Press release from Business Wire India
Source: Loylty Rewardz Mgmt Pvt. Ltd.
Thursday, January 28, 2010 05:44 PM IST (12:14 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services
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Loylty Rewardz Runs World's Largest Loyalty Program - FreedomRewardz for State Bank Group
FreedomRewardz is the only Loyalty Program Created for Debit Card Holders that Offers its Members over 2 million Redemption Options
Bangalore, Karnataka, India, Thursday, January 28, 2010 -- (Business Wire India) -- Loylty Rewardz Mngt Pvt Ltd, India's premier loyalty and rewards Management Company, today announced that FreedomRewardz, a loyalty program specially designed to cater to State Bank Group customers, has become world's largest and most rewarding debit card loyalty program. This was achieved within nine months of its implementation, which is an Industry accomplishment from Loylty Rewardz. FreedomRewardz was conceptualized and launched by Loylty Rewardz for State Bank Group in April 2009.
Highlights of FreedomRewardz
-- The objective of the program is to reward the customer every time he/she uses the State Bank Debit card to make payments.
-- For every Rs.100/- spent through State Bank Debit card at POS, members get 2.5 FreedomPoints.
-- FreedomRewardz has a network of partner organizations.
-- If you make purchases at a Network Partner outlet, you can earn higher number of FreedomPoints for every Rs.100/- spent. No need to quote your number - just use the card to make payments.
-- Program offers the widest option of Products & Services for customers to redeem FreedomPoints and get FREE - over 2 million merchandise, FREE movie tickets, bus and air tickets, multiple branded discount vouchers, electronic items, family & fashion products, etc.
FreedomRewardz is a loyalty and rewards program launched through State Bank Group in the course of which the Group has rewarded its customers with 780 Million FreedomPoints. The programme today has 67 million customers and growing by about 1.3 million customers every month. The transactions, since the inception of this programme, have touched 100,000 per day and are continuing to grow at a rate of over 100% year-on-year.
Speaking on this occasion Mr. Bijaei Jayaraj, Chief Executive Officer, Loylty Rewardz Mgnt Pvt Ltd said "It is extremely rewarding for us to learn how State Bank Group FreedomRewardz program is so well received by its customers. We share this success together with State Bank Group who has been our first customer". Commenting on the Indian market, Mr. Bijaei Jayaraj said, "In this period of transition and increased competition for India Inc., the ability to retain existing customer base is a bigger challenge than acquiring newer customers. Corporate India is beginning to realize that rewarding Loyalty is directly linked to reducing churn in customer portfolio. While, Customer Loyalty programmes in India are at a very nascent stage, it is likely to explode over the next 2-3 years."
As part of this FreedomRewardz programme, Loylty Rewardz has partnered with over 35 Retail Brands. These partnered brands get an opportunity to further increase their customer base by targeting the State Bank Group debit card customers hence, resulting in higher number of footfalls and more sales. These partners offer higher benefits to the State Bank Group customers, allowing them to accumulate FreedomPoints, faster.
FreedomRewardz is the only loyalty program in India that offers such a wide redemption option. Customers can redeem FreedomPoints from over 2 million merchandise products, movie tickets, air tickets, bus tickets, etc.
Brand partners who have joined FreedomRewardz are The MobileStore, Provogue, Fame Cinemas, Adidas, Cambridge, Ferns N Petals, VLCC, Watches & More, Durian, Book Café, Sangini, IFB, EasyCabs, Orra, Gini & Jony, Libas, Cottons By Century, Cantabil, Cotton County, Himalaya, Capital Electronics, Indian Terrain, Cambay Hotels, Dayal Opticals, Nirula's, Richfeel, Rosebys, Primus Retail, Weekenders, John Player, Dr. Batras, UniverCell TeleCommunication, Wave cinemas, Career Launcher, Kalamandir, etc.
Vijay Jain, CEO, Orra', believes that "FreedomRewardz has a clear strategy, a targeted customer demographic base, a proven method of tracking the results of the program, a method that results in acquiring loyal customers, a way of gathering customer data to be analyzed for marketing purposes, and rewards that customers want".
"CRM as an innovative marketing tool helps garner and foster a relationship with the end consumer. Having partnered with State Bank Group's Loyalty program FreedomRewardz and by running a customized catchment specific campaign we have been able to achieve what we set out to" added, Mr. Ameet Panchal Head - Sales, Provogue India Limited.
For more information on FreedomRewardz, please visit www.FreedomRewardz.com.
About Loylty Rewardz:
Founded in 2006, Loylty Rewardz Mgmt Pvt Ltd is India's premier loyalty and rewards management company. It is backed by strong investors like Argonaut Private Equity and Ventureast venture capital. The key proposition of Loylty Rewardz is best in the breed understanding of loyalty management, operations and financials.
Loylty Rewardz focuses on preparation and delivery of custom and measurable loyalty programs that create profitability and lasting relationships for its clients. With over a decade of experience in Customer Relationship Management activities behind them, their tightly knit network brings together data intelligence, data analytics, creative services, interactive portal management, reward processing technology, rewards procurement, communication and direct marketing for their clientele.
The leadership team at Loylty Rewardz is young, energetic and professional and the company has a history of creating successful customer-focused loyalty programs.
CONTACT DETAILS
Pranali Arora, 20:20 Media Pvt Ltd, +91 9769905979, pranali@2020india.com
Dipti Pathak, 20:20 Media Pvt Ltd, +91 9967879480, dipti@2020india.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES
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