Since the program’s launch in 2014, Bank of America has continued to grow and expand its loyalty strategy while remaining true to its initial mission of recognizing customers’ entire relationship with the brand, from checking, savings, investment accounts, and more. As such, Bank of America rewards clients for their loyalty through its Preferred Rewards program, Preferred Rewards for Business, as well as discounts from BankAmeriDeals and Partner Rewards. The program has seen great success – but the team thought, what’s next?
With the recent addition of two new tiers to its Preferred Rewards program, the Bank of America team went to work, understanding how to best engage customers through a variety of new technologies including personalized video, AI-supported chat, and improved mobile app capabilities, but also the exact rewards, offers, and experiences its vast member base would value the most.
Not only did the team effectively restructure the program with the addition of its high-net and ultra-high-net worth tiers, but it also managed to balance innovation and “money can’t buy” experiences to successfully engage customers and broaden its reach.
During this presentation, John Sellers, Head of Rewards for Bank of America will share insights and best practices on program transformation, innovation, and customer engagement that will benefit any brand’s customer loyalty strategy.
Key Takeaways:
- Building, expanding, and improving a tiered loyalty strategy
- Determining the right rewards mix for your audience – and finding out what they truly value.
- Levering new technologies to engage and retain your best customers