What has been the most significant contribution to the success of loyalty programs in recent years?
29th January 2024
Written by Tom Peace
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his week we are basing our Monday Morning Insight and LinkedIn Poll on the new release of the Global Customer Loyalty Report by one of our Partner's Antavo.
The whole research includes more than 1,200 minutes of interviews with customer loyalty experts. The data was gathered via a survey of 600 respondents globally, and member behaviours were monitored using Antavo's Loyalty Member System, which totalled over 30.5 million member actions!
Below we will be summarising the findings of Chapter 1 of the Global Customer Loyalty Report and asking our community.....
What has been the most significant contribution to the success of loyalty programs in recent years?
1. Customer satisfaction
According to Antavo's research, 44.8% of loyalty program owners are satisfied with their loyalty program. Also, despite economic hardships, consumer satisfaction has not decreased.
Businesses have continually improved their loyalty programs to match the changing expectations of their customers. According to Antavo's research, 60.3% of companies have redesigned their loyalty programs. This has resulted in the majority of customers being more satisfied with the revised loyalty program. This demonstrates that businesses are focusing their efforts on their long-term customers in order to keep their business going in tougher times.
2. Solid transactional foundation
According to Antavo's research, 65% of program owners define their loyalty programs as rational rather than emotional. While 14.5% define their program as more emotional than rational, 20.1% believe it strikes a good balance between the two.
People can be drawn in by rewarding reasoned behaviour, and long-term engagement is maintained when members receive positive emotions benefits from recognition.
3. Prioritising emotion
In the near future, there may be a movement in popularity towards emotional loyalty programs. Among those that have been updated, 16.7% of loyalty programs describe their program as more emotional.
According to information collected for this year's report, 52% of respondents who want to create a loyalty program in the next two years envision it being more emotional than rational, focusing on non-transactional behaviours and delivering experience benefits.
In a very crowded loyalty landscape, emotional elements are also an effective way to distinguish loyalty programs and reward high-value consumers.
Read the full Antavo report by clicking on the link below!
https://antavo.com/reports/global-customer-loyalty-report-2024/?utm_campaign=2023+Week+50+Global+Report+2024&utm_source=loyaltypeople&utm_medium=sponsorship
