Loyalty in Fuel and Gas Industry in 2022

by Natasha Ambavle |

Loyalty in Fuel and Gas Industry in 2022

The face of loyalty in the fuel and gas industry has undergone a massive transformation in the past decade. Today, loyalty programs are the key drivers of revenue and formidable means of retaining customers.

In this article, we will explore the current loyalty regime in the fuel industry and how major industry players are leveraging the maximum benefits of fuel rewards programs.

An Overview of The Fuel and Gas Industry in 2021

While the oil and gas industry suffered a major blow during the pandemic. Since the easing of lockdown restrictions, the industry has picked up a considerable pace, especially since the third quarter of 2020. Although it is unlikely that the oil and gas industry will enjoy the success of pre-COVID 19 days, the recovery is strong and is only getting better with the months. However, the forecast is likely to change with the upsurge in COVID-19 cases across the country and the world.  The rapid inflation in oil prices is also a strong factor in the supply and demand chain. This is why companies across the sector are adopting loyalty strategies and fuel rewards programs to offer better returns to their customers and stimulate a value exchange.

What are Fuel Rewards Programs and How Do They Work?

As the name suggests, fuel rewards programs are loyalty strategies designed specifically for the oil and gas industry. These strategies are formulated to improve customer satisfaction and by extension retention rate. However, loyalty programs help to achieve much more than just retaining customers. Customers engaged via a loyalty program, have increased brand affinity. Their prolonged engagement and association with the brand turns them into loyal customers and brand advocates, thereby bringing in more customers through word-of-mouth marketing.

Fuel rewards programs have a simple strategy, customers are rewarded for every refill with points. These points can be redeemed for discounts and rewards. With the economic inflation and rising fuel prices, these discounts can be quite valuable to customers and in turn for the company in the long run.

Taking Inspiration from the Best Gas Rewards Programs

Companies across the world have reinvented fuel and gas loyalty programs and are successfully leveraging its benefits. Listed below are a few companies and their programs, you could draw inspiration from

  1. RaceTrac – RaceTrac Petroleum Inc. has a successful program called RaceTrac Rewards. The customers enrolled in the program can earn points on every gallon they purchase. Not only this but customers are eligible to earn points on every 25 cents they spend on RaceTrac. Customers can redeem these points for rewards. It is a tiered program that keeps customers motivated to earn more points to win better rewards.

 

  1. BP – The British Multinational oil and gas company has an extremely well-known and inspiring loyalty program called BPme, previously known as BP Driver Rewards. BPme allows customers to save 5 cents on a gallon and on purchases made from Amoco Gas Stations. The BPme app provides a dashboard for customers to check status updates and points accumulated and it also gives vital first-part data to the company in return.

 

  1. Shell – Royal Dutch Shell plc, has a great fuel rewards program called Shell Fuel Rewards. Shell Fuel Rewards requires customers to link their credit cards to the program as a participation requirement. Again, it’s a great tactic to mine data, ethically and legally. Shell fuel rewards its customers for every gallon they purchase. Shell Fuel Rewards is also affiliated with many restaurants and allows customers to earn points whenever they dine out as well. Customers can earn up to $50 by spending on the affiliated restaurant.

 

  1. Citi – Although Citi is not a gas and petroleum company it still has a well-known program worth discussing. Customers enrolled with Citi for their Citi Premier Mastercard can earn points on every gas refill. The program allows its customers 80,000 points on purchases worth $4000 and above and $3 on gas stations as well. Citi Premier Mastercard program is well received because of the perks its offers to its customers.

 

  1. Wells Fargo – Similarly Wells Fargo, allows its loyalty program members to earn points on various activities including gas refills. It has a tiered program that handsomely rewards its customers for escalating through the tiers. The program is a big success because it makes winning points is easy and allows customers to earn discounts in the long run.

 

  1. Kroger – The Kroger Company’s Kroger Fuel Rewards allows its loyalty members to earn points through purchases. Every 100 points earn the customer 10 cents off on every gallon of fuel they purchase.

 

Why You Need the Expertise of Annex Cloud to Design Your Fuel Rewards Program?

Annex Cloud has scored the highest possible scores in 15 criteria in the new Forrester Wave. It has a decade of experience in the American loyalty sector having catered to companies from various verticals from Oil and Gas to Retail and even Luxury Goods.

With over 100 integrations, Annex Cloud can help you design, execute and manage your loyalty program for maximum effectiveness and ensure high returns. Annex Cloud designs loyalty strategies after careful consideration of various factors such as brand image and guidelines, target group preference and consumer psyche as well as marketing and business objectives. Click here to know how Annex Cloud can amplify your business reach.

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