The American franchise Starbucks has built a significant part of its marketing strategy around loyalty cards and rewards offered to its customers. Since 2009, the company's rewards program has consistently gained popularity, with Starbucks employing forward-thinking strategies to provide increasingly advantageous options for its customers.
On February 8, 2024, Starbucks partnered with Bank of America (BofA) to launch rewards in the form of coffee and cashback. This partnership between the renowned coffee chain and Bank of America will allow the 45 million BofA cardholders to receive (cashback) 2% on purchases made at Starbucks establishments. Additionally, for every two US dollars spent at Starbucks, BofA cardholders will receive “an extra star” which they can exchange for food, drinks, and other products. This strategic alliance aims to provide tangible benefits to customers while strengthening their long-term loyalty. According Ryan Butz, Vice President of Loyalty Strategy and Marketing at Starbucks, this collaboration is intended to bring « new value and new utility » to the customers of both companies. » aux clients des deux entreprises.
In conclusion, the launch of rewards in the form of coffee, food, and cashback by Starbucks and Bank of America highlights the growing importance of customer loyalty and innovation in a competitive market. By implementing a financial rewards strategy in the form of cashback, every company in the world can increase its attractiveness and profitability.
In Cameroon, Terrific Coffee, a company specialized in the marketing of Cameroonian coffee in various forms (cappuccino, espresso, latte macchiato, coffee ice cream, whole beans, ground beans, roasted beans), has integrated a cashback program into its marketing approach. Indeed, since January 30, 2023, through its partnership with the pan-African application Koree, every customer receives 5% of the total amount of their beverage purchases in the form of cashback. This has helped to build customer loyalty for the company.
The strategy adopted by Starbucks should serve as an example for all companies worldwide, regardless of their industry.
>>> Also read KOREE : HOW IT WORKS
