Let's play a game. Ask your fellow executives to name (without looking) the top five benefits your customers value in your loyalty program. Next, have them list the rest of the benefits your program offers. Could they recite the entire list? If they're like typical senior team members I speak to, they probably nailed the top handful, but faltered further down.
Now I ask you, if they can't remember them all, how many do you think your customers will remember? The answer is even fewer. In fact, customers tend to remember the top three to five benefits that programs offer, and that's about it. It's time to realize that sometimes less is more.
Take a typical hotel program, for example, which usually offers more than 20 benefits. But, customers simply want three key offerings: free rooms, amenities that improve the guest experience, and upgraded rooms. Members may be aware they also have gift shop discounts or that they can donate points to charity, but nothing is as...