Have they "heard that it costs more to get a new customer to retain one"?? Again, they are a company. A huge one in a very competitive market. They will have the best staff they can doing the best research they can to make the business float. I suspect there is probably not a single member of their planning team who has NOT heard that old quote. They make decisions upon what they deem is best. And they are professionals. We are all but arm-chair warriors
Look at it from QFF perspective.
Qantas has near domination on the Australian market.
... is hugely profitable.
... Loyalty has 4x higher billings than Velocity
... has a strong brand
... is a poster child model which other FFPs copy
... works.
Loyalty programs are designed specifically NOT to cater for everyone, but rather, only for a segment of the population who see value in the program. You're coming to a point in your life where the value proposition no longer makes sense - and that's okay - we can't all be ultra-frequent flyers our entire lives.
Now consider the following:
- 28,000 status credits are not the norm. Your activity would be considered an outlier.
- There is an argument that you've received 15+ years of benefits already.
- You are Lifetime Gold.
- All the benefits/extra gifts/privileges/free upgrades you've received over the years which are only by virtue of Plat/Plat One.
Does Qantas want everyone as a customer? No
Does Qantas want the right customers? Yes
Does Qantas care about past loyalty? Yes
Does Qantas have a mechanism in place to recognise past loyalty? Yes and No, and do they need to given sheer dominance in the market(?)
Would Lifetime Platinum make you feel better? Maybe, Maybe not
... but if so, would introducing Lifetime Platinum cost or generate more revenue for QF? 100% depends on the activity of members who may qualify under any proposed Lifetime Platinum rules. If these members are heavy international travellers (especially in economy class), it could cost QF a fortune. How much spend-up would it generate from existing members? How much spend-down would there be? Would it make Platinum One less attractive? What pax would the introduction of a new benefit bring from the competition? Would other airlines in the region copy the benefit and what impact would that have on initial analysis? What other member behavioural impact might it generate? What uplift of LTG vs LTP would exist on bank points conversions? Additional revenue impact from QF on Platinum points bonuses.... and lots more to consider.
Frankly - there is a risk in introduction Lifetime Platinum. Sure - BA and AY might have it - but that is a different market and they have their own challenges. Neither of those carriers has a captive market, interchange is shot to shreds, massive competition, lower margins, high pressure on yield and strong dependence on ancillary. It's a totally different ballgame in Europe that affects airline economics.
Sure, Qantas could do something special for you if you're coming into 'passenger retirement' as recognition of a lifetime of years. What that special thing is for you, will be different for everyone.
Perhaps QF could introduce a Loyalty Retirement benefit. So long as you've earned over 25,000 status credits and you don't plan on earning Platinum ever again - QF Loyalty could have a special team that curates extended special experiences to create 'money can't buy' memories that will live on forever in your heart.
Thoughts, Qantas?