No surprise that the words "points" and "free" show up. But look how strong "experience" appears. That's because people value experiences. When a loyalty program delivers a meaningful experience, the dollar value of the programs becomes less important.
Another word: connection. Connection was used with only one brand--REI--but everyone who mentioned REI as their favorite included the word "connection" in their description. That's because people have a drive to bond, Paul Lawrence and Nitin Nohria described in their book Driven.
Taken together, people associate value, meaning, simplicity, ease, surprise, connection, and experience to things they like. Well, duh.
The trick is to consciously apply these attributes to everything we create. The profits will follow.