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LOYALTY ECONOMICS

FOR RETAILERSMOVING FROM OPAQUE COSTS

TO CLEAR PROFIT

Manu Sarna, Vice President, Loyalty Strategy & Analytics

RETAIL BRIEF

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Loyalty Economics for Retailers / 1


INTRODUCTION

2 Side by Side: Three Marketing Cost Categories3 Evaluating Marketing Tactics4 The New Data-Driven Dawn, a New Targeted Tomorrow5 Benefits to Using Nanotargeting: A Weekend

Shopping Trip6 Managing Retailer Confidence and Risk

8 Loyalty and Measuring ROI 9 Retail Dynamics Know No Border10 Loyalty-Enabled Nanotargeting Takes Centre Stage 12 Conclusion: Data-Driven Loyalty is the Future of

Personalization and Retail Economic Success13 About the Author

Table of Contents

Receiving deals on your smartphone. Researching products on your desktop and buying them via a mobile app. Scanning a QR code in the store, then checking online reviews when you return home. These examples certainly don’t represent your Grandma’s shopping journey: In her day, she waited until her local store opened, then traveled there, hoping what she needed was on the shelf. Today, of course, the path to purchase is radically different. Consumers shop where they want, how they want and when they want, often with mobile device firmly in hand. In fact, a recent Catapult Marketing study found that 44 percent of surveyed shoppers hold their smartphone while they walk the aisles. And 37 percent of customers use a PC/laptop, smartphone or tablet to perform shopping activities for pet, alcohol, baby or grocery items.

The new empowered, distracted shopper navigates a fragmented, multi-channel universe where the journey to checkout is complex and winding. This has created a sea change for marketers, who have been forced to re-evaluate the money they spend on traditional tools to win

consumers over, including mass-distributed circulars and one-size-fits-all discounts and promotions.

At the same time, Canada’s retail landscape has drastically shifted. New entrants such as Nordstrom have set up shop, and old names like Shoppers Drug Mart and Safeway have consolidated. As margins shrink, retailers are combing their books and eyeing their supply chain, looking for every cost-saving measure they can find. The fight for the consumer’s share-of-wallet has never been greater.

To meet the needs of shoppers and stay ahead in a competitive landscape, retailers realize they must present shoppers with the right offer, at the right time and in the right channel — that is, nanotargeting, where messages are customized and tailored to meet a single consumer’s needs.

“Retailers are trying harder to retain the customers they have,” says Jennifer Steckel Elliott, a Toronto-based marketing strategy consultant. “They really need to be doing analysis to be sure they target the right customer segment with the right offers.”

While the technology and skill sets are still evolving thanks to the intersection of smart data and advanced loyalty programming, the notion of the one-to-one marketing of nanotargeting is finally becoming a reality. Ultimately, we believe nanotargeting will become the cornerstone of future marketing

efforts and retailers will leave mass promotional campaigns, such as flyers, circulars and discounts, behind. Enabled by well-analyzed loyalty data, nanotargeting will become an attractive alternative that increases sales and improves ROI.

Several forward-thinking Canadian retailers are hard at work figuring out how to deliver this data-driven, loyalty-boosting vision, but are enjoying varying degrees of success due to different capability levels and the overall complexity of these efforts — which, far from an IT project, is a company-wide endeavour.

One challenge most companies must immediately overcome is the assumption that CRM and loyalty are interchangeable. CRM, which manages interactions with current and future customers, is actually just a small component of loyalty, which uses currency and smart data to have conversations with customers and nudge individuals to change their behaviour for a mutual reward. To rev the full CRM engine, companies leverage those customer databases and combine them with additional demographic and shopping information to get a 360-degree view of their consumer.

This is where the future economics of loyalty marketing — and ultimately, nanotargeting — comes in. With shopper information gathered through well-run loyalty programs, retailers can implement better targeting and glean important insights that dramatically affect their own bottom line.

