Why Points Don’t Create Loyalty (They Just Create Costs)
Last reviewed: 14 November 2025 Quick answer: Most point-based loyalty programs fail because points delay value, drop engagement, and create liability. Referral rewards drive higher repeat rates and stronger ROI. Table of Contents Why Loyalty Program Points Matter The Problem With Loyalty Points Do Points Increase Loyalty? The Real Cost Problem: Liability, Breakage, and Discounts…