Today, card issuers are focused on how they can innovate in their rewards programs to attract and retain customers. Many are looking to the successful Groupon Deals model of online discounts for inspiration (see Bank of America’s recent announcement about a BankAmeriDeals merchant discount program they’re testing).
Social media is emerging as a key vehicle to engage customers about rewards, and even to deliver targeted deals based on customers’ demonstrated interests. At the vanguard of this movement is American Express, which launched its Link, Like, Love rewards program on Facebook last year. Described as “Groupon without the Coupon”, the program lets you link your American Express card to your Facebook account. Then American Express delivers deals and offers based on your Facebook activity, pages you like and share, as well as the activities of your Facebook friends.
Using our Social Customer Insights service, we employed social media analytics to take a deeper look at the Link, Like, Love campaign. We identified how American Express is differentiating itself, strengths and weaknesses of the program, key customer feedback and the card issuer’s response strategy.
Our social analytics of Bank of America and others emphasizes how banks can leverage social networks to improve CX and rewards programs:
- Understand how to increase engagement to drive awareness and conversion
- Leverage customer input to tailor offers for increased relevance and results
- Define metrics for success that align with business objectives like building satisfaction and loyalty