2 / Loyalty Economics for Retailers


SIDE BY SIDE: THREE MARKETING COST CATEGORIES

Currently, most retailers typically divide their marketing budget into three cost-driver buckets: Promotional discounts and flyers/circulars receive the biggest bucks, while loyalty programs come in a distant third. But while all three require some form of consumer engagement and include hard costs, CMOs often consider the first two, while enormously expensive, to be simply part of the cost of doing business. Some companies even hold the erroneous opinion that flyers are profit centres and the cost of discounts and promotions are born by vendors, so loyalty programs are the most expensive of the three. Nothing could be further from the truth.

For example, the costs associated with flyers and promotions are staggering — typically $15M to $90M alone for an annual print run of a national Canadian retail flyer program (based on 2010 data of two major Canadian general merchandise retailers). And yet, many CMOs consider them simply the cost of doing business, a necessity they must stick with because their competitors also use a similar tool.

Certainly there are other large marketing costs, including creative and mass media — but we have left these out of this discussion since they are typically less than 0.2 percent of sales. Mass marketing does play an essential role to complement the three marketing cost drivers listed above, as they passively reach those consumers who have zero percent share of wallet with the retailer today. These efforts build awareness and consideration for non-shoppers of a retailer. On the other hand, discounts/promotions, flyers and loyalty all require some current level of engagement by the consumer with the retailer.

But marketers must measure the true cost of these three cost categories. Some insist that vendors fund discounts and promotions, so therefore the cost is “theirs” (the vendors) and not “ours” (the retailers). Some go even further to say that since vendors fund the cost of the promotion and buy space in the flyer, it is actually a profit centre. This may be the most expensive, mistaken claim in retail today.

Keep in mind, money spent on flyers means profit is drained away within the consumer-vendor-retailer ecosystem. The point is, flyers are not cost-effective and dollars are being spent inefficiently.1 All of these costs are potentially dilutive and while there is some upside to each of these levers, there is also a cost.

The obvious question: Will Canadian retailers abandon costly, inefficient flyer programs and shift more marketing resources to loyalty? Experts agree that many retailers will try, but we are still a long time away from replacing the mass-market flyer.

“Canadian consumers are very conscious of price and value1,” says Ken Keelor, retail industry expert and Chief Executive Officer at Calgary Co-op, who says many Canadian consumers are still devoted to their flyers and retailers don’t want to risk losing them. “The majority still pore over their flyers every Thursday evening, and it would take a lot of courage and huge financial risk for a retailer to cancel it,” he explains.

In addition, retailers don’t yet see loyalty as a replaceable alternative to flyers, according to Dave Mazzone, who has held senior marketing roles at Mark’s and Canadian Tire: “Everybody talks about wanting to kill their flyer programs,” he says. “They’re hugely expensive, they’re a huge time suck, and they take lots of effort and lots of margin dollars that you know are just being thrown away.” But the reality, he adds, is

that companies get nervous about stopping. “They don’t have a good alternative to replace the sales they get from the flyer sell-throughs,” he says.

The Power of ROIOn the other hand, Mazzone adds, there is a tremendous pressure to be more competitive and meet the challenge of price compression. “Vendor dollars can’t be looked at as free money anymore,” he says. Perhaps that will play into loyalty’s favour if vendors start balking at costly flyer promotions, and loyalty enthusiasts can persuade CMOs that the ROI is there to justify nanotargeting efforts. Let’s take a look at the numbers:

Measuring net sales: Clearly there are a number of difficult-to-quantify downsides for the three main marketing buckets. What is easy to quantify is the total cost for a given retailer. Take this simplified profit and loss example for a hypothetical national Canadian chain — let’s call it National Arco:

Net sales $518M

Gross profit (before all marketing costs) $212M

In-store discounts ($93M)

Flyer ($15M)

Loyalty program ($6M)

Gross profit (after marketing expenses) $98M

The magnitude of the marketing costs is clear, especially the high costs of in-store discounts and flyers. The question becomes: given the potential upsides and downsides of each cost category, what can be done to grow sales and reduce these potentially dilutive marketing costs? We believe the answer is data-informed, loyalty-driven nanotargeting.

