With the arrival of more generations young and more sophisticated consumerss, the concept of brand loyalty has taken on a new meaning. It’s no longer just about buying a product or service – today’s consumers want to establish a personal connection with a brand that aligns with their values and beliefs. As a result, loyalty programs are being developed not only to reward customers transactional behavior, but to be a platform where strong relationships with consumers are created based on trust, value and relevance.
We have entered into a partnership in Visa Commit to delivering Loyalty Report datat™, where they surveyed 60,000 consumers in 26 markets and analyzed more than 1,000 loyalty programs in more than a dozen different industries and sectors. A new study has found that effective loyalty programs have the power to positively impact a brand by helping to drive business growth and thereby win more share of wallet.
Data from Latin America and the Caribbean rfind that 82% of respondents would be more likely to recommend a brand that has a strong loyalty program. In terms of spending, the data shows that 71% of respondents are willing to modify their spending to maximize theirs loyalty benefits, and 74% said loyalty programs are part of their relationship with brands. Loyalty membership can also encourage higher spending on co-branded products: the average percentage of discretionary spending on co-branded products is 20% higher among loyalty program members. loyalty programs but among people who are not members of those programs.
But what makes a successful loyalty program? Research studies on the top 10 drivers of satisfaction in loyalty programs are gaining importance lightness, flexibility and recognition after the pandemic. Seamless experiences, attractive benefits, value for money and making members feel valued and important are increasingly important factors.
When exploring specific insights by sector, the study shows that satisfaction among cardholders of co-branded products is uniquely driven by factors such as proactive resolution needs of the cardholderupdate the settings and adjust them to your preferences.
Source: Panama America
I am David Miller, a highly experienced news reporter and author for 24 Instant News. I specialize in opinion pieces and have written extensively on current events, politics, social issues, and more. My writing has been featured in major publications such as The New York Times, The Guardian, and BBC News. I strive to be fair-minded while also producing thought-provoking content that encourages readers to engage with the topics I discuss.
