Twenty first century loyalty – the degree to which a brand meets customer expectations for their Ideal in a product category – is a KPI that changes before the brand’s economic structure begins to improve or decline. It’s an early warning signal that your brand may be in trouble. And J. Crew’s recent Chapter 11 filing is a prime example.
Consumer loyalty is up for grabs in 2020, according to a Criteo study, with 73% of shoppers open to taking a chance on brands they haven’t tried but have heard positive things about. The study quantified the evolution of consumers into detectives who compare products, rely on reviews and increasingly shop across channels.
In the world of branding, a secret handshake represents any form of ritual, from your personal Starbucks order to the DoubleTree Hotel cookie. They’ve been a deeply rooted element of human behavior and emotional loyalty for a very long time, and can increase your perceived value and create a deeper emotional connection to your brand.
The challenges of loyalty program acquisition and adoption reflect the overall challenges of a burgeoning ecommerce market. Consumers demand more convenience, more rewards and more meaningful engagement – this applies equally to loyalty programs as it does to your store’s overall value proposition. Here are five ways to break the challenges retailers face with their loyalty programs.
The sales funnel is the main tool showing where you lose customers and what stage of the customer relationship is the most problematic. It also shows what things should be changed in order to increase revenue. Here are several ways retailers can utilize the sales funnel for their business in the next three years.
Business is besieged with metrics. Return on Investment (ROI), website visits, website return visits, shopping cart abandonment rates, and average customer spend are all important, but customer loyalty might be the best metric to evaluate the success of a business. Here is how to maintain customer loyalty for your business.
We live in a time where you can purchase everything from toothpaste to high-end designer handbags online. Consumers, in theory, enjoy the convenience of online shopping. But the numbers don’t add up. Despite the fact that 80% of Americans shop online, 64% still prefer to shop in brick-and-mortar stores. Here is why brands need to up the ante to drive sales and loyalty.
It’s time for retailers to drop their expectations – of loyalty, that is. Too often, rigidly focusing on the best, most loyal customers leads to ignoring others who are worth pursuing. Winning in retail today requires keeping an eye on all customers, even those not living up to loyalty expectations. Here’s how to take an approach that balances both loyalty and engagement.