent of quick-serve loyalty program participants report using their rewards membership “every time” or “most times” when making a purchase, the survey also shows that the quick-service industry has the second-lowest rate of participation in retail loyalty programs, edging out only sports teams. According to the study, the low rate of quick-service participation in these programs is “primarily due to the limited availability and newness of such programs.”

The time seems to be ripe for owners and operators to step up their loyalty efforts.

“For operators, loyalty programs are first and foremost a great way to bring better insight into a consumer base,” says Stuart Kiefer, vice president of loyalty solutions at First Data. “Most of these quick serves don’t know much, if anything, about their individual consumers, and the nice thing is that loyalty programs provide all the metrics you need to know your customer base.”

But gathering that data is the easy part, and experts say there is more to running a successful loyalty program than simply offering a frequent-eater card or rewards coupons.

Chuck Sullivan is director of hosted solutions for Radiant Systems, which provides technology solutions for loyalty programs in the hospitality and retail industries. He says the most critical consideration when rolling out a loyalty program is its ease of use on the front end. “It cannot have any impact on the speed of service,” Sullivan says. “You can have the best loyalty program in the world, but if it slows down your line it defeats the purpose.”

Sullivan says quick-service merchants should also make sure the program is as simple as possible for customers. If they have to jump through complicated hoops to gain their reward, he says, the program will not be effective. Finally, the rewards have to be meaningful to each individual customer.

Bob Paine, restaurant category consultant for Affinity Solutions, says operators should not only consider broad-based loyalty programs, but also ones that focus on a niche product or individualized consumer reward. For example, Paine says he sees great success in Dairy Queen’s Blizzard Fan Club, which rewards new members with a free Blizzard Treat e-mail coupon when they sign up as well as a buy-one-get-one e-mail coupon on their birthdays.

“The quick-service ice cream business has been keen on the idea of birthday loyalty rewards for some time now,” Paine says. “Not only does a free birthday Blizzard sound good, it’s also an opportunity for Dairy Queen to sell a bigger product when customers come in to claim their reward.”

While these approaches are all positive, Lori Walderich, CEO of IdeaStudio, a national restaurant-marketing consulting firm, says they only scratch the surface of the loyalty equation. “Too many quick serves just pull a discount or coupon out of their hats and think that’s going to generate a warm and fuzzy feeling for the brand,” she says. “It might generate a spike in sales, but management would be seriously misguided to conflate that with loyalty.”

Walderich says successful loyalty programs should ultimately aim at building a long-term relationship with customers, which means finding ways to not only reward repeat visits, but also ways to reward an increased frequency in those visits.

“Quick-service operators need to remember that programs work best if they’re structured in a way that rewards customers when they step up their loyalty just a notch,” Walderich says. “So maybe you turn a twice-a-month customer into a once-a-week customer, or turn a once-a-week customer into a twice-a-week-or-more customer.”

The loyalty relationship is also about feedback. Steen Anderson, co-founder and vice president of 5th Finger, a mobile-marketing agency that has overseen such national loyalty campaigns as My Coke Rewards, says operators need to have an open “feedback loop” with loyalty members. “You need to give the customer a chance to either choose a different offer or ask them what they prefer,” Anderson says. “You can use that as a poll, and you will know who prefers what.”

Eric Abrams, sales and marketing manager for Fishbowl Marketing, says social media sites like Facebook and Twitter are fantastic resources for building loyalty.

“Just be sure that when you start utilizing these sites you are prepared to pay attention,” Abrams says. “Guests who engage with your brand through these channels expect to be acknowledged and will graciously reward you if you do.”

Original document from QSR Magazine.

Can Technology Really Build Customer Loyalty with Banks

by Alex Matjanec

Over the past year, banks have been using technology to create new channels of communication, with the hope of deepening consumer loyalty. As other traditional benefits are swept away, can a multichannel approach be enough keep consumers from switching?

Last month, market research firm eMarketer released a report that banking online deepens customer loyalty among banks. This research should be valuable to banks considering a J.D. Power & Associates study found that retail banking consumers are shopping and switching banks faster than ever. The main reason being life circumstances such as; divorce, unemployment or moving.

The eMarketer study also mentioned the preferred banking method for U.S. consumers was online banking (44%) for ages 18 – 54 in 2010 and second most popular for those age 55 and older. Not surprisingly, for 18 – 34 year olds branch banking was the lowest among the age groups at 20 percent. This same age group pretty much never uses mail (1%) and had the highest usage of mobile banking at 4 percent.

