Marketers are Thinking Beyond Traditional Loyalty Programs by Tapping into CEX and Engagement, Loyalty360 Study Finds Published-May 6, 2015
Market-driven voice of the customer-focused think-tank Loyalty360’s second annual Loyalty Landscape: The State of the Industry report shows that marketers are expanding customer loyalty strategies beyond the traditional loyalty functionality. Most notably, customer experience and customer engagement are included in brand customer loyalty strategies nearly as frequently as traditional loyalty programs.

By surveying more than 300 marketers representing brands across a wide range of industries and company sizes, the study uncovered insights about the current state of loyalty marketing, as well as addressed customer loyalty strategy scope, budget, challenges, business impact, metrics and benchmarks.

“New tools and technologies that promise to help win customers’ hearts, minds and wallets are being introduced at such a rapid pace,” said Loyalty360 CEO Mark Johnson, in a news release. “That, along with verticals that are becoming saturated with loyalty programs, is causing marketers to think differently about how they can build loyalty at every phase of the customer journey. As more components are added, measuring the costs and impact of the entire strategy is a challenge.”

Loyalty/rewards programs continue to be the component that is most widely included in loyalty strategies (78%), but customer experience (69%) and customer engagement (66%) are included almost as frequently. The report also showed that investment has shifted to loyalty from other marketing components in 2015. More companies are reporting that they have allocated greater than 10% of their marketing budget in 2015 compared to 2014. Marketers say they are facing new challenges of managing, monitoring and measuring customer loyalty as it expands to touch more parts of the organization.
Sourced By: bulldogreporter.com

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