Rewards Network

Transmedia
Private
Industry Financial Services
Founded 1984
Founder Mel Chasen
Headquarters Chicago, Illinois, United States
Area served
 United States
Key people

Ed Eger
(Chief Executive Officer)

Dan Kazan
(President)

Shane Kern
(Chief Financial Officer)

John Leen
(Chief Sales Officer)

Alice Geene
(Chief Legal Officer)

[1]
Number of employees
 375 (2011)[2]
Website www.rewardsnetwork.com

Rewards Network is a financial and marketing services company that provides restaurants with immediate capital (through merchant cash advance) and access to diners who belong to various dining rewards programs. Over 10,000 restaurants are members of Rewards Network. 97,000 restaurants have participated in the program over the past 30 years, with over $2.5 billion of financing being awarded.[3]

History

Mel Chasen founded Rewards Network in September 1984, as Transmedia Network, Inc., in New York City. The company started with 41 restaurants and 225 members. Mike Nichter, who created the MCI Green Card - the initial restaurant platform - invested money restaurant credits, barter experience, and sales management shortly after Mel and David Roth raised the initial fundiing. By 2000, Transmedia was the world's largest dining rewards program, with over 2 million members and 8,000 restaurants. In 2002, Transmedia changed its name to iDine Rewards Network. In 2003, the name was shortened to Rewards Network.[4] The company was taken private in December, 2010.[5]

In 2017, Rewards Network was acquired by TowerBrook Capital Partners, an investment firm headquartered in New York and London with more than $7 billion under management. In addition to buying Rewards Network, TowerBrook appointed Edmond Eger CEO and Steven Freiberg Chairman of the Board. Dan Kazan, the previous Rewards Network CEO, has taken on the role of President.[6]

Rewards Network tools for restaurants

Comment management system

The Rewards Network comment management system allows restaurants to connect with their diners outside of the restaurant. When a member of Rewards Network eats at a program restaurant, they will receive a request for comment via email a day or so after paying their check. Restaurateurs can then know without any doubt that the comment came from someone who actually paid to eat at their establishment. Every review is verified and tied to actual money spent.[7]

Data and analytics

Rewards Network provides participating restaurants with data such as average check size, party size, ratings by key metrics, and geographic reach.[8]

Marketing for restaurants

Rewards Network markets program restaurants to diners via various rewards programs across the United States.

  • Advertising opportunities provide additional exposure through spotlights, banners, and landing pages.
  • Diner Reviews sends surveys to diners.
  • Emails include embedded search engines and links that lead diners to the restaurant.
  • Mobile Web allows diners to search for restaurants in or near any city.[9]
  • Social Media connects diner ratings and reviews to Facebook.
  • Web Marketing provides a virtual meeting place that connects diners to restaurants through dining program websites.

Dining programs

Airline programs

Charitable programs

Hotel programs

Savings programs

References

  1. ↑ "About Our Restaurant Funding and Marketing Services".
  2. ↑ "Form 10-K".
  3. ↑ "Why Us". Rewards Network.
  4. ↑ "Rewards Network". Hoovers.
  5. ↑ "Middle Market". TheMiddleMarket.
  6. ↑ "Crain's Chicago Business". ChicagoBusiness.com.
  7. ↑ "Comment Management System". Rewards Network.
  8. ↑ "Data Insights". Rewards Network.
  9. ↑ "Marketing Services". Rewards Network.
  10. ↑ "AAdvantage Dining". Rewards Network.
  11. ↑ "MileagePlus Dining". Rewards Network.
  12. ↑ "Rewards Network". Skymiles.
  13. ↑ "Rewards Network". TrueBlue.
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