The Global Loyalty Compass

OCTOBER 2011

The Global Loyalty Compass
The 2011 COLLOQUY Cross-Cultural Loyalty Study

Part 1 of 3: A Worldwide Overview

Kelly Hlavinka Managing Partner, COLLOQUY
Jim Sullivan Partner, COLLOQUY

sponsored by

COLLOQUY.COM | COLLOQUYtalk | 10.11 | PAGE 1

examines consumer attitudes and perceptions about
loyalty in three developed economies: Canada, Australia
and the U.S.; and three emerging economies: Brazil,
China and India. The first of its kind, this study uncovers
profound differences in these consumer environments,
and has clear implications about how practitioners
should think about loyalty. Because of the wide-ranging
scope of the research, the material is being made Introduction
available in three companion white papers:
When today’s airline pilots point their mega-liners overseas, they use the same instrument that
• This paper, “The Global Loyalty Compass,” compares Christopher Columbus relied on to search for a secret route to India: the compass. It’s one of the
developed and emerging markets oldest navigational tools, indispensable for pointing out true north and guiding explorers safely
on course.
• “The Rules of Engagement: Loyalty in the U.S. and
Canada” examines loyalty challenges and opportuni- Like the mariners of old, today’s loyalty practitioners are seeking the navigational tool that will
ties in these two countries and provides tracking data allow them to discover new lands and opportunities, such as those in the BRICS countries of Brazil,
related to our previous research on consumer attitudes Russia, India, China and South Africa—and to re-map old territories, by steering through challenges
and perceptions about loyalty in developed countries like the United States and Canada. To create a guiding tool, we conducted
• “Differences in the Global Village” studies attitudes
the 2011 COLLOQUY Cross-Cultural Loyalty Study, the first of its kind, to compare several emerging
and behavior in emerging countries, and launches and developed economies. Whether you’re a multinational corporation planning to expand your
COLLOQUY’s more detailed coverage of Brazil, China global reach, or a local company aiming to revitalize your domestic program, the consumer attitudes
and India and perspectives from this landmark research will guide you toward your goal.
The 2011 COLLOQUY Cross-Cultural Loyalty Study examines the attitudes of consumers in six
countries: what we defined as emerging economies (Brazil, China and India), and developed
economies (Australia, Canada and the U.S.). The results have implications for how practitioners
should be thinking about loyalty, leveraging programs, and even understanding how loyalty is
defined in these markets. No matter what your goal, the Global Loyalty Compass revealed in these
study findings will keep you pointed in the right direction.


I: Setting a Heading for Overseas Opportunities
Emerging markets present a tempting new trade route for any company, especially those exploring
business opportunities in the BRICS nations. As we see in Exhibit 1, the middle class in emerging
countries is slated to more than double in the next 30 years, according to a 2007 World Bank study,
growing from 7% to 16% of the world population. At that point, the emerging middle class will number
1.3 billion, more than three times the current population of the United States.

Rich 12.6% Rich 21.3%
Exhibit 1
A Burgeoning Global Middle Class

Middle 7% Income growth will increase the size of
Class the middle class in proportion to the world
Poor 80.3% Middle 16% population
Class
The middle class population will expand
1.33B signiﬁcantly from 2000 to 2030
Poor 62.7%

+ 900MM Source: Source: World Bank (2007)
• Uses World Bank definitions of “poor” (with incomes below
$4,000 in 2000 international dollars), “middle class” ($4,000-
17,000) and “rich” (above $17,000)
• Projected growth roughly equates to adding three additional
U.S. populations to the “middle classes” in the global economy

