Complete Guide to Customer Loyalty in 2024
Are you ready to up your customer loyalty game? With so much competition, loyal customers are the key to business success this year. And we’re here to help!
CUSTOMER LOYALTY IN 2024
As living costs rise and threats of recession loom, consumers are brand-switching in search of better value and better experiences. That means that loyal customers are more important to your business than ever.
This guide will give you an overview of the strategies and best practices for creating and maintaining customer loyalty in 2024…
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Understanding customer loyalty in 2024
Loyalty is all about building long-term relationships with your customers so they will continue to choose your brand year after year. The global economy and customer behaviour are changing rapidly in 2024, making this a crucial area of focus for businesses.
Consumers are more price-sensitive, and have higher expectations, making them quicker to switch brands if they feel they can get a better deal or experience elsewhere.
Businesses must provide better experiences to build deeper relationships. Real emotional loyalty is built on a deep connection between a customer and a brand. Business-customer relationships need to be built in order to reduce customer switching…
Discover the latest research into changing consumer behaviour
Research by Deloitte shows that today’s customers “will be more loyal to ‘experiences’ than to brands, products or companies”.
2024 CUSTOMER LOYALTY TRENDS
One of the key trends in customer loyalty in 2023 is a shift towards experience-based loyalty. Gone are the days when customers were loyal to a brand simply because of its products. Today, customers are looking for a complete brand experience - one that’s valuable, relevant and memorable.
One way to create a more valuable experience for customers is to offer rewards. Rewards not only increase customer satisfaction, but also provide a unique and attractive proposition that sets you apart from competition. By giving your customers something back, you will encourage them to choose your brand and foster a stronger relationship.
Personalisation plays a crucial role in delivering a great customer experience. By using data to understand preferences and behaviours, businesses can offer products, services and experiences that are relevant and meaningful to customers. As a result, the customer receives an easier buying journey.
"Consumers want to be rewarded based on their personal tastes and expect brands to be more relevant in the way they engage with them" Deloitte, 2023
To achieve personalisation, you need first-party data. This is data that a company collects directly from customers, which helps brands to understand customers better and offer tailored experiences.
First-party data also helps companies improve their marketing and sales strategies. By segmenting your audience and using real customer behaviour patterns, you can make strategic decisions…
Benefits of first-party data
- Detailed insights into customer behaviours
- Create personalised experiences
- More accurate targeting
- Enhance your customer's experience
- Improve retention and engagement
Did you know? Gartner predicts that 1 in 3 businesses without a loyalty program today will establish one by 2027 to shore up first-party data collection and retain high-priority customers.Read more
Another key aspect of customer loyalty in 2024 will be the customer experience (CX). A seamless and enjoyable customer experience is crucial if you want to build loyalty.
Customers are very quick to disengage if they encounter poor CX, so it’s important for businesses to invest in infrastructure that provides the best possible experience to their customers.
So how is all of this achievable?
IT ALL STARTS WITH DATA.
CUSTOMER DATA CAPTURE
Collect and analyse customer data to get a deeper understanding of behaviour patterns and preferences. Then, you can use insights to create a retention or engagement strategy.
White Label Loyalty provides a range of data capture options to help brands get the information they need to drive loyalty:
Let customers use their payment card as a loyalty card, so their purchases are automatically tracked and credited to a loyalty account.
Benefits for customers:
- Frictionless customer experience
- Easy-to-use, set up and get rewarded
Benefits for businesses:
- Collect insightful, real-time first-party data
- Easy integration
- Fully security compliant & secure
Get your customers to upload images of their receipts in return for rewards.
Benefits for customers:
- Quick, few-step process
- Get rewarded for shopping
Benefits for businesses:
- Collect full-basket insights - from date & time of transaction to the full SKU list of items in a customer's basket
- Machine learning technology can capture data from any kind of receipt or invoice
Use an EPOS integration to collect customer data directly from your transactional systems.
Get even more insights into your customers, all-in-one-place with a CRM or ERP integration. Combine 1st party data from different sources to create a 360-degree profile of each customer.
Once collected, customer data can inform a range of business strategies, including:
Segment your customers into different groups based on their behaviours and preferences. This enables you to create targeted strategies and promotions that drive loyalty and retain customers.
