Global Loyalty Trends
We have gathered a number of trends that we have seen emerge and
grow across the loyalty sector.
Predictive analytics and lowering customer churn. These 2 trends are hot topics and closely related. Lockdowns and changing market conditions have accelerated the focus of customer retention specifically in the digital space. Businesses who previously relied on foot traffic or external marketing/advertising channels have had to adapt quickly.
Demographics that previously were not inclined to the digital customer experience and online shopping had to learn quickly and embrace the space. The ability for savvy customers to shop around at the click of a button and jump between brands accelerated – hence loyalty, engagement and retention programs have swung into focus.
Emotional Loyalty - Customers want more from their favorite programs than standard rewards, such as a voucher for £1 off on their next purchase. Knowing customers on an emotional level isn’t just their names, emails and phone numbers, but their likes, values, aspirations and dreams. Many loyalty offerings are static and predictable, which leads many customers to ’play the loyalty field’, shifting their loyalty and spending where the next best offer lies. Read more The Drum.
Employee Belonging - In the past year belonging at work has become an increasingly popular topic of conversation for HR and business leaders. In fact, it ranked as a top topic on the Deloitte 2020 Global Human Capital Trends survey, with 79% of organisations considering it important for their success. Achievers have recently published a report on this subject, with many employees working to a new hybrid model, employee loyalty, engagement and belong is high on the agenda.
Subscription-based memberships such as unlimited coffee for a month, designed specifically for a loyalty programme database. Combined with a segmented tiering approach allows to work on customer acquisition and benefits
Focus on “new” segments such as kids /teenagers audience with a dedicated scheme for them and their parents. In the MENA region 50% of the population are below 35 years old this approach is critical for brands and loyalty programmes. Introduction of “clubhouse” forums, podcasts has been instrumental.