Professors Meyer-Waarden and Benavent have just published some new research on loyalty that may underscore some of we’ve been talking about now for a while: most rewards don’t reward those whose loyalty really matters.

Their thesis is that consumers all value different things and a one size fits all program will miss the mark the majority of the time. Pushing purchase discounts to someone who cares about personal service may incent that person every so often, but won’t convert them to a loyal customer. Professors Meyer-Waarden and Benavent also describe the fact that this “one size fits all” approach has led to a commoditization of loyalty programs that have now become indistinguishable across brands. The result is a set of very expensive programs that may not be delivering its intended purpose.

Their remedy is not at all like the loyalty programs as we know them today. They believe that first step is to really evaluate what your most profitable customers really want and then build programs around that. Inducements and special offers that trigger purchasing behavior is never a bad thing, but a blanket program designed to rack up points that may not mean much may be. No one wants to be the first to “tamper” with a loyalty structure that has now become the table stakes for many card issuers, but understanding what your best and most loyal customers value may help you make better decisions about how to both keep and find more of them.

For some of our thoughts on loyalty, check out our classic piece on loyalty.