- New “languages of loyalty” have emerged that drive customer relationships in the digital age, especially among millennials, according to research from Accenture Strategy revealed in a company press release.
- To build loyalty, marketers should provide digital-driven offerings like tokens of affection, personalization, exciting experiences, tie-ins with influencers and partnerships with other brands, per Accenture.
- “An appetite for extraordinary, multi-sensory experiences, hyper-personalization and co-creation, are changing consumer dynamics around loyalty and forcing brands and organizations to shift their approaches and programs," said Kevin Quiring, managing director, Advanced Customer Strategy, Accenture Strategy, in the press release.
The research found that consumer expectations around brand loyalty have changed, with the traditional guarantee of low prices and reliable service no longer enough for building customer loyalty. Instead consumers are responding to more nuanced and personalized approaches to retention. Brands must move quickly to earn loyalty, with 78% of consumers reporting they are retracting loyalty at a faster pace than three years ago.
Digital can help marketers meet consumers' evolving loyalty needs. This includes offering tokens of affections such as gift cards and personalized discounts, which work with 59% of U.S. consumers, per Accenture. Personalization is also important, with 81% of consumers wanting brands to get to know them and understand when to approach them and when not to. Additionally, consumers expect thrilling experiences such as allowing consumers to design new products or take advantage of new experiences like virtual reality.
The research also points to the importance of leveraging celebrity endorsements and influencer marketing for building loyalty, with 23% of consumers saying they are loyal to brands that partner with celebrities and another 23% feel loyal to organizations that partner with social influencers. Finally, consumers want brands to earn they loyalty by connecting them to other brands through interchangeable reward points as well as introductions to the latest products and services out there.