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The Impatient Generation and How They Are Radically Changing the Loyalty Game
Two days is too long to wait for delivery, five minutes on hold with customer service is unacceptable, and filling out a lengthy questionnaire to receive a discount is a major hassle. The rise of the ‘now consumer’ is drastically changing the way businesses need to ensure first-class service delivery.
Thanks to brand digitalisation accelerated by Covid, customers no longer give a second chance to brands that can’t get it right. In fact, two-thirds of consumers are prepared to switch or boycott brands if a competitor offers a better experience. Harsh, right?
So, what does customer loyalty in 2022 even mean? And how can brands reinvent loyalty programs in a fiercely competitive market? We untangle these questions and more below.
The Concept of Customer Loyalty Is Changing
Impetuous consumers no longer buy into old loyalty tactics–this is a hard truth that needs to be put out there.
Indeed, Covid-19 induced a significant disruption in customer behaviour, perhaps permanently changing how buyers connect and stay with brands.
For instance, pre-covid customer loyalty was mostly hanging onto discount pricing, point rewards, and other enticing deals; these days, buyers expect a human-like, personalised experience underpinned by a deep understanding of their needs and priorities.
What Exactly Consumers Want From Brands in 2022
80% of buyers believe that businesses don’t meet their expectations. But what are those expectations, and how do they differ from the past?
🤑 Discounts Are Not Enough
Customers expect more than a merely transactional relationship. Frankly, they are no longer looking for the cheapest deal on the market or the reward program that provides the most attractive monetary value.
On the contrary, they crave unique experiences and deeper emotional connections with brands through shared values, honest and open communication, and a customer-centric approach.
💙 More Compassion and Emotional Connection
Another trend witnessed across all consumer segments is that shoppers are also not prepared to deal with businesses that act with a lack of compassion, purpose, and empathy.
Statistically, over 70% of global consumers said they would stop trusting a brand if it put profits before people in a moment of crisis (and we had many of these!)
🌍 Alignment in Values Is Key
Likewise, customers want businesses to fulfil their needs while upholding their ethical and environmental responsibilities. These purpose-driven buyers account for the largest segment of consumers (40%), but this is only the beginning.
Loyalty Marketers Face Challenges
Customer loyalty is something that brands must work hard to earn. Even those companies that long enjoyed customer loyalty are now in a fragile position.
Consumer behaviour signals demonstrate that companies are increasingly judged by every action they take and their ability to balance advertising with an empathetic and positive customer experience.
Therefore, marketers have a tricky puzzle to solve: how do you design a rewards program that is relevant and underpinned by a nuanced understanding of consumer sentiment?
Create an Emotional Connection for Lasting Loyalty With Stampix
A robust emotional connection with your audiences is what bulletproofs your business through the most challenging times. Yet, creating a relationship where existing and new customers don’t feel like commodities is not easy.
Stampix can help you cut through the noise of transactional rewards that fail to gauge consumer sentiment and are blatantly rejected.
With Stampix’s photo rewards, you can recalibrate your customer loyalty strategy by delivering surprise-and-delight moments and meaningful experiences beyond monetary incentives’ efficacy.
CONTACT US TODAY
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that goes beyond points & discounts