430M

Middle 7% Middle 16%
Class Class
2000 2030 2000 2030

There is a clear opportunity for well-established brands from developed nations to flourish in
emerging countries, as shoppers there report that these are the brands they prefer and trust. An
average 35% of shoppers in emerging nations welcome foreign brands, saying they “strongly agree”
Exhibit 2 43% that competition from foreign companies is a good thing. In particular,
Acceptance of Foreign Brands Chinese respondents were almost five times more likely than Americans
to agree with this statement. In stark contrast, only about 7% of
Consumers in emerging countries
are much more accepting of consumers in developed countries felt that foreign competition was
competition from foreign countries 30% positive, as shown in Exhibit 2.
28%
In general, all consumers show a higher level of trust for brands from
5x
more developed countries. This stands out in China, where 9 out of 10
consumers say that global brands are more trustworthy than domestic
ones. Consumers in Brazil and India were happier with their own domestic
brands than the Chinese, but not nearly as much as consumers in
9% 8% developed economies. There, consumers are over twice as likely to trust
6%
their own brands versus ones from other countries.
U.S. CA AU IN CH BR This means that established global brands have a keen opportunity with
MEAN 5.5 5.8 5.3 7.1 8.0 6.4
consumers in the emerging economies. With a loyalty strategy that’s
Source: 2011 COLLOQUY Cross-Cultural Loyalty Study
• Q: Please indicate how much you agree or disagree with the following statement. well thought-out from the outset, they can not only invite initial trial
“Competition from foreign companies is a good thing.” Please use the scale from 1 to 10,
where 1 means “strongly disagree” and 10 means “strongly agree.” and purchase, but also lay a sound foundation for strong on-going
• Results indicate Top 2 Box proportions for those who “Strongly Agree” and mean score.
n = 4,414 relationships.


71%
Exhibit 3
Optimism for the Coming Decade
Consumers in emerging countries II: The Great Rift
express economic optimism at
47%
a level 2-4 times higher than 2-4x When it comes to big-picture issues like the economy and the future, a
those in developed countries
sizeable gap divides consumer perceptions in the two economies.
34%
Consumers in emerging countries can be characterized by the “Three E’s”:
they are Energetic, Engaged, and Enthusiastic. In contrast, consumers in
17% 18% developed countries can be summed up by the “Three T’s”: they are Tired,
12%
Turned Off and Tuned Out. Indicators of this rift in attitude include:
U.S. CA AU IN CH BR • Economic outlook: When asked if economic prospects for themselves
6.2 6.4 5.9 7.5 7.9 8.8
MEAN
and their families would improve in the next ten years, consumers in
• Q: Please indicate how much you agree or disagree with the following statement. emerging economies expressed optimism at levels two to four times
“I am confident that my/ my family’s economic prospects will improve over the
next ten years.” Please use the scale from 1 to 10, where 1 means “strongly higher than those in more developed markets. As we see in Exhibit 3,
disagree” and 10 means “strongly agree.”
• Results indicate Top 2 Box proportions for those who “Strongly Agree” and
mean score. n = 4,414 the divide is significant, with Brazilians the most confident about their
economic future, and the developed nations closely grouped at the
20% lowest levels of optimism.
Exhibit 4 19%
Optimism and Credit Use • Credit card use: Consumers in emerging economies are five times more
17%
Consumers in emerging countries
likely to use credit “for things you can’t afford right now” than those in
share higher economic optimism developed markets. Exhibit 4 illustrates that consumers in developed
and are more open to credit
countries express a clear spending bias toward status spending and
card spending “for things you 5x
can’t aﬀord right now” luxury brands.
• Special treatment: Shoppers in emerging markets are three times
more likely to say that they expect special services, perks and
privileges from the experience, as referenced in Exhibit 5.
4%
3% 3% Clearly, this gap is significant when it comes to higher levels of
optimism and engaged shopping behavior in emerging markets, and
U.S. CA AU IN CH BR this has powerful implications for loyalty program design and
MEAN 3.2 3.3 3.4 6.2 6.1 4.5
management.
• Q: Please indicate how much you agree or disagree with the following statement.
“Using a credit card to pay for things you can’t afford right now is okay.” Please
use the scale from 1 to 10, where 1 means “strongly disagree” and 10 means
“strongly agree.”
• Results indicate Top 2 Box proportions for those who “Strongly Agree” and mean
score. n = 4,414

43%
Exhibit 5
Optimism and Special Service
In emerging countries, a much
greater percentage of shoppers
deﬁne themselves as “expecting
special service”
25%
24%

3x

11%
9% 9%

U.S. CA AU IN CH BR
MEAN 5.1 5.4 5.6 6.9 7.0 7.3
• Q: How well does each of the following statements describe you when it comes to
how you feel about shopping? “I expect the salesperson to give me special service.”
Please use the scale from 1 to 10, where 1 means “does not describe me at all” and 10
means “describes me completely.”
• Results indicate Top 2 Box proportions of those who selected “Describes me
completely” and mean score. n = 4,414


The clearest impact of this optimism rift is the potential for understanding how much loyalty programs
seem to influence consumer decisions about which companies to purchase from. Of consumers in China,
India and Brazil, an average of 29% say that it pays to be loyal to favored brands, while only 11% of
those in the U.S., Australia and Canada agree. Similarly, shoppers in emerging countries are twice as
likely to say that a rewards program influences what companies they do business with. As we see in
Exhibit 6, this finding reveals a tremendous opportunity in these emerging countries.