1 Kenric Tyghe, Raymond James, via The Globe and Mail



DRIVER OF MARKETING COSTS

APPROX. COST AS % OF SALES DETAILS

DISCOUNTS/PROMOTIONS

Up to 28%2 Highly variable by retailer, particularly within hi/lo retailing

Discount is only “activated” if a purchase is made (i.e. fully variable)

Proportion of customers would have paid full price for discounted SKU or competitive SKU but then switched

FLYERS 0.5%-1.6%2 National retailers with between

20–52 weeks in time and between

4–20+ pages in length

Typically

1-5 products required to drive new traffic

Up to

50% of flyers never read

As many as 80% of flyer pages read are not relevant

LOYALTY 0.3%-2.3% Dependent on rewards issuance (lowest in gas, highest in pharma)

Loyalty is only “activated” if purchase is made (i.e. fully variable)

Cost of loyalty is fixed relative to sales

Proportion of customers would have paid full price for basket

SALE

EVALUATING MARKETING TACTICS

2 Corresponding annual sales from public records



THE NEW DATA-DRIVEN DAWN, A NEW TARGETED TOMORROW

The next step towards nanotargeting success will be for retailers to explicitly generate store traffic — not just reward towards driving sales. Personalized offers and rewards just for “checking in” will mark the new dawn of loyalty marketing. Rewarding shoppers for simply showing up requires confidence among store owners that the retail experience once the consumer enters — the store’s ambience, item presentation, layout, etc. — will drive sales. And personalized offers offer the opportunity for a multitude of variables to drive the points offering, from frequency of visits to seasonal behaviour, distance from the store and social network influence.

Today, retailers offer a variety of incentives to come to their store, usually on the condition of buying and often in the form of flyers with coupons. However, retailers should consider what they would pay to have a new customer visit the store once, and what they would pay to have an existing customer enter the store once more than they originally planned? Most retailers would answer, “It depends on how much they spend.”

However, most retailers have a good idea of how large a basket an intermittent extra visit would generate. According to an Aimia interview with a major Canadian grocer, often it is 30-60 percent of the value of a regular customer’s basket. For example, let’s take our National Arco example: With an average (regular) basket size of $45 and a conversion rate of approximately 30 percent of customers, the value of an incremental visit is clear (see Fig. A).

Keep in mind, this does not include a lifetime value calculation; that would overstate the impact of just one visit. However, it does very simply illustrate the break-even value up to which can be given away to gain one extra visit per person. So, there are significant benefits to using nanotargeting by encouraging mobile check-ins with points to drive traffic compared to the traditional flyer/coupon to drive traffic only on the condition of a sale.

To be part of the consideration set for a weekend shopping trip, points to check-in should be delivered both when competitor flyers are read (typically Thursday night/Friday morning) and when shoppers are within physical proximity to your store or your competitors. Segmentation based on behaviour can be further incorporated to optimize the profitability based, in the case of National Arco, up to $1.40.

The next phase of nanotargeting will be explicitly to generate

store traffic.

XX X =

Regularbasket

$45

Adjustment to regularbasket size

Value of incremental visit

45%Margin

23%Conversion

30% $1.40

VALUE OF INCREMENTAL

VISIT

Figure A



BENEFITS TO USING NANOTARGETING: A WEEKEND SHOPPING TRIP

CONSIDERATION SET FOR WEEKEND

SHOPPING TRIP

RETAILER VISITS ON WEEKEND

INCREMENTAL REPEAT VISITS

In Canada, data from 5.2 million active members of the Aeroplan program provide fruitful sources of insight for Aeroplan partners. Whether your goal is to acquire, lift, shift, or retain, customer-centric data allows you to design offers and campaigns that work.

