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

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The Global Loyalty Compass

The 2011 COLLOQUY Cross-Cultural Loyalty Study
The 2011 COLLOQUY Cross-Cultural Loyalty Study 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 available in three companion white papers: This paper, The Global Loyalty Compass, compares developed and emerging markets The Rules of Engagement: Loyalty in the U.S. and Canada examines loyalty challenges and opportunities in these two countries and provides tracking data related to our previous research on consumer attitudes and perceptions about loyalty Differences in the Global Village studies attitudes and behavior in emerging countries, and launches COLLOQUYs more detailed coverage of Brazil, China and India

Introduction
When todays airline pilots point their mega-liners overseas, they use the same instrument that Christopher Columbus relied on to search for a secret route to India: the compass. Its one of the oldest navigational tools, indispensable for pointing out true north and guiding explorers safely on course. Like the mariners of old, todays loyalty practitioners are seeking the navigational tool that will allow them to discover new lands and opportunities, such as those in the BRICS countries of Brazil, Russia, India, China and South Africaand to re-map old territories, by steering through challenges in developed countries like the United States and Canada. To create a guiding tool, we conducted the 2011 COLLOQUY Cross-Cultural Loyalty Study, the first of its kind, to compare several emerging and developed economies. Whether youre a multinational corporation planning to expand your global reach, or a local company aiming to revitalize your domestic program, the consumer attitudes 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.

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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

Income growth will increase the size of the middle class in proportion to the world population The middle class population will expand signicantly from 2000 to 2030

Middle 7% Class Poor 80.3%

Middle Class

16% 1.33B

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 ($4,00017,000) 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 Class 2000 2030 2000

7%

Middle Class 2030

16%

Exhibit 2 Acceptance of Foreign Brands

Consumers in emerging countries are much more accepting of competition from foreign countries
28%
5x

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 that competition from foreign companies is a good thing. In particular, 43% Chinese respondents were almost five times more likely than Americans to agree with this statement. In stark contrast, only about 7% of consumers in developed countries felt that foreign competition was 30% positive, as shown in Exhibit 2. In general, all consumers show a higher level of trust for brands from 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 developed economies. There, consumers are over twice as likely to trust their own brands versus ones from other countries.

9%

8% 6%

U.S.
MEAN

CA
5.5 5.8

AU
5.3

IN
7.1

CH
8.0

BR
6.4

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Please indicate how much you agree or disagree with the following statement. 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. Results indicate Top 2 Box proportions for those who Strongly Agree and mean score. n = 4,414

This means that established global brands have a keen opportunity with consumers in the emerging economies. With a loyalty strategy thats well thought-out from the outset, they can not only invite initial trial and purchase, but also lay a sound foundation for strong on-going relationships.

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Exhibit 3 Optimism for the Coming Decade

Consumers in emerging countries express economic optimism at a level 2-4 times higher than 2-4x those in developed countries
34%

71%

II: The Great Rift

47%

17%

18% 12%

When it comes to big-picture issues like the economy and the future, a sizeable gap divides consumer perceptions in the two economies. Consumers in emerging countries can be characterized by the Three Es: they are Energetic, Engaged, and Enthusiastic. In contrast, consumers in developed countries can be summed up by the Three Ts: they are Tired, Turned Off and Tuned Out. Indicators of this rift in attitude include:
BR
7.9 8.8

U.S.
MEAN

CA
6.2 6.4

AU
5.9

IN
7.5

CH

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Please indicate how much you agree or disagree with the following statement. I am confident that my/ my familys economic prospects will improve over the next ten years. 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

Exhibit 4 Optimism and Credit Use

17%

20% 19%

Economic outlook: When asked if economic prospects for themselves and their families would improve in the next ten years, consumers in emerging economies expressed optimism at levels two to four times higher than those in more developed markets. As we see in Exhibit 3, the divide is significant, with Brazilians the most confident about their economic future, and the developed nations closely grouped at the lowest levels of optimism. Credit card use: Consumers in emerging economies are five times more likely to use credit for things you cant afford right now than those in developed markets. Exhibit 4 illustrates that consumers in developed countries express a clear spending bias toward status spending and 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.

Consumers in emerging countries share higher economic optimism and are more open to credit card spending for things you 5x cant aord right now

4% 3% 3%

U.S.
MEAN

CA
3.2 3.3

AU
3.4

IN
6.2

CH
6.1

BR
4.5

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Please indicate how much you agree or disagree with the following statement. Using a credit card to pay for things you cant 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

Clearly, this gap is significant when it comes to higher levels of optimism and engaged shopping behavior in emerging markets, and this has powerful implications for loyalty program design and management.

