Most Loyalty Programs Are Leaving Money on the Table
Loyalty programs represent one of the largest untapped sources of revenue in modern business — yet most companies treat them as a marketing expense rather than the strategic asset they can be.
If any of these sound familiar, this book was written for you:
You struggle to prove the ROI of your loyalty program to your CFO or executive team
Your rewards program feels transactional — and customer engagement is declining
You're not sure whether to build, buy, or partner for your next program evolution
You're watching competitors use AI, sustainability, and new business models to pull ahead
You lead a small business and wonder whether a loyalty program is even worth it at your scale
You manage a large, established program and need a framework for what comes next
Strategic Loyalty changes the conversation — from "how do we give away points?" to "how do we build a multi-functional economic engine?"
A Strategic Blueprint — From First Principles to Cutting-Edge Innovation
Across 12 chapters and 2 practical appendices, Strategic Loyalty gives you:
The economics of loyalty — KPIs, program P&Ls, and how to make the case to your CFO
A maturity model to assess where your program stands and what it takes to reach the next level
A clear-eyed comparison of B2C, B2B, and B2B2C programs — with the unique challenges of each
How AI and Agentic AI are reshaping personalization, churn prediction, and program ROI
The real value of rewards points — and why breakage is a trap, not a windfall
How the world's largest loyalty programs operate globally, and what smaller programs can learn from them
Sustainability-driven loyalty: turning the circular economy into a competitive differentiator
Gamification, communities, and engagement mechanics that go beyond points and discounts
Practical frameworks for launching a new program or rebooting an existing one
Chapters at a Glance
Chapter 1: Subscriptions, Memberships, Loyalty & Rewards — Where do they differ and overlap?
Chapter 2: The Loyalty Ecosystem — Technology providers, affiliates, and browser extensions
Chapter 3: The Business Case — KPIs, program economics, and CFO-ready frameworks
Chapter 4: A Maturity Model for Evolving Loyalty Programs
Chapter 5: Small-Scale Programs — When should you start, and how?
Chapter 6: The World's Largest Loyalty Programs — Local vs. global complexities
Chapter 7: B2C, B2B, and B2B2C Loyalty — A comparative framework
Chapter 8: From Points to Purpose — Loyalty and Sustainability
Chapter 9: AI's Transformative Role — From reactive to predictive loyalty
Chapter 10: Rewards Points as Currency — Value, interoperability, and cash-back dynamics
Chapter 11: Engagement Mechanics — Games, raffles, gamification, communities, and experiences
Chapter 12: How Members Behave — Super users, occasional users, and dormant accounts
Appendix 1: How to Start and Grow a Loyalty Program
Appendix 2: How to Assess and Reboot an Existing Program
About the Author
Meet Laurent Guinand, PhD
Laurent Guinand brings three decades of hands-on strategy experience to the most nuanced challenge in modern business: building loyalty programs that actually work.
After 20 years in strategy consulting with Kearney and Accenture, Laurent turned his focus to loyalty — first as VP of Strategy and Innovation at AARP (38 million members), and then as General Manager of One Road, the global B2B2C loyalty program of the FIA (Fédération Internationale de l'Automobile), supporting 180 automobile clubs and 90 million members worldwide.
Today, Laurent is the founder and CEO of Aramis Advisors, a boutique consultancy and fractional executive agency specializing in loyalty program design, evaluation, and the development of new revenue streams. He works across Financial Services, Health & Wellness, Aging, and Non-Profit sectors.
His academic credentials include a PhD in Economics from Sorbonne Paris Nord University, a Master of Law and Diplomacy from Tufts University, and a mini-MBA from the University of Michigan. He has served as a Lecturer at universities in the U.S. and Europe.
His obsession with loyalty? It started at age five — with a chocolate bar and a collectible card.
Praises & Endorsements
What Industry Leaders Are Saying
"Laurent Guinand has written the definitive guide to loyalty program strategy. Drawing on years of hands-on experience and deep economic analysis, this book transforms loyalty from a marketing tactic into a strategic imperative. Essential reading for any business leader serious about customer retention."
