The Return podcast

Nobody Is Loyal to a Discount

17.8.2026
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I argue loyalty programs don't create loyalty, they just find the guests who were already loyal and put a price tag on them.

Zach Goldstein, founder and CEO of Thanx, builds those programs for a living.

They get into why most loyalty metrics are meaningless, what the "40% of revenue through the app" number actually tells you, and why a program that hasn't changed in two years is holding your brand back instead of growing it.

18 minutes, no filler.

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