32% Exhibit 6
Influence of Reward Programs
28%
27% Loyalty programs’ inﬂuence on the purchaser
is greater in emerging countries than in
developed countries

2x
• Q: Overall, how much do the rewards programs you
belong to influence your decision about where you
make a purchase? Please use the scale from 1 to 10,
17% where 1 means “not at all influential” and 10 means
“extremely influential.” Please select one response
15% only.
• Results indicate Top 2 Box proportion. Results are for
rewards program members only and SEC A/B in
emerging countries. n = 2,636
12%

U.S. CA AU IN CH BR
MEAN 6.4 6.0 6.1 7.0 7.8 6.5

As a result, opening your doors for business in a BRICS or other emerging country doesn’t just mean
choosing a location, analyzing what products or services you will offer, deciding how to staff, and
building call centers. Consumers in emerging economies are saying they are ready for high levels of
engagement with the companies they do business with. Companies that consider their customer
loyalty strategy from the outset of operations in these new regions will be best prepared to enjoy a
real payoff in customer retention and advocacy.


III: Mapping the Different Definitions of Loyalty
Building an effective program must begin with understanding how consumers define loyalty. We
discovered that this varies from country to country, which has profound implications for practitioners:
Obviously a program that drives high engagement levels in one market won’t necessarily transplant
effectively to another without some tweaks or perhaps major changes.
Let’s start by looking at perceptions of what loyalty isn’t. Experienced program managers and mar -
keters already know that customers attracted by sales and discounts aren’t exhibiting true loyalty. And
as we see in Exhibit 7, customers across the globe agree. Shopping at a store “only if there are deals
or sales” was ranked lowest in the study by respondents in all countries as a mark of loyal behavior.

U.S. CA AU IN CH BR Exhibit 7
What Loyal Behavior Looks Like
Sta Quality 1 1 3 2 6 3
Cultural nuances aﬀect consumer
Willingness to Recommend 2 2 1 1 4 1 deﬁnitions of loyalty.

Non Price-Conscious 3 3 4 6 2 5
• Q: Below is a list of different customer experiences
Years/Tenure with Retailer 4 4 2 3 1 2 with a fictitious company called ‘Company X’. Please
read each experience and indicate for each how loyal
you think that customer is to ‘Company X’. Please use
a scale from 1 to 25 where 1 means “not at all loyal”
Familiar Store Layout 5 5 5 7 3 6 and 25 means “very loyal.” You can pick any number
from 1 to 25 for each experience, but cannot use the
same number twice. n = 4,414
Personal Service 6 6 6 4 5 4 • Results indicate rankings for each statement by country.

Share of Spend with Retailer 7 7 7 8 7 8

Location Proximity 8 8 8 5 8 7

Sales Shopper 9 9 9 9 9 9

But the definition of what loyalty is falls under the nuances of cultural context. The closest we
come to a universal consumer definition of loyal behavior is “telling friends and family to shop”
at a particular store, with customers in every country except China ranking that as either #1 or #2
on what constitutes “loyal” behavior. With referrals ranked this highly, any program should be
looking at embedding recognition benefits and rewards for word-of-mouth behavior.
Respondents from China, in contrast, say that “shopping at Company X for over three years” is the
top indicator of loyalty. That should spark consideration around rewarding for tenure, not a very
common strategy for programs in developed countries. A creative example is a contest held by
China’s Merchants Bank, which raffled off usage rights to a new Mini. The longer members had been
a customer with CMB, the more valuable the award. And for winners, if they had been with the
program for three years, they won use of the car for three years; those with the program for five
years won usage rights for five years.