With so many channels of communication available, the study determined that “online banking customers are more likely than offline customers to take advantage of additional services with the same bank,” and in the end, “are less likely to switch to another bank.”

In most situations, banks can’t control what life changing events occur to their consumers, but what they can control is how members engage with the bank for their financial needs. This, for me, is the key takeaway and reason why banks will continue to shift their business to rely more on services driven by technology such as; personal financial management tools, mobile check deposits and merchant-fund rewards.

Who are Online Banking and Financial Technology Targeting?

Based on findings, we now know that Generation Y is adopting a digital form of banking quicker. Giving any bank or credit union a new opportunity to become the primary financial institution for this generation. As much as financial institutions enjoy seeing their older members engaging with these tools, they also understand that the institution that connects with Generation Y will be in the greatest position for future profits.

Can this new level of multichannel engagement create a new from of vendor lock with banks? Would you be less likely to change banks if you were managing all of your finances through their online banking platform? What do you think?

Original document from My Bank Tracker.

Building loyalty in the mobile era

by ICLP Loyalty

The world is arguably undergoing one of the greatest media transformations in history. While the internet has been an evolutionary and revolutionary step, thanks largely to Apple, the mobile device has turned into a personal computer in the consumer’s pocket – and one which is always available and always turned on – offering marketers a whole new gateway to new and stronger customer relationships, according to Garret Ippolito of MasterCard.

We live a mobile lifestyle. This lifestyle has been fueled by the near ubiquitous penetration of messaging devices. You can’t escape it. Video screens are talking to you in the elevator, when pumping petrol or riding in a city taxi. How we consume media has fundamentally changed. Marketers have been treading slowly into the mobile pool. But we are at a point where it is critical to engage customers via the mobile device, creating whole new ways to experience your loyalty programme and enhance its value.

The number of global mobile subscribers is now at least double the number of global internet users and, as mobile internet usage penetration increases, these figures are starting to converge. In Western Europe and North America, the market has already hit a 3G penetration inflection point (3G being the technology backbone upon which smart phones operate). As such, the mobile era has truly arrived. The key question, then, becomes whether or not marketers can risk others solidifying customer relationships, or should they do it themselves?

World demographics are also rapidly changing. In East Asia, up to 60% of some country’s populations are under the age of 30. In the US, the second fastest growing age segment is under 35. Much of the online usage changes we are witnessing are being driven by the younger generation (for example, Twitter, Hulu, Shop Savvy, and FourSquare). This demographic is also the most mobile savvy. On Facebook alone, there are more than 65 million active mobile users (incredibly, 1 million users commented on their friends’ status changes via mobile handsets within the first 24 hours of this feature’s launch). This is a testament to the power of the mobile channel. But no one in the loyalty arena has yet locked in their relationship with this up-and-coming, mobile-savvy demographic. This is clearly an opportunity for loyalty practitioners.

So, in venturing into the mobile realm, it is critical not to have your mobile strategy dictated by the technology itself. Many mobile strategies go astray as companies do not fully understand how their customers use their mobile devices, instead adopting tactics merely because they want to be first, because their competitors are active in the space, or because it is seen as being ‘trendy’. Rather choose a strategy and tactics that support your business goal of solidifying customer relationships.

Original document from Ulta Marketing.

Forty-Four Percent of Consumers Have Had a Negative Experience with a Loyalty Program

A new study finds that Americans say loyalty and rewards programs miss the mark with membership benefits and aren’t driving loyalty.

ACI Worldwide, a provider of payment systems, released the results of a recent study of U.S. consumers that shows many retail loyalty programs leave consumers feeling under-appreciated, and many consumers are enrolled in programs they don’t completely understand.

Although three out of four Americans are members of at least one retail loyalty card program, 85 percent of members report that they haven’t heard a single word from a loyalty program since the day they signed up. Likewise, 81 percent say they don’t even know the benefits of the program or how and when they will receive rewards.

“Loyalty programs have long been a logical way to leverage consumer satisfaction, but retailers are missing the mark when it comes to reaching out to consumers with information and offers that are relevant to them,” said Rob Seward, senior industry marketing manager at ACI Worldwide, in a statement. “The end result is that memberships are becoming meaningless.”

While loyalty programs are designed to build devotion, they sometimes send mixed messages. Whether it was a reward they didn’t want (27 percent) or a reward that was too small to take seriously (22 percent), more than two in five consumers have had negative experiences from loyalty programs.

