Bain & Company Nordics’ Post

When it comes to #brand loyalty programs, over 70% of consumers most enjoy accessing discounts, but that is not the only incentive they show interest in. It's important for brands to go beyond basic transactional benefits. Read our 2024 EY Loyalty Market Study to discover what consumers are craving:

Loyalty programs sway up to 63% of consumer buying decisions, our latest survey shows. Yet, while some soar, many struggle with low ROI and weak engagement. How can companies turn things around? In Harvard Business Review, Maureen Burns, Andrew Pierce, and Basma Abdel Motaal explore how your company can avoid these pitfalls and build a high-performing loyalty program that drives profitability and growth. https://bit.ly/40nUPQh

What would you do differently when your loyalty programs sway up to 63% of customer/prospect buying decisions? #ZenformationAdvisory #CustomerLoyalty #CustomerEngagement #Personalisation

Loyalty programs sway up to 63% of consumer buying decisions, our latest survey shows. Yet, while some soar, many struggle with low ROI and weak engagement. How can companies turn things around? In Harvard Business Review, Maureen Burns, Andrew Pierce, and Basma Abdel Motaal explore how your company can avoid these pitfalls and build a high-performing loyalty program that drives profitability and growth. https://bit.ly/4el9Ju9

A recent Bain & Company survey of nearly 870 US consumers found that 63% make purchasing decisions based on the loyalty programs they participate in. In Fred Reichheld’s latest blog, guest author Maureen Burns explores why successful loyalty programs go beyond perks, focusing on creating genuine value for customers. https://bit.ly/4jaUac3

Loyalty programs sway up to 63% of consumer buying decisions, our latest survey shows. Yet, while some soar, many struggle with low ROI and weak engagement. How can companies turn things around? In Harvard Business Review, Maureen Burns, Andrew Pierce, and Basma Abdel Motaal explore how your company can avoid these pitfalls and build a high-performing loyalty program that drives profitability and growth. https://bit.ly/3YE57KS

🚀 Did you know 63% of consumers are willing to pay more to shop with brands they're loyal to? That's a jump from 59% just last year! 📈 In today's retail landscape, loyalty programs are not just a nice-to-have; they're essential. But it's not about copying what everyone else is doing. To truly stand out, your loyalty program must reflect your brand’s unique identity and values. Here’s why and how to rethink your loyalty strategy to gain a competitive edge: 1. **Personalize Experiences**: Go beyond basic data. Use it to deliver tailored messages and create personal connections. 2. **Incentivize and Reward**: Offer more than points. Think discounts or exclusive access in exchange for customer interaction and data sharing. 3. **Optimize Human Experience**: Break down silos and ensure your marketing channels work together to treat customers like the humans they are. 4. **Communicate Brand Purpose**: Young consumers care about your brand's impact. Make sure they know what you stand for. 5. **Listen and Adapt**: Use customer feedback to refine your offerings continually. This makes your program not just a scheme, but a part of your brand’s dialogue with customers. Retailers, the message is clear: evolve your loyalty programs or risk losing out to those who do. Leverage the insights from the 2024 State of Loyalty Report to create a program that resonates deeply and drives retention. #RetailInnovation #CustomerLoyalty Remember, in the words of Elie Y. Katz, CEO of National Retail Solutions, "Loyalty is the backbone top-quartile marketers can count on to protect their business." Let's make loyalty a cornerstone of your brand strategy.

According to a recent Bain survey, 63% of consumers base their buying decisions on the loyalty programs they participate in. Yet, for every successful program, there are a dozen underperforming ones delivering a low return on investment. How can companies redesign their loyalty strategies to drive meaningful engagement and profitable growth? My colleagues Maureen Burns, Andrew Pierce, and Basma Abdel Motaal share insights in Harvard Business Review on modern techniques for building loyalty programs that truly work.

2024 Consumer Loyalty Survey Insights to evolve brand loyalty programs Loyalty programs have come a long way from sandwich-shop punch cards and frequent flyer miles. With access to more data than ever before, how can brands create more meaningful connections with consumers and evolve their programs to keep up with new customer loyalty trends? https://lnkd.in/eiXVtAq3

A good, quick read. Read about loyalty memberships going up and the real challenge, getting your loyalty members to engage. Take a look: