American consumers leave millions of unused points on the table every year, meaning some households are losing out on hundreds of dollars in value. That’s not surprising, as according to a 2017 Maritz market study, 73% of loyalty program members identify themselves as “point savers” rather than “point spenders”. But that habit makes it easy to leave points behind, especially when considering the average US household is a member of nearly 30 different rewards programs.
Enter Reward Points Day, an annual reminder for consumers to take stock of their various point balances, understand that those points have real dollar value, and recognize that there’s more ways to use them than ever before. For brands, it’s an opportunity to jump start the engagement of their loyal point savers at a vital time of year by creating a heightened rewards experience, especially on October 10th (10/10) itself.
In fact some already are, with customer-obsessed Southwest Airlines among those who are bringing Reward Points Day to their members’ attention through special promotions and communications this year.
So what actions should consumers be taking on Reward Points Day? Here are three tips for those looking to stay on top of the points they have accumulated across their various programs:
- Take the time to reset passwords. It might seem inconvenient, but five minutes is worth not losing out on already accrued points.
- Check point expiration dates. Every program has different rules. Don’t let your hard-earned points drift away because you “didn’t know”.
- Explore the different ways points can be used. Many brands now have alternative rewards options beyond their own services or merchandise. Be sure to review their full array of redemption options.
Do you know the value of the at-risk reward points sitting in your accounts?