BUSINESS STRATEGY entire customer journey , experience and channels . Finding a platform partner who delivers strategy as well as the tech platform to anticipate a consumer ’ s needs , activate to deliver on those needs and finally measure and optimise to ensure proof of performance is key . them , especially since customers are providing companies with personal data which allows brands to establish and nurture a more intimate relationship with their customers .
2 . Bolstering belief-driven buyers
According to research by ResearchAndMarkets . com , the APAC loyalty management market is expected to reach US $ 3642.77 million by 2026 , registering a CAGR of 25.1 %, from 2021 to 2026 . The report found that increasing customer retention boosts profit margins and also brings stability to revenues . And while necessary and
BRANDS THAT TRULY UNDERSTAND THEIR CUSTOMERS ARE INTUITIVE TO THEIR ASPIRATIONS , MOTIVATIONS AND BARRIERS . important must always be weighed against the typical marketing priority of acquisition which is 25 % more expensive than retaining current customers .
Brands that are agile and can anticipate customer needs are better able to build a culture of customer loyalty , enabling them to be the ones who will come out stronger and more successful .
As consumers become more socially and politically engaged , brands have an opportunity to build loyalty with their customers . 2021 saw a rise of belief-driven buyers where customers now ‘ vote ’ with their wallets which will continue well into this year .
Brands that take a stand for their values , such as sustainability , recycling or ethical trading , can harness a loyal customer case as consumers feel a sense of pride associating with brands that do this .
With the needs of non-profit organisations skyrocketing in part accelerated by the COVID-19 crisis , a Mintel report found that 46 % of consumers surveyed would like the option to donate their points or benefits to charities or others in need . This is even higher for Gen Zs and Millennials , with an average of 60 % in agreement .
Companies that set up programmes where customers can earn points for what they
Three key loyalty trends that will shape 2022
When building or reimagining a loyalty marketing programme , there are three imperatives to ensure that your brand continues being an engagement magnet for your most important customers .
1 . Building empathy and human connections
Customers who feel an emotional connection to a brand are far more valuable .
While the pandemic has forced brands and their customers to be physically apart for health and safety reasons and to turn to more digital interactions , those that have been able to humanise their brands and create emotional connections with their customers have been able to garner even greater customer loyalty and ride out the wave of economic uncertainty .
Loyalty programmes are a proxy for customers to connect with the brand . If brands can provide flexibility and compassion to customers as well as generosity and goodwill , they will find that customers will be more willing to engage with
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