PROOF POINT AROUND THE VALUE OF CUSTOMER-CENTRIC DATA

Partner 1 Partner 4

Source: Aimia client and coalition partner data

Partner 2 Partner 3

5.2MILLION

Active Aeroplan members

Increase in customer

acquisition

Lift in basket spend vs.

non-members

Share-of-wallet increase

Two-year increase in retention

rates

6X +50% +56% +7.6%

SALE

SAL



MANAGING RETAILER CONFIDENCE AND RISK

How can retailers move away from focusing solely on transactional behaviour and towards loyalty-based nanotargeting, which may include giving points to customers just for visiting the store? The challenge for retailers is confidence. Most will feel compelled to engage in cost recovery, e.g., “visit this weekend and get X points if you spend Y dollars.”

We believe, however, that this is a serious mistake: Not only will it radically reduce potential traffic, but it will skew towards self-selecting those who were planning to purchase anyway. Retailers must have the confidence to believe that the store layout, ambience, selection, service, quality etc. will be enough to get consumers to spend with them.

According to Ken Keelor, the stronger your offer, your in-store experience and your relationship with customers, the more you can count on focusing on loyalty rather than prospecting. “Loyalty can increase the customer’s basket size or encourage them to come in more often,” he explains. “Prospecting is important in bringing in incremental customer traffic on a weekly basis.”

On the other hand, rewarding only for showing up at the store is risky, he adds: “You are making an assumption that by showing up they will actually buy something. I think consumers shop very item-specific on a weekly basis.”

However, we believe this model can work given the conversion formula outlined above.

But it’s important for retailers to start with simple traffic-driving loyalty

offers, and increase sophistication over time. There are a multitude of variables that can be used to establish the right points offer for any given potential consumer. These include:

Frequency of visits (easy to segment)

Basket size and profitability (easy to segment)

Distance from store (easy to segment)

Seasonal behaviour (medium to segment)

Social network influence (difficult to segment)

It’s important to start simple — for instance, with the value of an incremental visit as per the example above, with variables added over time. The tradeoff for retailers will be when the incremental complexity of creating and managing a highly complex traffic algorithm and segments outweighs the incremental profit optimization of altering the number of loyalty points.

Loyalty on the other hand is “the use of

currency and smart data to nudge individuals to changing

their behavior for a mutual reward.


Loyalty’s Economics for Retailers / 7


“Retailers should no

longer view loyalty programmes

as a quantitative in-house currency; rather they could be a qualitative tool to influence customer behaviour, putting

the customer at the centre of the

strategy”3

“66 percent

of American companies stated

that they already have a multichannel customer

experience strategy in

place”4

“The retail environment is

hugely competitive, and brands who are generously

loyal to their customers will have significant advantages within their

markets. We already see big retailers like Nike, Walgreens, Nordstrom, and Starbucks

doubling down on their loyalty building goals by putting customers at

the center of their loyalty programs, campaigns,

and rewards.”4

In an increasingly competitive and changing retail landscape, Canadian

retailers will need to keep up with the best tactics and strategies in order

to compete with their American counterparts. This means having a multichannel strategy and putting

customers in the centre of loyalty programs.

3 The Future of Retail Loyalty, Capgemini Consulting4 2014 Retail Trends & What They Mean for Loyalty, Big Door



LOYALTY AND MEASURING ROI

A defining moment in successful relationship-building happens when a consumer, the “deal hunter,” formerly in search of the greatest bargain — fast becomes a deal taker — and is presumably more satisfied, shops faster and is quicker to make decisions because of more targeted offers. For retailers, this means higher sales, higher market share and a higher profit mix. For instance, a Harvard Business Review study revealed that personalized offers have five to eight times higher ROI than traditional offers.5

For retailers, trading loyalty points and discounts for data and a more holistic view of customer spend means:

> More multi-buys of existing customer basket products, thereby stealing share from competitors

