Built By Me Podcast

Welcome to the Built By Me Podcast! Get ready for a journey into the heart of entrepreneurship as we explore the stories behind successful businesses. Join us every other week as we delve into personal journeys, share tangible tips, and uncover the secrets to success.

Our goal? To leave you feeling inspired and connected, as if you've known our guests and their businesses for years. Get ready for real talk, real stories, and real growth as we bring you closer to the world of entrepreneurship.

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Built By Me Podcast

What Hudson’s Bay Could’ve Learned from Optimum | Richard Schenker Built By Me Podcast S2E6

June 03, 2025 • Taina and Mo • Season 2 • Episode 6

In this episode of the Built By Me Podcast, Taina and Mo sit down with Richard Schenker, the mastermind behind Shoppers Optimum and a leading expert in customer engagement. With decades of experience designing and managing top loyalty programs, Richard shares invaluable insights into what truly drives customer loyalty beyond discounts and points.

Richard takes us through his journey from being recruited by Hudson's Bay Company to creating one of Canada's most successful loyalty programs, Shoppers Optimum (now PC Optimum). He explains how the program achieved immediate success, enrolling 4 million customers in just one month when they had projected that number for the entire first year.

The conversation explores the evolution of loyalty programs over the past decades, from simple paper-based systems to sophisticated digital experiences. Richard emphasizes that the most effective loyalty programs create emotional connections with customers rather than just offering discounts. He introduces the concept of "currencies" beyond financial rewards—peace of mind, convenience, time savings, and trust—that truly build brand loyalty.

Richard also offers practical advice for small businesses looking to build customer loyalty without big budgets, suggesting that authentic human connections often matter more than sophisticated technology. Whether you're a business owner looking to improve customer retention or simply curious about what makes certain brands stand out, this episode provides a fascinating look at the psychology and strategy behind successful customer engagement.

Key Topics Discussed:

Richard's journey to creating the Shoppers Optimum loyalty program (00:02:30)

The downfall of Hudson's Bay Company and lessons for retailers (00:04:00)

How loyalty programs have evolved over the decades (00:06:00)

The difference between loyalty to a brand versus loyalty to discounts (00:19:00)

Why customers have become "promiscuous" with their brand loyalty (00:19:30)

The "currency of peace of mind" and emotional benefits beyond discounts (00:16:00)

How small businesses can build loyalty without big technology budgets (00:31:00)

The impact of AI and gamification on the future of loyalty programs (00:24:00)

Guest Information:

Richard Schenker, Chief Customer Engagement Officer at Loyal Strategy Consulting