Personalization, e.g. how the co-brand card creates special experiences for customers based on what they know about them, and Customization, e.g. how the co-brand card allows cardholders to tailor their own experience by making unique, personal choices themselves, are 2 key, but distinct, aspects of tailoring the experience for the customer according to Luigi Marandola.
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VisaLuigi Marandola, a seasoned professional and the VP of Cobrand and Merchant Business Development at Visa, is spearheading the global business development of co-brand relationships. This includes partnerships across all verticals, from travel and retail to grocery and ecommerce. In his recent interview with Retail Touchpoints, Luigi shares his expert insights on the latest trends and developments in co-brand loyalty cards, as well as Visa’s visionary approach for the future.
As Luigi explains, the landscape of co-brand loyalty cards is rapidly evolving. Historically, these cards, issued by financial institutions in partnership with a retail brand or organization, have offered traditional, tangible “earn and burn” points like miles or cash back. However, the tide is turning. Consumers, particularly the up-and-coming Generation Z, are now seeking intangible benefits and tailored experiences. A recent survey revealed that one in three Gen Z shoppers would consider switching merchants if offered more personalized offers. This shift in consumer preferences presents a thrilling opportunity for the industry.
Personalization, e.g. how the co-brand card creates special experiences for customers based on what they know about them, and Customization, e.g. how the co-brand card allows cardholders to tailor their own experience by making unique, personal choices themselves, are 2 key but distinct, aspects of tailoring the experience for the customer according to Luigi Marandola.
Luigi highlights three key aspects that every program needs to consider:
- Before launching the program, dive deep into who your customers are
- Create Experiences or Let Them Build Their Own
- Find Alternative Currencies
- Be Smart About Data
Read the full article here
Image: Farknot Architecture-stock.Adobe.com
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