> More incremental purchases from relevant “adjacent” products

> More high-margin, premium products substituted for lower-margin products

To demonstrate this, we can examine the National Arco profit and loss example. Imagine smartphone penetration is at 98 percent (today it is more than 60%, according to comScore). Imagine a mother of one walks into National Arco, a place she visits once every couple of months if she’s passing by, but definitely a second favourite to its competitor in her eyes. She walks into a beautifully crisp store — clearly labeled aisles with no discount shelf-barkers and barely a shopper in sight. As she enters the store her large-screen smartphone buzzes with nine offers, three of which come up on the home screen:

> Buy a second XXXX and get 150 bonus points

> Try YYYY with a 50 percent discount today and 50 bonus points

> Buy ZZZZ “best” and get $2.50 off and 75 bonus points

Immediately, she engages with her phone and is interested in the second

and third promotions (she still has a little of the first product-offer left over from the last time she visited, but might get it anyway). As she walks the aisles, she knows the prices are very good — perhaps not the very lowest, but close enough. Today, she earns only one point for every $10 spent, but the bonuses are the compelling piece. When she used to come to National Arco many years ago, she earned 10 points for every $10 spent on everything she bought. There were extra points on certain items, but often they weren’t of interest to her.

The biggest change for this shopper? The feeling that she is no longer a “deal hunter,” but a “deal taker.” Consequently, she has a more satisfied feeling and is able to shop quicker — in addition, she even buys more items and spends more because her emotions spring from getting a deal on things that matter to her. After all, paying less for things you don’t care about is not a deal.

The curious thing is that the

consumer views herself as a ‘deal taker,’ while

buying more items and spending more.

5 Know Your Customers Wherever They Are, via Harvard Business Review Blog Network



RETAIL DYNAMICS KNOW NO BORDER

Aimia’s 2014 Loyalty Lens research surveyed over 16,000 consumers in 10 markets worldwide, including the US and Canada, to explore trends around consumer loyalty, engagement with technology and attitudes towards data privacy. The results reveal that these issues for Canadian consumers are not that different from those of their neighbours across the border.

55% 60%

42% 42%

42% 21%

28% 33%

45% 48%

Loyalty card penetration varies across sectors. Consumers comfort level with companies handling their personal data also varies across sectors. (1 being the sector you feel least comfortable with and 10 being the sector you feel most comfortable with)

6.7

7.1

6.2

6.3

5.7

5.7

4.9

5.5

CANADA US

Consumers are more willing to share certain pieces of personal information with companies than others.

42% 52% 23% 33% 14% 20%

The majority of consumers are unlikely to use a digital wallet. Those who are unlikely to use a digital wallet:

Consumers are more likely to download coupons on their mobile device when they are at home. Of those who download coupons on their mobile device, the location where they are likely to do so:

69%74%81%

68%

14%

23%

4%

8%

Supermarkets and Grocery

Pharmacy and Beauty

Fuel

Department Stores

Credit card providers

Supermarkets and Grocery

Telecoms/Mobile

Loyalty Programs

Online Retail

Home

In-Store

On-the-move

Email Address Mobile phone number



LOYALTY-ENABLED NANOTARGETING TAKES CENTRE STAGE

The loyalty times are definitely changing: Loblaw — Canada’s largest grocer — launched a personalized loyalty program and has publicly stated that in the future they hope to eliminate all of their paper flyers. Base loyalty points become the reason to collect data on consumer purchases, and retailers are launching multiple loyalty programs to gather more data, including Esso Extra and Aeroplan, and Loblaw’s PC Plus and Shopper’s Optimum.

On the retailer’s end, there are obviously lower labour costs and lower inventory management costs, since discount price shelf-barkers and power-aisle busting promotions become less necessary. There are also higher sales, higher market share, and a higher profit mix.

