“There’s never been a tougher time to be a loyalty marketer.” — Emily Collins, Principal Analyst for Forrester
There has been such a change in consumer attitudes towards loyalty over the last 10 years that marketers have to be prepared for how attitudes will shift in the next decade. In our latest webinar, we talk about how to future-proof your brand’s loyalty efforts.
Forrester Principal Analyst Emily Collins presents us with the challenges loyalty marketers are currently facing — customers have more choice than ever when it comes to where to spend their dollars. They’re very willing to experiment and try new brands and products as they come out. Unfortunately for marketers, this also can result in hyper-abandonment of these same brands and products
“Building a long term relationship with consumers, one that is more than just a repeat purchase is really challenging. Consumers have tons of options available to them today but they don’t need to commit and they don’t always want to commit.” — Emily Collins
While consumer attitudes towards loyalty have evolved, loyalty programs haven’t always evolved with them. Many of today’s loyalty programs are still stuck in a transactional mindset, just like they were a decade ago. Even with the changes in technology and the number of customers who are actively joining loyalty programs, some brands are still not embracing modern loyalty trends and the benefits they can bring.
One issue, notes Collins, is that consumers are increasingly privacy-aware and concerned about sharing their data. The brands who are being transparent with how customer data is being used in their loyalty programs are appealing greatly to those “data-savvy digital consumers” that want to actively engage with a brand as long as there is a benefit in return.
"In an era where consumers have never been more aware that companies are collecting their data to use for marketing and advertising purposes loyalty programs provide that explicit value exchange that many customers are looking for.” — Emily Collins
You can learn even more about how consumers are interacting with loyalty programs in the new decade. Hear predictions from Forrester Principal Analyst Emily Collins, real-life brand success stories and tips from Senior Director of Product Marketing Keith Lifschin, and strategies for how loyalty programs can move beyond transactional by taking advantage of new technologies by Iris’s Senior Director of Business Development and Strategic Partnerships Bill Finaldi in this on-demand webinar available to watch right now.
Jennifer Yeadon is a Content Marketing Strategist at Cheetah Digital. She enjoys writing about marketing, technology and everything in between.