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Loyalty Program Liabilities and Point Values

机译：会员计划的责任和积分值

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Problem definition: Loyalty programs (LPs) introduce a new currency-the points-through which customers transact with firms. Such points represent a promise for future service, and their monetary value thus counts as a liability on the issuing firms' balance sheets. Consequently, adjusting the value of points has a first-order effect on profitability and performance and emerges as a core operating decision. We study the problem of optimally setting the points' value in view of their associated liabilities. Academiclpractical relevance: Firms across numerous industries increasingly utilize LPs. The sheer magnitude of LPs coupled with recent changes in accounting rules have turned the associated liabilities into sign i ficant balance-sheet items, amounting to billions of dollars. Managers (from chief financial officers to chief marketing officers) struggle with the problem of adjusting the points' value in view of these liabilities. Academic work is primarily aimed at understanding LPs as marketing tools, without studying the liability angle. Methodology: We develop a multiperiod model and use dynamic programming techniques and comparative statics analysis. Results: We show that the optimal policies depend on a new financial metric, given by the sum of the firm's realized cash flows and outstanding deferred revenue, which we refer to as the profit potential. The total value of loyalty points is set to hit a particular target, which increases with the profit potential. We find that loyalty programs can act as buffers against uncertainty, with the value of points increasing (decreasing) under strong (weak) operating performance and increasing with uncertainty. Managerial implications: Setting the point values and adjusting operating decisions in view of LP liabilities should be done by tracking the firm's profit potential. Loyalty programs can act as hedging tools against uncertainty in future operating performance, which provides a new rationale for their existence, even in the absence of competition.
机译：问题定义：忠诚度计划（LP）引入了一种新的货币，即与客户进行交易的积分。这些要点代表了对未来服务的承诺，因此它们的货币价值在发行公司的资产负债表上算作负债。因此，调整积分的价值对获利能力和绩效具有一阶影响，并成为核心运营决策。我们研究了根据积分的相关负债来最佳设置积分价值的问题。学术上的实用性：众多行业中的公司越来越多地使用LP。有限合伙人的数量庞大，加上最近的会计准则变更，已使相关负债变成重要的资产负债表项目，总计数十亿美元。经理（从首席财务官到首席营销官）面临着根据这些负债来调整积分价值的问题。学术工作的主要目的是在不研究责任角度的情况下将有限合伙人理解为营销工具。方法：我们开发了一个多周期模型，并使用动态编程技术和比较静态分析。结果：我们表明最优政策取决于新的财务指标，该指标由公司的已实现现金流量和未偿还的递延收入的总和得出，我们将其称为潜在利润。忠诚度积分的总价值将达到特定目标，该目标会随着潜在利润的增加而增加。我们发现，忠诚度计划可以作为抵御不确定性的缓冲，在强（弱）运营绩效下，积分值会增加（减少），而随着不确定性而增加。对管理的影响：鉴于有限责任，设置点值和调整经营决策应通过跟踪公司的利润潜力来完成。忠诚度计划可以作为对冲未来运营绩效不确定性的对冲工具，即使在没有竞争的情况下，也可以为其提供新的依据。

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