The financial model below shows the difference between retailing today and retailing with loyalty-enabled nanotargeting:

Net sales $555M

Gross profit (before all marketing costs) $227M

Loyalty driven discounts ($42M)

Gross profit after marketing expenses $185M

Not only has the top line increased by seven percent, but also the bottom line has increased by an eye-popping 90 percent. ROI has increased five-fold, since marketing costs have been reduced to $42 million from $124 million (a two-thirds reduction) and profit has nearly doubled.

But retailers still face many challenges before they can declare loyalty-driven nanotargeting success. First, are retailers prepared for the data onslaught that is necessary to drive an effective loyalty program that

can drive personalized campaigns? And, can they effectively drive nanotargeting to the SKU level?

According to Steckel Elliott, personalized offers drilled down to the individual customer are effective — as long as it is the right item or right reward — but it takes a tremendous effort to do it right. “Not everyone is taking the time to do the appropriate analysis, asking the right questions for the right insight, and driving true business recommendations for results,” Steckel Elliott notes. “You really have to spend the time up front.”

Retailers should make sure not to get caught up in drilling down to a granular level to personalize to prospects, experts warn. “You have to look at how many variables make sense,” says Steckel Elliott. “You have to think about all your teams — from operations to strategizing, marketing, communications — and make sure not to confuse them as well as your customer.”

“Personalized offers have five to eight

times higher ROI than traditional offers.”5

5 Know Your Customers Wherever They Are, via Harvard Business Review Blog Network

LOYALTY ELEMENT

LOYALTY TODAY IN RETAIL

NANOTARGETING IN RETAIL

BASE POINTS EARN RATE

> High earn rate (up to 2.3% value)

> General reason to visit retailer

> Vendor-funded for specific SKUs

> Consumer-agnostic

> Low earn rate (<0.5% value)

> Reason to collect data

> Retailer-funded for specific SKUs

> Consumer-specific



CONCLUSION: DATA-DRIVEN LOYALTY IS THE FUTURE OF PERSONALIZATION AND RETAIL ECONOMIC SUCCESS

Retailers have more access to customer information than ever before. But to turn that data into dollar-driven insights that help prepare for the new marketing world of personalized offers, they need to have a solid foundation of detailed demographic information about each individual as well as a currency proposition that triggers an emotional connection for consumers. That is the power of data-driven loyalty programs that go far beyond simple CRM.

Today’s smartphone-carrying, omnichannel consumers offer tremendous opportunities for retailers, who can take the explosion of Big Data and turn it into valuable insights that make offers more targeted and relevant. But a CRM database is not enough to make this happen. For example, many national Canadian retailers have a database of between 10,000 and 850,000 email addresses and believe that if they

can just grow this to a million or so, that they will have what it takes to deliver great offers to most of their customer base, according to an Aimia interview with a major Canadian DIY chain. However, email is just the very beginning of nanotargeting. And loyalty cannot be easily evolved out of that kind of old-school CRM strategy.

Today, those retailers sitting on their email databases are facing several fundamental hurdles:

> How do I acquire more insight to who this person is? Their age, their gender, their income, their latest address, etc.?

> How do I ensure more consumers are subscribing to hear from me than are unsubscribing or labeling me as spam?

> How do I have a meaningful enough number of core and marginal customers that I can communicate with to move the needle in sales?

> How do I motivate consumers beyond just price discounts, which are easy to replicate and expensive?

The bottom line is that the future economics of loyalty in retail depend on a variety of factors: allocating the right budget to fuel a forward-thinking program; looking beyond across-the-board discounts and promotions towards personalized offers and rewards simply for checking-in; going beyond transactional data towards gathering appropriate drilled-down demographic information; and providing a value proposition that drives repeat visits and a long-term relationship with today’s consumers.

To focus your efforts, consider rallying around these simple principles:

> Place all your data efforts in service of customers. If you live by this principle, customers will reward you for it. Serving customers with your data efforts means seeking permission, using data transparently, and rewarding them for voluntarily

sharing personal information. Even the largest social and search giants will live or die on their willingness to serve their customers, rather than abuse their trust.