87% Exhibit 8
Major Cross-Cultural Differences

Primary Choice: A Tool for Reaching Goals and Dreams Views of what money means to consumers in
Next-Highest Choice emerging countries

64%
• Q: People have different beliefs about money. Which
of the following statements is most true for you?
Please select one response only. “Money is a tool that
when used effectively will help you reach your goals
and dreams”; “Money is power, the more you have the
more important you are”; “Money is for spending and
enjoying. Buying things makes me happy and credit
cards ease my limitation”; “Money is security; the more
you have saved the better you are, it’s best not to
spend”; “Money is an unpleasant necessity; I try not to
worry about it, I can worry about money matters later.”
• Results indicate first and second most selected
31% statements by emerging country. n = 1,653
29%
22%

5%
Power Enjoyment Security
India China Brazil

Another major cultural difference emerges when we examine perceptions of money, as illustrated in
Exhibit 8. For example, the majority of respondents in each of the emerging economies selected “money
is a tool for reaching my goals and dreams.” But a nearly equal percentage in India selected money as
a source of power and status, suggesting an important role for loyalty program tiers and recognition
benefits. In China, a significant portion of respondents view money for “spending and enjoying,”
pointing toward loyalty messaging around how rewards and benefits can help members lead a more
enjoyable life.
Clearly there are important differences in consumer attitudes that should shape our loyalty strategies
as we embark on new business in emerging economies. Understanding the attitudinal differences of
customers from country to country will drive program design and maximize its relevance in each
culture.


IV: Setting Sail – A Five-Point Checklist
Our findings on customer perceptions and attitudes about loyalty from a mix of developed and
emerging economies lead us to several recommendations. These aren’t just guideposts for overseas
expansion – they can also set standards and map courses for loyalty programs at home.

Exhibit 9 Privacy concerns are widespread
Privacy Concerns As shown in Exhibit 9, Brazilians expressed the highest level of privacy worries – with
68%
Brazilians are the most concerned; Indians and Chinese
68% responding that they are “extremely concerned” (Top 2 Box) about protecting
are also concerned — but to a lesser degree their personal information, compared to 41% of Indians. Chinese respondents
are the least worried, at 33% – perhaps not surprising given the history of high
52% 51%
49% government involvement under communism. In developed countries, the rate
of concern was at 50%. The fact that there isn’t a large divide by country on this
41%
issue, with anywhere from a third to nearly two-thirds of customers expressing
33% privacy concerns, demands a new level of transparency from programs.
Case in point: eBay, one of the top-ten “2010 Most Trusted Companies for
Privacy” as cited in a Poneman Institute study, is recognized by its customers by
having a tight, comprehensive, and yet understandable privacy policy. They lay
out everything they do in an organized, searchable outline on the “My eBay”
U.S. CA AU IN CH BR section of their website, and give customers latitude to chose how and when they
MEAN 7.9 7.9 7.7 7.3 7.7 8.4 want to be contacted. Further, the company provides a series of short tutorials
on how to protect users’ identity, recognize various scams, and learn more
• Q: Please indicate how much you agree or disagree with each of the following about data security and privacy protection. eBay is recognized as having made
statement. “I am concerned about the privacy and protection of my personal
information.” Please use the scale from 1 to 10, where 1 means “strongly disagree”
and 10 means “strongly agree.” privacy protection a core operating principle internally, as well. The company
• Results indicate Top 2 box results for those who “strongly agree.” n = 4,414
provides employees with extensive orientation and training, reinforcing its
commitment to privacy leadership.
Exhibit 10
Reliance on Word-of-Mouth (WOM) Word-of-mouth (WOM) is growing
We know that the influence of “trialogue” – conversation between brands, their
8 customers, and the customer’s network of friends and family – is growing in
7
developed economies, aided by the broadcast and network effects of social and
US
CA digital media. Respondents in the developed economies indicated that
AU 6
IN
recommendations from trusted friends and family are particularly important
CH
5 before making purchases in dining and travel. Word-of-mouth is even more
BR
highly ranked in emerging countries: Consumers in India, China and Brazil rely
4
on conversations with friends, family and colleagues before buying in virtually
ng

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all categories, including financial services, travel and clothing. So, effective
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loyalty worldwide now means cultivating word-of-mouth and involving
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customers in the process of sharing information.
• Q: Please indicate how important conversations with friends, family or colleagues Case in point: China Merchants Bank (CMB) partnered with social networking
are to you when deciding what company to purchase from/ use in the following
categories. Please use a scale from 1 to 10, where 1 means “not at all important”
and 10 means “very important.”
company RenRen to issue a credit card that combines social, mobile and location
• Results show mean summary on 10-point scale for those who indicated that they services. When cardholders “check in,” they receive promotional information from
purchase products in those categories. n = 4,414
CMB’s merchant partners, along with program incentives.


