Small Business Week is approaching April The 29th is a good time to focus on the restaurant sector. industry data90% of restaurants meet this requirement. standard.
in In fact, 70% of them are single-unit operations. And when responding to changing consumer dining and payment preferences, restaurants need as much data and promotional assistance as they can access.
Some of that data and promotions may come from offers linked to your card.according to PYMNTS Intelligence93% of consumers who take advantage of special discounts and benefits associated with merchants and products say they plan to maintain or increase their usage next year.
Steve Fusco as President reward networkHe told PYMNTS that card-linked offers can be key to accessing data and partnerships to provide consumers with the best options in the right circumstances.
The conversation came together quickly In an announcement in early April, JPMorgan Chase has launched Chase Media Solutions, a retail media network, to enable personalized advertising within the banking sector.approach is to use Targeted transaction-level data, craft and Provide personalized offers.reward network Own The offer has been available through Chase for over a year.
Fusco said: “If you look at what Chase is doing with his CMS, this is what we are doing. destination market approach,” and suggests this is “an example of how you can use our content in different ways.”
Rewards Network was founded in the 1980s and was one of the first platforms to popularize card-linked offers, Fusco said. Rewards Network currently has over 20,000 restaurants in its network, all offering rewards through the platform.
Questions about Rewards Network Own Regarding partnership efforts, Fusco said building the right alliances remains “very important in this ecosystem.” He said Rewards Network's approach is to find partners with significant size and scale.
Diverse Membership, Growing Partnerships
“You're looking for a partner that has a diverse membership base and a proven relationship with valuable currencies,” he said. For the Rewards Network platform, he said, the valuable currencies are miles and points, as well as cash back and statement credits, all of which are enabled by the platform.
Diners who are members of airline and hotel loyalty programs, fuel savings programs, etc. that participate in the Reward Network receive rewards (points or cash back) when they dine at independent restaurants that advertise to consumers. ) can be earned. For the customer herself, the ability to customize and provide her with a large inventory of relevant offers on a one-on-one basis will prove beneficial.
“Each partner is bringing in a different type of diner,” Fusco added. “We also recognize that local dining is a very important value differentiator for our partners, and they think: [dining out] This is an important way to attract your member base, regardless of geography or preferences. ”
He says the Rewards Network has extensiveworks with fine dining, fast-casual restaurants, quick service, and everything in between, giving you a real-time view of the industry.
As the treasure trove of data at our fingertips continues to grow, Fusco says: When they are in the restaurant, we connect with them in context and emphasize that they are being compensated. ”
He said verified reviews are another platform feature that helps restaurants better manage their operations and dining experience at a granular level, right down to the menu they serve.
“We can now perform 'relevance engine data mining,' which gives restaurant owners across a large number of locations specific information about the experience their customers are having,” Fusco said. ”
As he told PYMNTS, “We can look at people's preferences and provide the right opportunities to earn rewards across a variety of dining occasions in every major market.”