Writing
Essays from the operator's seat.
First-hand thinking on the economics of consumer loyalty, money, and identity — organized by the three things I've spent a career on.
Loyalty economics
- How loyalty programs actually make money Loyalty is widely treated as a marketing cost. It's a balance-sheet business — and three numbers decide whether a program creates or destroys value.
- How to price loyalty points for partners — and why most programs overprice them Selling points or miles to a partner looks like pure-margin revenue. The price is set by two things — that partner's breakage and the gap between perceived value and settlement cost — and the common mistake isn't charging too little. It's charging too much.
Fintech go-to-market
In production.
Embedded finance
In production.