Exhibit 11 You must have mobile
Engagement with Electronic Media 64% In developed countries, 8% of consumers are eager to engage with loyalty
Members in emerging countries are far more
programs via their mobile
engaged with channels of electronic media phones. Of course, this number is growing daily, as loyalty marketers in the U.S.
48% and Canada experiment with new apps and mobile transaction options. But
44%
that’s just a sprinkling of raindrops compared to the swelling flood of overseas
39%
mobile usage.
Swapping information with other members
via social networking sites
Exhibit 11 illustrates how critically important mobile is in China, India and Brazil,
Reading or responding to reward program 27%
o ers you receive via cell phone and how highly engaged those mobile users are with their loyalty programs.
18% Engaging customers via mobile is table stakes for customer communications in
emerging countries, and marketers must enter these markets ready to connect
9% 8% 8% on this level.
5% 5% 6%

Case in point: Vivo is the largest mobile phone service provider in South America,
U.S. CANADA AUSTRALIA INDIA CHINA BRAZIL
with over 60 million users. One way in which Vivo has leveraged its mobile capa-
• Q: How active are you in each of the following? 10 pt scale where 1 is “Not at all
bility is creating an app with the Brazilian national soccer team that allows fans
active” and 10 is “extremely active”; Not sure; Never done it before. Please
select one response for each statement. to watch live games, see team rosters and standings, and access such exclusive
• Results indicate Top 3 Box “Extremely Active.” Results are for SEC A/B only.
Significant differences in bold. n = 2,636 content as pictures and interviews with coaches and players.
All customers have dreams
Exhibit 12
Benefits centered around status and exclusivity remain appealing to those in
Preferences for Aspirational Benefits
developed economies, with about 14% of respondents saying they seek
Consumers in emerging countries prefer 39%
38% “rewards that allow you to dream.” Such “wish list” rewards are even more
aspirational rewards
highly desired in emerging markets, where shoppers are 2.5 times more likely
to look for these aspirational benefits, as seen in Exhibit 12. These consumers
28% yearn for status and experiential rewards.
2.5x The lower rates in developed countries point to an interesting insight – we
know that consumers in those countries also want to dream, so why is this
ranking comparatively low? The answer is that in more highly-developed
14% 14% markets, consumer desires are more complex. Aspirational benefits are table
13%
stakes in these markets, and “dreaming” goals won’t fully engage members
unless they are creative and varied enough to remain relevant.
In emerging economies, particularly Brazil and China, the need to include
U.S. CA AU IN CH BR inspired experiential benefits should not be overlooked. A mix of experiences
that allow customers to dream and indulge in memorable moments and more
• Q: Please indicate how important each of the following factors are, or would
be, in your decision to join a rewards program (assuming one was available
attainable “everyday” experiences is the path to success.
to you). “Offers rewards that allow you to dream.” Please use the scale from
1 to 10, where 1 means “not at all important” and 10 means “very important.”
• Results indicate Top 2 Box selections for members and those willing to
Case in point: Multiplus, a coalition program in Brazil, offers a wide range of
participate in the future. Results are for SEC A/B in emerging countries.
n = 3,397 experiential activities that include learning to brew beer or driving a Ferrari.
But dreaming isn’t limited to fantasy vacations. Multiplus redemption options
also include a variety of educational and self-help benefits, including financial
consulting, English class tuition and professional training.


Exhibit 13 Everyone wants special treatment
Desire for “Soft” Benefits 52% Consumers in all surveyed countries say that perks, privileges and recognition
Across all countries, it’s nice to be recognized
benefits matter to them. When study respondents were asked if “special perks
42%
and benefits” are important, Top 2 box responses ranged from 25% of
O ers “special/preferential” treatment Canadians to 52% of Brazilians. This range closely correlates to similar ratings
37% 38%
O ers special perks/beneﬁts
of the importance of preferential treatment. So, delivering access to special
31% privileges is a critical soft benefit that can’t be overlooked in any program – as
29%
26% 27% 26% demonstrated in Exhibit 13.
25% 25%
21%

Case in point: Tanishq is a jewelry retailer in India that emphasizes recognition
and special treatment. Its Anuttara program rewards and recognizes customers
with rewards points, but also with special care and evaluations for older jewelry,
new jewelry previews, factory visits and group celebration events.