> Start with transactions; add interactions. If you’re unsure where to start your data journey, begin with the transaction. Connecting a purchase to an individual customer opens up tangible and immediate benefits — you can devise offers that increase lift, gain wallet share, and reduce churn, and you can measure the impact of each one. As your analytical ability grows, start connecting the dots from the transaction to interactions through social, mobile, or web channels to build a robust view of customer value and potential.

> Build relationships based on trust, commitment, and reciprocity. Information is useful only if it provides insight that helps you strengthen relationship value. Customers are fickle and promiscuous, but they are loyal to brands that build trust through transparency, demonstrate commitment through recognition, and deliver reciprocity through rewards. Data collected in service of relationships will pay dividends on the investment.

> Treat data as a renewable resource. Data has been called “the new oil,” but leveraging data to create long-term enterprise value means thinking of data less as a fossil fuel to be extracted and consumed, and more as a sustainable, renewal resource. Treat your data as a capital asset rather than as a marketing expense, and use that asset to collaborate with partners who possess the expertise to help you build real relationships with your best customers.

If we rally around these principles as marketers, we will ensure a bright future in which technology, data collection, and marketing communications serve their proper place in building a future of real relationships.



ABOUT THE AUTHOR

About Aimia

Aimia Inc. (TSX: AIM) is a data-driven marketing and loyalty analytics company. We provide our clients with the customer insights they need to make smarter business decisions and build relevant, rewarding and long-term one-to-one relationships, evolving the value exchange to the mutual benefit of both our clients and consumers.

With close to 4,000 employees in 20 countries, Aimia partners with groups of companies (coalitions) and individual companies to help generate, collect and analyze customer data and build actionable insights.

We do this through our own coalition loyalty programs such as Aeroplan in Canada and Nectar in the UK, and through provision of loyalty strategy, program development, implementation and management services underpinned by leading products and technology platforms such as the Aimia Loyalty Platform and SmartButton, and through our analytics and insights business, including Intelligent Shopper Solutions. In other markets, we own stakes in loyalty programs, such as Club Premier in Mexico, Air Miles Middle East and Think Big, a partnership with Air Asia and Tune Group. Our clients are diverse, and we have industry-leading expertise in the fast-moving consumer goods, retail, financial services, and travel and airline industries globally to deliver against their unique needs.

For a full list of our partnerships and investments, and more information about Aimia, visit aimia.com.

Manu Sarna, Vice President, Loyalty Strategy & Analytics

Manu Sarna leads the US Loyalty Strategy & Analytics group. In 2014 alone his team has designed loyalty programs for an airline, a hotel/gaming company, a specialty retailer, a healthcare company, a personal wellness company and more. He brings over a decade

of consulting experience, having worked extensively with both Walmart and Tesco in the UK on sales and category optimization. He learned his strategic consulting craft with The Boston Consulting Group, which he left to build a large retail analytics consulting firm before joining Aimia in 2011 to lead the Canadian retail loyalty business for Aeroplan, Aimia’s coalition.



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With more than 4,300 talented professionals in 20 countries, we can deliver results for your business using our loyalty insights. We see relationships differently.

To see how our loyalty insights can deliver results for your business, visit us at aimia.com.

The Aimia Institute creates forums and experiences centred on loyalty thought leadership for global marketers and business leaders. And we want your opinions. Powering dialogue and debate on business topics relevant to your business, let us be your resource for hearing from both industry and Aimia’s experts on how to place the customer at the core and build real relationships with benefit.

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SHOWROOMING AND THE RISE OF THE MOBILE-ASSISTED SHOPPERSEPTEMBER 2013

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FEATURED WHITEPAPERSHOWROOMING AND THE RISE OF THE MOBILE-ASSISTED SHOPPER

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CONTENTPerspective on

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COMMUNITYEstablished to generate

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