Thrivent Financial: Understanding the Philanthropic Side of Loyalty Programs
We build loyalty programs to make customers feel that they are a part of something. That they are being recognized for their continued loyalty to a brand or organization. We can’t underestimate the importance of this — feeling that you are appreciated, that you belong, is the key mechanism that makes these loyalty programs tick. The rewards are the icing, but this deep-seeded feeling is the foundation.
It’s this belief that has made working with Thrivent Financial such a pleasure. Thrivent Financial embodies the best of loyalty in all of their programs — and perhaps most exemplifies the far-reaching potential that loyalty programs can have with Thrivent Choice.
First, a bit about Thrivent Financial. The organization has its roots in two early 20th-Century community-minded organizations that aimed to provide trustworthy mutual funds and valuable information for members. Self-described as a fraternal benefit society, Thrivent Financial has always aimed to make its members feel like a part of a distinct community — a community that will be a support system and resource in addition to a channel through which to organize your financial goals.
Thrivent provides personally tailored financial solutions, and also organizes volunteer activities and projects through local member chapters. By signing up, you automatically become a loyalty program member, and receive member benefits. That means access to discounts on prescriptions and legal services. What’s more, Thrivent Financial members are given ample opportunity to have a say about how Thrivent should operate — and where your money goes.
Which brings us to Thrivent Choice. Every year, Thrivent Financial gives a healthy sum (last year, $100 million) to a wide assortment of schools on all levels, ministries, and other charitable organizations. This alone sets them apart as an organization on the right path — but their implementation of Thrivent Choice takes it a step further. Thrivent Choice allows members to vote on exactly where their Choice Dollars will go — assuming a member is over 16-years-old, he or she can participate in online (or call-in) voting events.
We love that this specific kind of loyalty program allows members to do good while demonstrating that they have a say in the company’s actions. Thrivent members are treated like loyal customer by virtue of joining — they receive the benefits of Thrivent automatically by signing up. Thrivent Choice ups the ante even more, by giving members a real say in where their money goes. What’s more, this philanthropic lean can help loyal customers do good while insuring their own financial security.
It’s the ultimate win-win. Our work with Thrivent Financial has shown us that loyalty can, and should, exist on all levels — and that making your customers feel like a real part of your community brings nothing but more benefits.
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