LoyalT: The Most Complete Annual Study on Trends and Loyalty Program Performance in Canada
Have you ever felt really connected to or empowered by a brand? Pride in what a brand means to you beyond a product or service? We don’t have to look hard for great examples. Brands such as Nike, Lululemon, Adidas, Starbucks, or Apple understand their consumers to a level other brands can only dream of. These brands proactively create bonds with their consumers harnessed and grown through communities. Real-time offers, instant communication, brand shopping tools, immediate information about products, experiences (good or bad) shared on social media … Consumers are looking for more than just a points card; they’re looking for extended brand relationships.
Let’s demystify why brands need to do more than just points to win with customers and to stay competitive, because the reality of being relevant in today’s marketplace goes way beyond product.
- According to Harvard Business School professor Gerald Zaltman, 95% of all purchasing decisions take place unconsciously. Often, emotions are leveraged to drive that decision;
- Although 55% of customers tend to use and stick with the same brands, shops, and sites, almost 6 in 10 customers don’t see any reward for their loyalty, and most want that to change;
- Did you know that Starbucks saw its profits rise by 26% after implementing My Starbucks Rewards? Or that Best Buy saw overall sales rise by more than 4% with its new reward program? At its very simplest, the more rewards companies offer, the more customers will think of their brand and want to shop their store. But it’s not just about price, it’s about creating loyalty.
Loyalty has been proven to boost growth and, unlike what most people think, loyalty programs do not have to be expensive to make a difference. Not only can they boost a brand’s reputation, they also provide valuable and vital market research data. On top of all of this, they make customers happy!
Loyalty must be a strategy that connects consumers to brands, across every interaction and touch-point – all delivered with rapidity. It’s a holistic, 360-degree view of the customer.
Join us in Toronto on June 20th while we share details from the most comprehensive annual study on Canadian loyalty program trends and performance!
The LoyalT study covers a wide range of industry sectors, using a unique methodology that goes beyond the measure of client satisfaction. The study also evaluates different types of programs such as coalition programs, private programs, differentiated and specialized programs.
Loyalty programs have become key for customer retention. But as essential as they are, it can be hard for an organization to measure their impact. The LoyalT study helps companies understand what needs to be done before launching a new program, is a tool to measure program performance (ROI), and provides information and recommendations to increase and improve program profitability.
To learn more about the study, click here: https://r3marketing.ca/loyalt/?lang=en
Sources:
https://r3marketing.ca/loyalt/?lang=en
https://emea.epsilon.com/blog/loyalty-strategy-evolution
