Verizon Communications Inc. (NYSE:VZ) Unveils New Rewards Program To Strengthen Customer Loyalty

Verizon Communications Inc. (NYSE:VZ) has unveiled a new rewards program as part of an effort that seeks to strengthen customer loyalty in the network. ‘Verizon Up’ is the new rewards program that is completely different from traditional programs that require customers to redeem accumulated points for discounts or merchandise.

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Verizon UP

In a blog post, the telecom giant says the new rewards program was born out of the frustrations that consumers have echoed all along, on being forced to accumulate thousands of points to enjoy discounts.

“Customers were seeking real rewards that had real value, and, most importantly, they wanted rewards that were rooted in experiences. That’s how Verizon Up came to life. Verizon is upping their game and listening even harder to their customers,” Verizon in a blog post.

Under the new program, the nation’s largest wireless carrier will reward customers for every $300 spent on the network. Earned credits can be redeemed for rewards or customer experiences. Some of the offers include device dollars for next device purchase, discounts on accessory as well first come first serve ticket opportunities.

Verizon will allow customers to select exciting rewards from partners such as Apple Music, Jet Blue and HBO NOW. The company is also in discussions with other partners as it seeks to diversify and bolster the rewards that customers can access.

Lady Gaga Partnership

In a bid to get more customers locked in the network and sign up for the rewards program, the company has partnered with Lady Gaga. Customers will be able to redeem earned credits for Lady Gaga’s upcoming U.S tour. Customers who redeem credits for tickets will also have their own special seating section in the upcoming tour. The carrier is offering tickets to NFL Games as well as other major events.

Verizon is using Lady Gaga as the centerpiece of ‘Up’ as part of a marketing ploy that seeks to differentiate the program from previous offerings. The company finds itself locked in a fierce battle for mobile customers as price wars from the likes of T-Mobile US Inc.(NASDAQ:TMUS) continues to affect profit margins.

Verizon was up by 0.08% in Friday’s trading session to end the week at $48.6 a share.

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