Tailor marketing communications, rewards and any other reaction to each customer so they get a relevant and meaningful experience.
Knowing what motivates your customers can help you deliver an experience they value. You can then increase engagement, which leads to loyalty and retention.
"Effective loyalty content is often highly personalized and is best used to engage high-priority target audiences, improving retention and growth" - Gartner, 2023
CUSTOMER LOYALTY SOLUTIONS
Here’s how different industries are tackling customer loyalty in 2024…
e.g. Financial services, technology, manufacturing, construction, healthcare
Building lasting relationships with customers and clients is the foundation of a successful B2B business. We understand the significance of customer loyalty in the B2B world, which is why we give brands the tools to foster long-term relationships that help retain customers.
Check out this B2B case study with Wavin
e.g. Retail, hospitality, automotive, F&B, travel
Get closer to your customers with a frictionless, digital loyalty program. Personalise each experience and make any behaviour rewardable with our event-based loyalty engine.
Read our Burger King case study
Research from KPMG states that consumers will place loyalty benefits among the top five considerations for purchase decisions.Find out more
BRAND ACTIVATION CAMPAIGNS
e.g. FMCG, CPG
Is your marketing focused on brand or shopper activation campaigns rather than long-term customer loyalty programs? We have the solution for you! An end-to-end turnkey solution for activation campaigns that are faster, easier and smoother.
Brand activations are a great way to collect the first-party data you need to fuel personalised marketing campaigns.
Read our brand activation case study with AkzoNobel
e.g. Technology, eCommerce, media, sports, telecoms
Cashback is an easy, tangible way to incentivize customers. Our solution is white-labelled, out-of-the-box and instant. Your customers want a seamless experience - so we don’t do complicated user journeys with multiple steps and tracking links. They simply activate and their cashback is automatically applied.
Our platform offers a unique solution for businesses that need to manage multiple tenants in a single platform. Whether you’re setting up a multi-tenanted program for a specific industry, or looking to power a local or national offering, our platform provides a comprehensive solution for brands looking for flexibility and efficiency.
e.g. Insurance, financial services, media, Not for Profit
In 2024, you need to become the customer’s choice. Member rewards increase retention and reduce churn, especially for industries that are highly competitive. Our solution is designed to help you set up a straightforward value-adding rewards proposition without drowning in tech.
WHY CHOOSE AN API-FIRST PLATFORM IN 2024
In 2024, brands need to unlock customer loyalty with API-first, modular technology.
A company's data collection increases as it grows and evolves. Without proper organisation and analysis, this data can quickly become overwhelming.
Many companies suffer from data silos. As a result, businesses have fragmented perspectives of customer behaviour. But technology can help businesses get rid of silos and focus on a singular, connected data system.
API-first technology is designed to be easy to use, so you don't have to worry about complex technical integrations. No tech headaches means you’re free to focus on your customers and core business.
Our modular approach lets you pick and choose different parts of a loyalty solution to build something that is just right for your business. Build a program that is tailored to your business needs and goals, without being limited by a rigid, one-size-fits-all solution.
A modular, API-driven solution also means your loyalty strategy is adaptable and scalable. Tweak the rules of your program as customer preferences change, and scale your solution in line with business growth.
With ever-growing competition and a shifting global economy, customer loyalty will be a driving force behind business success in 2024 and beyond. More and more businesses are investing in loyalty programs this year, as brands wake up to the importance of building strong relationships with their customers.
- Customers are looking for more value from the brands they choose
- Brands need to build better relationships with their customers in 2024
- Customers are expecting personalised experiences
- Brands need first insightful first-party data to deliver personalisation
- Brands must provide frictionless customer interfaces
- Customers are looking for exciting rewards and incentives
- There are many different use-cases and solutions that brands can use to create customer loyalty this year
This year, your business needs to provide better experiences to your customers, build deeper connections, and reward loyalty.
Get in touch with one of our loyalty experts to make 2024 your most successful year yet.
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Senior Content Marketing Executive
Helen is our Senior Content Marketing Executive. She shares valuable information about the Future of Loyalty and will keep you up to date on the latest industry insights...