The survey also shows that the majority of American consumers (62 percent) join retail loyalty programs so they can get discounts on the things they buy most. However, only about one-third of Americans (36 percent) received a reward or promotion that made them come back to the store again and one in four consumers complain they have received a reward or promotion for something they would never buy. Conversely, only 27 percent of Americans have received a loyalty program reward or promotion that made them feel valued as a customer.

This survey was conducted in by Wakefield Research and involved 1,053 interviews of Americans aged 18 and older, using an email invitation and an online survey.

Original document from Destination CRM.

Tangible rewards and true value … that’s what we’re all about!

The Keys to a Successful Loyalty Program

by Erika Blanchard

Loyalty programs have been around for quite some time. One of the first real loyalty programs was S&H Green Stamps which emerged in the 1930’s. Customers would receive stamps at the checkout counter of supermarkets, department stores, and gas stations among other retailers, which could be redeemed for products in their catalog. In 1981 American Airlines launched one of the first modern day loyalty programs which was quickly replicated by competing airlines, hotels, rental car companies, credit card companies and retailers.

Despite the fact that there are over 1.8 billion loyalty program memberships in the US (according COLLOQUY, 2009), more than half (56%) of those memberships were inactive for a year or more.

There are many reasons why loyalty programs are often abandoned – but first, I think it’s important for companies to realize that loyalty is not just about points or rewards; it is about nurturing existing relationships, initiating new ones and converting first time customers into long-term customers. If done right, companies can reap the rewards of their loyalty programs.

Loyalty programs allow companies to gather and mine an abundance of relevant customer data. But if that data is not used properly – or at all – there is no point in launching or maintaining a customer loyalty program.

The use of that data needs to be used effectively to improve the customer experience and to create a customer-focused strategy. It should be used to identify customer segments, in addition to measuring and understanding customer behaviors. Only then can you effectively communicate with your customers by providing highly targeted offers, communications and rewards based on their interests and past history.

Many of the leading loyalty programs focus on increasing the frequency or amount of purchases over a specified period of time. This gives customers a reason to spend more and to keep coming back.

Developing Your Program

Simplicity – The program that you create needs to be simple and easy to understand. Customers should know immediately what is expected of them and how they can benefit from the program. Additionally, every employee should be educated on the program and should be able to easily explain the process and benefits.

Tangible Rewards – It is important to offer rewards that are obtainable. People are smarter than they appear and will know if your program is too good to be true.

Provide True Value – The rewards you offer must have a perceived value where customers truly feel like they are being rewarded. This includes the intangible benefits, in addition to the monetary rewards and discounts. Customers want to feel appreciated and many times simply recognizing them and keeping them engaged will help them to feel valued and emotionally invested in the program – and with your company.

Customer Data and Preferences – It is important to keep your customers’ information and preferences up-to-date – as this information is sure to change over time. It is critical to keep up with this information to ensure that you are targeting your communications based on this data. To do this, you can send out surveys, or ask them at the point of purchase. Ask them what matters the most or what offers are the most appealing to them. Based on the feedback you receive, you can target your promotions or adjust your program accordingly.

Original document from VIP Desk Blog.

Men stick to one loyalty card, women shop around

When it comes to the choices they make about loyalty programme memberships, women are much more likely than men to engage with multiple loyalty schemes, according to a survey by Air Miles Canada.

The survey found that more than 80% of Canadian women belong to more than one loyalty programme, compared to only 69% of men. In fact, one in four women (25%) said they carry at least five loyalty cards in their purse.

According to Patrick Sojka, founder of Rewards Canada, “Women may want to make the most out of every purchase, signing up for a variety of loyalty programmes, but men tend to have more credit cards. In both cases, consumers will eventually re-assess all the cards they carry to get the most out of them.”

While both men and women acknowledged the need to reduce the amount of plastic in their wallets, their approach to spending and the cards they use are very different.

When it comes to credit cards, men are more likely to have more than one credit card (61% of men, compared to 53% of women), and one in every four men (25%) say they have too many credit cards in their wallet.

Men also appear to be more ‘hands on’ about managing their credit cards, as 42% agreed that they need to reassess the credit cards they have, compared with only 35% of women.

While two out of five men and women (40% each) say they frequently join loyalty programmes to ensure they are getting the best value out of every purchase, more than one quarter (27%) of those polled say they have too many loyalty cards in their wallet and agree that earning more points with fewer programmes would be more beneficial than earning fewer points in more programmes (82%).

Nearly two out of every five Canadians attested to having credit or department store debt, with women being more likely than men to say it affects their spending habits (74% compared to 63%). Despite this, 39% of Canadians said they don’t actually use the loyalty cards in their wallet.

Original document from The Wise Marketer.