U.S. CANADA AUSTRALIA INDIA CHINA BRAZIL

• Q: Please indicate how important each of the following factors are, or would
be, in your decision to join a rewards program (assuming one was available to
you). “Offers special or preferential treatment to its members” and “Offers
other special perks and benefits (beyond the rewards you can redeem for).”
Please use the scale from 1 to 10, where 1 means “not at all important” and 10
means “very important.”
• Results indicate Top 2 Box selections for members and those willing to
participate in the future. Results are for SEC A/B in emerging countries.
n = 3,397

In Conclusion: Set a True Course
Like the distant Asian countries that defined the spice trade when Columbus set sail, today’s BRICS
nations hold both mystery and great promise for marketers. Likewise, marketers in developed nations
may feel a bit lost by plateauing levels of program engagement. But there is no longer any mystery
about what customers want from their loyalty programs. These insights from consumers in emerging
and developed nations will guide companies in the right direction, whether exploring new markets or
expanding horizons at home.
This data reveals the need for companies to augment their overseas strategy beyond just brick-
and-mortar plans, or staff, hiring and inventory decisions. Incorporating these insights about customer
perceptions and attitudes can help you win customer hearts and minds instead of just claiming new
square footage. Our global compass will point you toward engaging customers from the outset of
your relationship with a strong mix of recognition benefits and rewards.


Appendix:

Methodology
The 2011 COLLOQUY Cross-Cultural Loyalty Study was fielded via an online survey during July 2011.
Approximately 1,000 responses were collected in both the U.S. and Canada, while a minimum of 500
responses were collected in Australia, China, India and Brazil. The online survey was run in English
in all countries, but also translated to French in Canada, Simplified Chinese in China, and Portuguese
in Brazil.
Respondents in the emerging economies of China, India and Brazil were further classified by socio-
economic class A, B and C. COLLOQUY collected a minimum of 300 responses for SEC A/B and 200
responses for SEC C in each of the emerging countries studied.

Surveyed Total Sample Demographic Segment

United States n = 1100 General Population + Aﬄuent, Young Adults, Seniors

Canada n = 1151 General Population + Aﬄuent, Young Adults, Seniors

Australia n = 510 General Population Only

India n = 508 SEC Classes A, B, and C Only

China n = 627 SEC Classes A, B, and C Only

Brazil n = 518 SEC Classes A, B, and C Only



The Authors
As COLLOQUY Managing Partner, Kelly Hlavinka has helped define and carry
out COLLOQUY’s mission as the voice of the loyalty industry since 1996.
Drawing on her 20 years as a loyalty specialist, Kelly develops articles, white
papers and educational initiatives that illuminate the many ways to unlock the
asset of customer-specific data.

As COLLOQUY Partner, Jim Sullivan directs the advancement of Enterprise
Loyalty at COLLOQUY, an endeavor guided by his almost 30 years of managing in
marketing, strategic planning, business development, innovation, and
communications. Jim assists with COLLOQUY’s loyalty workshops, seminars and
conferences, and serves as an academic liaison for colleges, universities and
other institutions researching Enterprise Loyalty.

Research Coordinator Wardah Malik
Research Analyst Jill Hickman

The Publisher
COLLOQUY comprises a collection of publishing, education and research resources devoted to
the global loyalty marketing industry. COLLOQUY has served the loyalty marketing industry
since 1990 with more than 45,000 global subscribers. Its research division develops consumer
and B2B studies and white papers, and COLLOQUY also provides educational services through
workshops, webinars and speeches worldwide. For more information, visit www.colloquy.com.
COLLOQUY is owned by LoyaltyOne, a global provider of loyalty strategy and programs,
customer analytics and relationship marketing services. Toronto-based LoyaltyOne is an
Alliance Data company. For more information, visit www.loyalty.com.
For more COLLOQUY white papers and studies, visit www.colloquy.com/whitepapers

The Sponsor
Epsilon is a leading marketing services firm, with a broad array of data-driven, multichannel
marketing solutions that leverage consumer insight to help brands deepen their relationships with
customers. Epsilon is an Alliance Data company. For more information, visit www.epsilon.com.

4445 Lake Forest Dr., Cincinnati OH 45242
Telephone: +1.513.248.9184
Fax: +1.513.248.9184
Email: info@colloquy.com
©2011 LoyaltyOne US, Inc. All rights reserved. Permission to reprint may be granted upon specific request. COLLOQUY is a trademark of
Alliance Data Systems Corporation used under license by LoyaltyOne US, Inc., an Alliance Data Systems Company. sponsored by

The Global Loyalty Compass

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