The latest research study for love or money 2017: Customer Loyalty – the marketers’ point of view, identifies how marketers view customer loyalty to their brands/business.
This research study with marketers is a follow up to the consumer study ‘for love or money 2017’ where consumers identified their view on what loyalty is to brands/businesses.
The latest Marketers' research commissioned and conducted by The Point of Loyaltyand First Point Research and Consulting, provided the same 11 dimensions of loyalty to marketers and consumers with results showing alignment on purchase behaviours – spending more and more often as dimensions of loyalty as well as recommendation to others.
The other dimensions of loyalty are also ranked with gaps identified in dimensions such as 'trust with information' and 'paying a premium for a brand'.
Why is it important to understand what loyalty is?
Identifying where marketers and consumers are aligned on what loyalty is, provides a base from which to action strategies to motivate those outcomes.
The research reveals that Marketers believe the top 4 actions to generate loyalty are:
1. The quality of the product or service
2. Making customers feel important when purchasing from them
3. Consumers believe in what they stand for
4. Offering value for money
For consumers, the top 4 actions for brands/businesses to generate loyalty are:
1. They (brands/business) offer value for money
= 2. Quality of product/service and offering a loyalty/rewards program
3. It is convenient to purchase from the brand/business
4. The overall experience is when purchasing from the brand is consistent
Customer loyalty vs new customer acquisition:
The research looked into customer loyalty vs new customer acquisition and whilst currently for marketers the acquisition of new customers is a higher priority (27%) than customer loyalty (6%), looking ahead over next 12-18 months (2018 onwards), customer loyalty takes the lead as a priority (76%) ahead of new customer acquisition.
Other areas researched were:
Which customer loyalty strategy offers the greatest opportunity for growth of an organisation in the future?
How do marketers measure the success of their customer loyalty strategies?
What are the biggest barriers to the ongoing development and implementation of loyalty strategies?
What does it take for an organisation to be a leader in customer loyalty?
A complimentary Executive Summary of the full report is available at thepointofloyaltypoint.com.au with a full report available for purchase.