Exhibit 5 Optimism and Special Service

In emerging countries, a much greater percentage of shoppers dene themselves as expecting special service
24%
3x

43%

25%

11% 9% 9%

U.S.
MEAN

CA
5.1 5.4

AU
5.6

IN
6.9

CH
7.0

BR
7.3

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study 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

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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% 28%

Exhibit 6 Influence of Reward Programs

27%
Loyalty programs inuence on the purchaser is greater in emerging countries than in developed countries

2x
Source: 2011 COLLOQUY Cross-Cultural Loyalty Study 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, where 1 means not at all influential and 10 means extremely influential. Please select one response only. Results indicate Top 2 Box proportion. Results are for rewards program members only and SEC A/B in emerging countries. n = 2,636

17% 15% 12%

U.S.
MEAN

CA
6.4 6.0

AU
6.1

IN
7.0

CH
7.8

BR
6.5

As a result, opening your doors for business in a BRICS or other emerging country doesnt 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.

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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 wont necessarily transplant effectively to another without some tweaks or perhaps major changes. Lets start by looking at perceptions of what loyalty isnt. Experienced program managers and mar keters already know that customers attracted by sales and discounts arent 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. Sta Quality Willingness to Recommend Non Price-Conscious Years/Tenure with Retailer Familiar Store Layout Personal Service Share of Spend with Retailer Location Proximity Sales Shopper 1 2 3 4 5 6 7 8 9

CA 1 2 3 4 5 6 7 8 9

AU 3 1 4 2 5 6 7 8 9

IN 2 1 6 3 7 4 8 5 9

CH 6 4 2 1 3 5 7 8 9

BR 3 1 5 2 6 4 8 7 9

Exhibit 7 What Loyal Behavior Looks Like

Cultural nuances aect consumer denitions of loyalty.

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Below is a list of different customer experiences 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 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 Results indicate rankings for each statement by country.

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 Chinas 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.

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87%

Exhibit 8 Major Cross-Cultural Differences

Views of what money means to consumers in emerging countries

Primary Choice: A Tool for Reaching Goals and Dreams Next-Highest Choice

64%

31%

29% 22%

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study 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, its 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 statements by emerging country. n = 1,653

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.

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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 arent just guideposts for overseas expansion they can also set standards and map courses for loyalty programs at home.

Exhibit 9 Privacy Concerns

68%

Brazilians are the most concerned; Indians and Chinese are also concerned but to a lesser degree
52% 51%

49% 41% 33%

Privacy concerns are widespread As shown in Exhibit 9, Brazilians expressed the highest level of privacy worries with 68% responding that they are extremely concerned (Top 2 Box) about protecting their personal information, compared to 41% of Indians. Chinese respondents are the least worried, at 33% perhaps not surprising given the history of high government involvement under communism. In developed countries, the rate of concern was at 50%. The fact that there isnt a large divide by country on this issue, with anywhere from a third to nearly two-thirds of customers expressing 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 section of their website, and give customers latitude to chose how and when they 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 about data security and privacy protection. eBay is recognized as having made privacy protection a core operating principle internally, as well. The company provides employees with extensive orientation and training, reinforcing its commitment to privacy leadership. Word-of-mouth (WOM) is growing We know that the influence of trialogue conversation between brands, their customers, and the customers network of friends and family is growing in developed economies, aided by the broadcast and network effects of social and digital media. Respondents in the developed economies indicated that recommendations from trusted friends and family are particularly important before making purchases in dining and travel. Word-of-mouth is even more highly ranked in emerging countries: Consumers in India, China and Brazil rely on conversations with friends, family and colleagues before buying in virtually all categories, including financial services, travel and clothing. So, effective loyalty worldwide now means cultivating word-of-mouth and involving customers in the process of sharing information. Case in point: China Merchants Bank (CMB) partnered with social networking company RenRen to issue a credit card that combines social, mobile and location services. When cardholders check in, they receive promotional information from CMBs merchant partners, along with program incentives.

