Cincinnati, OH (PRWEB) March 19, 2012
Acxiom, a recognized leader in marketing services and technology, and Loyalty 360 – The Loyalty Marketer’s Association, today announced their joint research, "Making Every Interaction Count: How Customer Intelligence Drives Customer Loyalty," at Loyalty Expo 2012. The research reveals that while brands have an abundance of critical customer data, most are not leveraging it as a strategic asset that helps create and maintain long-lasting relationships with their high-value customers.
The study also confirms that the explosion of new digital tools and technologies has fundamentally shifted power from brands to consumers, who have access to ever-growing volumes of information about products, prices, customer satisfaction, and availability. As a result, while it has been a big benefit for consumers, virtually all brand-related metrics including loyalty are in serious decline.
“Brands and their loyalty initiatives are under assault,” says Tim Suther, Acxiom’s chief marketing officer. “Just 25 percent of people report being loyal to a brand. Knowing who these loyal customers are and how to best engage them is a business imperative to succeed in the age of the empowered consumer.”
Additionally, the research provides keen insight into the type of data brands are collecting, where and how it’s being collected, challenges they must overcome to analyze that data, and how the insights gathered could be applied to enrich their loyalty and consumer engagement methodologies.
Other key findings include:
- The vast majority (84.5 percent) of respondents uses customer retention marketing strategies, yet barely half believe their strategies are working. 5.4 percent admit they do not evaluate their customer retention efforts at all.
- Less than half of respondents know who their best, most loyal customers are, and how best to reach them.
- 70% of respondents have less than 20% of their employees dedicated to customer retention.
- 60% of respondents dedicate less than 20% of their marketing budget to customer retention.
- 40.2 percent of companies access data individually through different lines of business, and slightly fewer (34.8 percent) report that their data is centrally located with universal access.
- More than half believe that attitude and behavior analytic models help with customer engagement; the most important outcomes of data insight are understanding customer’s attitudes and behavior and improving the customer experience.
“Many marketers equate customer loyalty with a points or rewards program, but it is much more than that. Loyalty is -and should always be- connected to the behaviors and motivations of the key stakeholders of the brand,” says Mark Johnson, CEO of Loyalty 360 - The Loyalty Marketer’s Association. “It is important to realize that all insight and interactions between the brand and customers should be built around a proactive process of matching customers’ expectations in terms of needs, wants and aspirations. Harvesting data and gleaning it for true intelligence is the secret sauce for driving this process.”
In February 2012, Loyalty 360, on behalf of Acxiom, surveyed 129 executives in both B2B and B2C companies from a cross section of industries. Full results will be unveiled today at the Loyalty Expo 2012. Companies slated to attend/speak include Intel, Choice Hotels, Subway, Progressive Insurance, BP, Stub Hub, Under Armour, Papa John’s, AutoZone, Dunkin' Donuts, MoneyGram, Advance Auto, Spartan Stores, Guess, Citizen's Bank, Meijer, 24-Hour Fitness, Southwest Airlines, Lennox, Physician's Mutual, McDonald's, Wyndham, Sirius XM, Burger King, HP, T-Mobile, Ingersoll Rand, Medtronic, Hon Office Furniture, IHG, Red Robin, Green Mountain Coffee, Best Buy, Hilton, Nordstrom, Discover, Sylvan Learning Center, TransAmerica, Aetna, Travelocity, Sodexo, XO Communications, Mapco Express, American Express, Exxon Mobil, MasterCard, Groupon, ADP, Ameriprise Financial, Sunoco, Anthropologie and more.
For more information on Loyalty Expo and to get additional information on "Making Every Interaction Count: How Customer Intelligence Drives Customer Loyalty," please visit http://www.LoyaltyExpo.com or contact Cindy Kazan at ckazan(at)communik-pr(dot)com.
Acxiom is a recognized leader in marketing services and technology that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience in data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific and South America. For more information about Acxiom, visit Acxiom.com. Acxiom is a registered trademark of Acxiom Corporation.
About Loyalty 360
Loyalty 360 is an unbiased, market driven, voice-of-the-customer focused clearinghouse and think-tank that is committed to bringing customer loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them. http://www.loyalty360.org