The state of customer loyalty
In order to keep your business going, you will need to keep bringing in new customers. However, in order to maintain this often complex operation viable, you must consider how to keep these hard-won consumers, particularly by honoring the most devoted ones through a relevant loyalty program. The findings of the Global Customer Loyalty Report 2022 provide an intriguing picture of the state of customer loyalty. Il also provides insights on manager satisfaction in organizations that now offer a loyalty program.
In fact, 56% of respondents said they are happy with their existing loyalty program. The reason being that the program generates sales, has a high return on investment, and is well-liked by customers. Only 1.7 percent of organizations polled stated they were unsatisfied and hoped their program was functioning better. Finally, 42.3 percent said they were neither satisfied nor dissatisfied with their program.
Despite the fact that the majority of business managers have a favorable impression of their loyalty program, they do not intend to do nothing in the year 2022. In fact, 72 percent of organizations that already offer a loyalty program expect to revamp it in the next three years. In North America, the percentage is closer to 80.
Everyone has their own motivations | customer loyalty
The Report also covers the reasons why companies are offering or planning to offer a loyalty program in the next few years. The most important reason is increasing customer engagement.
Furthermore, companies that offer a loyalty program say they want to increase their revenues, while those who plan to launch one in the next two years say they want to improve the customer experience. It is fascinating to note how the secondary purposes of these two types of businesses differ. The former being motivated by their own profits and the latter putting the customer first!
Invaluable data at your disposal | customer loyalty
The Global Customer Loyalty Report 2022 is the result of a collaboration by StratLX, Antavo, and PwC. It proudly serves as a decision-making tool for business executives. Over 300 marketing managers, CRM executives, and loyalty specialists were surveyed. The results give a new viewpoint and strategic guidance to loyalty program challenges and trends.
Learn more about the factors of satisfaction and motivation while managing a loyalty program by downloading our complete report about the state of customer loyalty.