— Paula Thomas, Founder & CEO, Let's Talk Loyalty · 2025 Loyalty Industry Personality of the Year
"Strategic Loyalty brings much-needed financial rigor to customer loyalty literature. What sets it apart is its rare use of CFO-level language and metrics — a perspective often missing from loyalty discussions. Essential reading for executives seeking loyalty strategies that resonate in the boardroom."
— Lisa Seron, Partner Manager Benelux & France, Edenred Mobility France
"This is one of the few loyalty books that actually makes sense in the real world. It's clear, smart, and grounded in how loyalty really works — not just theory. If you work with memberships, subscriptions, partnerships, or customer engagement, this is a very useful and insightful read."
— Diana Dumois, Director Member Relations & Development, FIA
"Guinand's new book masterfully bridges the gap between the foundational loyalty effect and today's complex digital reality. It's a sophisticated blueprint for any leader who needs to prove to their CFO that loyalty isn't just a marketing expense but a measurable driver of enterprise value. A five-star must-read."
— Steven Wunker, Managing Director, New Market Advisors · Co-author of AI and the Octopus Organization, Costovation, and Jobs-to-be-Done
"Dr. Guinand provides a comprehensive, end-to-end framework for understanding the economics, design, technology, and management of modern loyalty programs — making it a uniquely practical resource for strategists and executives."
— Mark Bagin, VP Product Development & Product Management, AARP Services, Inc.
"Laurent Guinand brings rare depth and clarity to the fast-evolving world of loyalty programs. It is both an accessible primer and a valuable reference for seasoned practitioners."
— Peter High, President, Metis Strategy · Host of Technovation Podcast · Columnist at Forbes
"Strategic Loyalty reframes loyalty from a tactical marketing tool into a powerful strategic and financial engine. By shifting the narrative from 'giving away points' to 'building a multi-functional economic engine,' the book provides a blueprint for making more informed, and often unconventional, strategic decisions."
— Stéphane Dezerable, Founder, Carbon Edge
Who should read this book?
Written for Leaders at Every Stage of the Loyalty Journey
New to Loyalty?
Get the comprehensive overview you need — the economics, the terminology, the ecosystem, and the frameworks — without wading through academic journals or fragmented blog posts.
Experienced Loyalty Professional?
Explore the themes beyond your daily focus: AI-driven personalization, sustainability integration, global program complexities, B2B2C models, and the evolving economics of rewards as currency.
Entrepreneur or Business Owner?
Understand whether a loyalty program is right for your stage of growth — and if so, exactly how to build one that generates profit from day one, even with fewer than 10,000 members.
Executive or CFO-Track Leader?
Speak the language of loyalty that resonates in the boardroom. Learn to position your program as a strategic asset, not a cost center — with the KPIs, P&L structures, and ROI frameworks to back it up.
The big ideas
Five Ideas That Will Change How You Think About Loyalty
1. Loyalty Is Strategic Infrastructure
During the pandemic, major airlines used their loyalty programs as collateral to secure multi-billion dollar loans. Loyalty isn't a marketing tool — it's a financial asset on your balance sheet.
2. Your Best Program Is Also Your Best Acquisition Tool
Forget the traditional funnel. The most powerful loyalty programs — think Amazon Prime — are built on the insight that customers join for the program, then buy. Loyalty drives acquisition, not just retention.
3. Breakage Is a Trap
Finance teams love unredeemed points. The data says otherwise: members who redeem rewards spend 6.3× more over their lifetime than non-members. Every unused point is a missed relationship.
4. Agentic AI Will Rewrite the Rules
The next frontier isn't chatbots or recommendations — it's autonomous AI systems that predict churn 30 days before it happens and take independent action to prevent it.
5. Small Programs Can Win Big
You don't need a million members to build a profitable loyalty program. The book shows how businesses with fewer than 10,000 members can generate outsized returns through personalization and operational efficiency.