
Zach Goldstein
Zach Goldstein is the founder and CEO of Thanx, a customer-engagement and loyalty platform for restaurants and retailers, based in San Francisco.
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Aug 17, 2026
Nobody Is Loyal to a Discount
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6:06AnthonyHOST
What's an inflection point that you've seen?

Zach GoldsteinGUEST
seen?So the built into that question, I think, is often the mistake brands make with their loyalty program.

Zach GoldsteinGUEST
If you are treating a loyalty program as the people in your loyalty program and the people not in your loyalty program, uh, first of all, y-you're ignoring the obvious selection bias of better guests will join your loyalty program and less frequent guests won't.

Zach GoldsteinGUEST
And so that's, I think, a lot of what you're describing is I, I actually completely agree.

Zach GoldsteinGUEST
That means nothing that your higher value guests have joined your program and your lower frequency guests have not joined your program.

Zach GoldsteinGUEST
But the second problem that a lot of brands make is that, "Yay, I have all these loyalty guests.

Zach GoldsteinGUEST
Well, then I'm gonna do something for my loyalty guests." If you're treating that entire group of people like they're the same guest, you've missed the whole purpose of running a loyalty program, in my mind.
6 MINS LATER
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12:30AnthonyHOST
Is there an example of that specific, or, or is that a, a different use case the tool is not driven for?