New tools and technologies that promise to help win customers’ hearts, minds and wallets are being introduced at such a rapid pace.
Cincinnati, OH (PRWEB) April 29, 2015
Loyalty360’s second annual Loyalty Landscape: The State of the Industry report, released this week at Loyalty Expo, showed that marketers are expanding customer loyalty strategies beyond the traditional loyalty functionality. Most notably, customer experience and customer engagement are included in brand customer loyalty strategies nearly as frequently as traditional loyalty programs.
By surveying more than 300 marketers representing brands across a wide range of industries and company sizes, Loyalty360 uncovered insights about the current state of loyalty marketing. The study addressed customer loyalty strategy scope, budget, challenges, business impact, metrics and benchmarks.
“New tools and technologies that promise to help win customers’ hearts, minds and wallets are being introduced at such a rapid pace. That, along with verticals that are becoming saturated with loyalty programs, is causing marketers to think differently about how they can build loyalty at every phase of the customer journey,” said Loyalty360 CEO Mark Johnson. “As more components are added, measuring the costs and impact of the entire strategy is a challenge.”
Loyalty/rewards program continue to be the component that is most widely included in loyalty strategies (78%), but customer experience (69%) and customer engagement (66%) are included almost as frequently. The report also showed that investment has shifted to loyalty from other marketing components in 2015. More companies are reporting that they have allocated greater than 10% of their marketing budget in 2015 compared to 2014. Marketers say they are facing new challenges of managing, monitoring and measuring customer loyalty as it expands to touch more parts of the organization.
The 2015 Loyalty Landscape report was released at the eighth annual Loyalty Expo, taking place April 27 – 29 at Loews Royal Pacific Resort at Universal Orlando. For more information visit http://loyaltyexpo.com/. For more information about Loyalty360 research and reports, visit Loyalty360.org.
Loyalty360 is an unbiased, market driven, voice of the customer focused clearinghouse and think-tank that is committed to bringing loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty360 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.