Today on CNBC, Steve Joyce the CEO of Choice Hotels, was discussing millennials and travel.
One of the most interesting things he said was, “43% of the millennials want their first reward benefits as soon as they sign up for the loyalty program.”
As a baby boomer, I would like to think most of us boomers want the same benefits but are just too polite to ask.
Of course, us boomers did not grow up in an era where everyone who played the game got a trophy.
I think there is a bigger lesson here.
If Choice Hotels had not personalized their loyalty program for millennials, they would have risked alienating almost half of this customer base.
The bigger question is….
How are you personalizing your experiences for your millennial customers and employees?
If you are not personalizing your reward or loyalty program, then you are not creating maximum value for the recipients.
Reward or loyalty programs only work when the recipients value them.