Loyalty: It's Not Just for Programs Anymore
2020’s three largest forces—the pandemic, civil unrest, and divisive politics—continue to have far-reaching impacts on both our personal and work lives.
Indeed, last year tens of thousands of businesses filed for bankruptcy, and well over 10,000 retail stores closed. But blaming this trio for recent business troubles is shortsighted. In fact, 2019 experienced plenty of its own bankruptcy and Chapter 11 bankruptcy filings, and set its own record of retailer closings; plus, analysts back then were already predicting the demise of thousands of retailers in 2020.
Why? One powerful reason brands are failing is their reliance on tired strategies despite an evolving marketing landscape and changing customers.
Customers today are savvy and expectant. They want to be recognized and rewarded for their business. They anticipate personalized service and targeted offers. And they desire greater meaning from their brand interactions.
Yet brands often continue to sell to yesterday’s customers—the ones who carried loyalty punch cards in their wallets, who hadn’t yet discovered e-commerce, and who could sometimes be taken for granted.
These customers no longer exist. Moreover, it’s a false premise that your brand has forever customers—loyalty is constantly changing and so are your customers. Today, loyalty is much bigger and broader than its ubiquitous programs, despite their valuable punches, miles, and points. Rather, a holistic loyalty strategy is critical to any brand’s long-term success.
Loyalty today is about the end-to-end customer experience and includes absolutely every brand touch point. In fact, loyalty is integral to everything a brand does.