U.S.
MEAN

CA
7.9 7.9

AU
7.7

IN
7.3

CH
7.7

BR
8.4

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Please indicate how much you agree or disagree with each of the following 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. Results indicate Top 2 box results for those who strongly agree. n = 4,414

Exhibit 10 Reliance on Word-of-Mouth (WOM)

8
US CA AU IN CH BR

7 6 5 4

ile rs ci al pr se ov rv Cl id ice ot er hi s ng re ta ile rs

ni ng

Tr av el

re ta

Gr oc er

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: Please indicate how important conversations with friends, family or colleagues 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. Results show mean summary on 10-point scale for those who indicated that they purchase products in those categories. n = 4,414

Fi n

Au to m

an

ot

iv e

Di

fu e

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Exhibit 11 Engagement with Electronic Media

Members in emerging countries are far more engaged with channels of electronic media
48% 44% 39%
Swapping information with other members via social networking sites Reading or responding to reward program o ers you receive via cell phone

64%

You must have mobile In developed countries, 8% of consumers are eager to engage with loyalty programs via their mobile phones. Of course, this number is growing daily, as loyalty marketers in the U.S. and Canada experiment with new apps and mobile transaction options. But thats just a sprinkling of raindrops compared to the swelling flood of overseas mobile usage.
27%

18%

9%

8% 5% 5%

6%

8%

Exhibit 11 illustrates how critically important mobile is in China, India and Brazil, and how highly engaged those mobile users are with their loyalty programs. Engaging customers via mobile is table stakes for customer communications in emerging countries, and marketers must enter these markets ready to connect on this level. Case in point: Vivo is the largest mobile phone service provider in South America, with over 60 million users. One way in which Vivo has leveraged its mobile capability is creating an app with the Brazilian national soccer team that allows fans to watch live games, see team rosters and standings, and access such exclusive content as pictures and interviews with coaches and players. All customers have dreams Benefits centered around status and exclusivity remain appealing to those in developed economies, with about 14% of respondents saying they seek rewards that allow you to dream. Such wish list rewards are even more 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 yearn for status and experiential rewards. 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 markets, consumer desires are more complex. Aspirational benefits are table stakes in these markets, and dreaming goals wont fully engage members unless they are creative and varied enough to remain relevant.

U.S.

CANADA AUSTRALIA

INDIA

CHINA

BRAZIL

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study Q: How active are you in each of the following? 10 pt scale where 1 is Not at all active and 10 is extremely active; Not sure; Never done it before. Please select one response for each statement. Results indicate Top 3 Box Extremely Active. Results are for SEC A/B only. Significant differences in bold. n = 2,636

Exhibit 12 Preferences for Aspirational Benefits

Consumers in emerging countries prefer aspirational rewards
38% 39%

28%
2.5x

13%

14%

14%

U.S.

CA

AU

IN

CH

BR

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study 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 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 participate in the future. Results are for SEC A/B in emerging countries. n = 3,397

In emerging economies, particularly Brazil and China, the need to include inspired experiential benefits should not be overlooked. A mix of experiences that allow customers to dream and indulge in memorable moments and more attainable everyday experiences is the path to success. Case in point: Multiplus, a coalition program in Brazil, offers a wide range of experiential activities that include learning to brew beer or driving a Ferrari. But dreaming isnt 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.

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Exhibit 13 Desire for Soft Benefits

Across all countries, its nice to be recognized
42%
O ers special/preferential treatment O ers special perks/benets

52%

37% 38% 31% 29%

26% 27% 21%

25%

25%

26%

Everyone wants special treatment Consumers in all surveyed countries say that perks, privileges and recognition benefits matter to them. When study respondents were asked if special perks and benefits are important, Top 2 box responses ranged from 25% of Canadians to 52% of Brazilians. This range closely correlates to similar ratings of the importance of preferential treatment. So, delivering access to special privileges is a critical soft benefit that cant be overlooked in any program as demonstrated in Exhibit 13. 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

Source: 2011 COLLOQUY Cross-Cultural Loyalty Study 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, todays 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 brickand-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.

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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 socioeconomic 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
United States Canada Australia India China Brazil

Total Sample
n = 1100 n = 1151 n = 510 n = 508 n = 627 n = 518

Demographic Segment
General Population + Auent, Young Adults, Seniors General Population + Auent, Young Adults, Seniors General Population Only SEC Classes A, B, and C Only SEC Classes A, B, and C Only SEC Classes A, B, and C Only

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The Global Loyalty Compass

The 2011 COLLOQUY Cross-Cultural Loyalty Study

The Authors
As COLLOQUY Managing Partner, Kelly Hlavinka has helped define and carry out COLLOQUYs 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 COLLOQUYs 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.

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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.

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