Have Companies Become More Flexible to Meet Customer Desires?
7th November 2023
Written by Tom Peace
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Traditionally, companies have been able to predict the spending habits of their customers, however, in recent years, this has become more difficult due to certain factors such as inflation, unemployment and geo-political issues. due to these factors, people have cut back their spending or purchased cheaper alternatives.
As a result, several businesses have implemented loyalty programs to retain customers during bad financial times. Loyalty programs have clearly proven beneficial across all major business sectors, with many firms utilising their loyalty programme as an incentive to attract new consumers.
Businesses will have to think of innovative methods to keep ahead of their competition as more companies are creating loyalty programs. As we approach the festive time, The Loyalty People would like to delve more into brand loyalty and the approaches companies are taking to retain fluidity and customer retention when dealing with an unpredictable economy.
We will also be asking our audience "Have companies become more flexible to meet customer desires"
Several businesses adapted their loyalty programmes during the pandemic to provide more flexible benefits, such as turning points into prizes and extending point redemption periods. Many companies have taken advantage of this chance to develop a strategy that is easily adaptable to changing conditions. We can see from prior insights on Personalisation and AI that top-performing organisations are leveraging new technologies to maximise consumer interest.
As we near the end of the year, it will be interesting to observe how businesses will approach meeting the spending patterns of all of their customers. With Black Friday and Christmas approaching, many businesses generate a significant portion of their profit during this key time of year.
Loyalty Psychology is a constantly evolving issue that might be difficult to master, yet many businesses can prepare for it.
On November 14th, The Loyalty People will hold a webinar to discuss our brand new loyalty training course, Loyalty Programs: The Complete Masterclass, which will cover many emerging themes in loyalty, including the complexities of Customer Psychology.
Click on the link below to share your thoughts on our LinkedIn Poll and register to learn more about our new training course.