"Now, more than ever, companies need to understand what consumers want when it comes to their loyalty programs, as they can be overwhelming for customers when trying to decide which rewards benefit them most."
ROCKY HILL, Conn. (PRWEB) July 21, 2020
According to the report, “a prevalent belief in the efficacy of loyalty programs can lure marketing teams into a pursuit of transactional loyalty tactics. Loyalty and customer relationship leaders can align loyalty management vendors with other technologies that improve customer understanding and drive business key performance indicators.”
We can expect to see more companies invest in loyalty management.
The report states that, “Gartner’s 2018 Marketing Technology Survey found that 73% of respondents have fully deployed or were in the process of deploying a loyalty management tool, and a further 16% planned to deploy one within two years.” Further, “Respondents to Gartner’s 2020 CMO Spend Survey reported spending 7.1% of their marketing budget on loyalty management, and 64% plan to increase that investment in the next fiscal year.”
“In our opinion, Gartner’s Market Guide for Loyalty Management validates that loyalty management is a large part of what drives business success,” said Tom Caporaso, CEO of Clarus Commerce. Now, more than ever, companies need to understand what consumers want when it comes to their loyalty programs, as they can be overwhelming for customers when trying to decide which rewards benefit them most. Our goal is to help brands provide more than just the traditional points-based loyalty program. Premium loyalty programs are becoming best practice for retailers because they provide customers with instant, 24/7 access to top-tier benefits.”
This news comes on the heels of Clarus Commerce’s latest report, confirming premium loyalty programs are on the rise. While more than half of shoppers belong to a premium program now, 69% of these shoppers plan to join additional premium programs in 2020, meaning that shoppers are willing to devote their top loyalty to more than one brand. Even more critical, 70% of those not in a premium program would join if their favorite retailer offered one and the benefits were valuable - a huge opportunity for additional revenue for retailers currently without one.
Gartner states “loyalty management service providers (LMSPs) sell a horizontally integrated set of technologies, often available as SaaS, bundled services for managing loyalty program strategy, execution and optimization, and proprietary consumer data assets for prospecting and analytics.”
Gartner, Inc. “Market Guide for Loyalty Management” by Benjamin Bloom and Claire Tassin, July 6, 2020.
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About Clarus Commerce:
Clarus Commerce is the only company solely focused on building, managing, and optimizing customizable premium loyalty programs for retailers. The company provides the full suite of services needed for a successful loyalty program, which includes the technology platform, client services, strategy, creative, marketing, analytics, IT, and operations. Clarus Commerce was founded in 2001 and is headquartered in Rocky Hill, CT. For more information, please visit http://www.claruscommerce.com.