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What does it take to create loyal customers?
And once you have their loyalty, how do you keep them engaged and invested, or even encourage them to become advocates, especially in this evolving industry?
We surveyed a diverse group of 1,500 consumers across generations to gain insight into what drives customer loyalty.
In the sixth edition of the Barometer, we reveal how consumer mindsets are evolving and what brands can do to ensure customer strategies remain current, relevant, and impactful.
Key takeaways:
Trends are stable, but privacy and AI loom
When it comes to loyalty, what consumers want hasn't significantly changed. But converging forces around data privacy and AI will shape how marketers reach their customers and loyalty strategies will need to evolve to rapidly changing customer expectations.
Loyalty program demand remains high
Loyalty programs continue to be an important way for consumers to earn discounts and other benefits from brands. Participation in both paid and free programs is up and can impact purchase frequency and spend.
Financial rewards are just the start for consumers
Our research indicates that discounts and other financial incentives are the most important rewards for consumers. But discounts alone aren't enough. Brands must wrap the financial value exchange in differentiated benefits and services that reflect the brand's customer promise and create program stickiness.
Data distrust threatens loyalty program value
Trends show a decreasing level of consumer comfort with brands using their data. This is a major risk for brands because loyalty strategies will crumble if consumers are no longer willing to share their data. Brands need to be transparent about how they're using customer data and the value of sharing it.