The ongoing, exponential growth of the information age has prompted and promoted a cognitive shift towards customer-centric service. This has developed customer relationship management programs, more simply known as loyalty programs. In the past decade, there has been an increase in these programs and reward schemes
Academic research has suggested that these programs have bought more confusion than guidance. Academia’s’ juxtaposition of divergent findings has some pundits commenting that loyalty programs are ineffective, while others go so far as to call the reward schemes a scam. However, other researchers have concluded that loyalty schemes positively impact customer behaviour, while others report that they have little or no impact.
Divergent Findings in Academic Discourse
Whether or not academics are correct in their findings is immaterial. Divergent research concepts, measurements, and methodologies make it difficult to draw comparative conclusions, whether positive, negative, or neutral. However, there is enough literature and research to support generalizations, even if the methods prevent empirical, meta-analytical interpretations and conclusions. At the best of times, academic research is subjective, and any objectivity that investigative research has only added to the juxtapositions of discourse. Divergent findings are the simplest way to create a narrative that discusses the pros and cons of loyalty, loyalty programs, and reward schemes.
The Connections Between Academia and Business
It is important to consider academic discourse when conducting business because [academic and marketplace] engages in commerce, strategy, and customer-centric service. However, whereas academia is often mired in subjectivity and theory, reluctant to allow itself the luxury of objectivity and simplicity, the business can focus on the marketplace and the bottom line, ignoring the theatrics of conjecture, theory, and vocabulary.
Most businesses are involved in some incarnation of a loyalty program or reward scheme. Companies inherently know that loyalty takes time and patience. That loyalty is a relationship that needs nurturing. Loyal customers don’t just materialize. They don’t just whimsically recommend you. They insist that their friends do business with you if it is warranted or whether their loyalty has been earnt.
Moreover, while these individualized referrals increase [customer] loyalty, customers want more than a product. They want an experience. When they don’t have that satisfaction and that personalization, they churn. Youtap, as a business, is conscious of the importance of loyalty to its brand and product, as customer loyalty sponsors survival and growth.
The School of Hard Knocks
In the FinTech industry, YouTap has a proven track record in delivering its goods and services. They have fostered a loyal client base that encourages the company to advance and develop its innovative software and cloud-based digital financial services platform. They have created white-label solutions for business banking, consumer banking, digital wallets, payments, and retail point-of-sale applications. These products amplify their innovations in digitization and digitalization.
However, Youtaps’ success has been independent of academia per se. Instead, the company has grown due to the School of Hard Knocks. This universally available educational facility has seen Youtap discern and successfully implement its respective loyalty programs and reward schemes tailored to its innovative software and services.
Graduation From the School of Hard Knocks
Youtap has realized the importance of loyalty programs and reward services because these connections have allowed them to grow in the FinTechs ecosystem. Youtap has graduated into an environment that is interconnected and innovative. Their diploma is not based on abstract or conflicting theories and has not been born out of academic divergency
Instead, Youtap offers businesses and individuals a loyalty program that has evolved with them as a company. Youtap has integrated its loyalty platform into a cloud-based, digitalized, interconnected network. It is an infrastructure that provides its loyal customers with diversity and divergence of loyalty programs and reward schemes developed with business acumen learned and lived at the School of Hard Knocks without being burdened by student debt.