Loyalty Programs will Emerge as a Winning Medium for Data Collection with Attention to Privacy and Consent
According to Eco Consultancy, 92% of leading marketers believe in using first-party data to continuously build an understanding of what customers want. And with Google planning to phase out third-party cookies by 2023, third-party data is coming to an end. With consent and adherence to global data protection guidelines imperative, loyalty programs will emerge as a winning medium for extracting zero- and first-party data that beats second- and third-party data in quality, authenticity, and accuracy.
Loyalty is the answer so many brands are looking for as they scramble to find accurate data to support their acquisition efforts. Loyalty brings much more value than the priority focus on acquisition. As you dig in and realize that more than 60% of new customers churn, knowing who these customers are right at the beginning of the relationship with the support of a loyalty initiative enables companies to retain significantly more first-time customers and pave the way for lasting bonds.
Cryptocurrencies and Non-fungible Tokens (NFTs) will Become Mainstream in the Loyalty Industry
One of the most popular predictions by Adam Posner and numerous loyalty leaders is NFTs and cryptocurrencies taking center stage as a way to capture more loyal customers. Top brands like Estee Lauder, Nike, Starbucks, and McDonalds have already begun to make these part of their loyalty strategy. 2022 will see more brands following suit and improving customer loyalty through cryptocurrencies and NFTs.
NFTs are a great way to create something unique to your brand. Providing your customers access to these through a loyalty program or offering exclusive assess through VIP status will go a long way in building a strong emotional bond between these valued customers and your brand. We expect to see more brands offer NFTs for purchase as well as rewards within their loyalty initiatives.
Personalization and CX will Remain the Prime Focus of Brands in 2022
In 2020 and 2021, customers globally got a taste of premium customer experiences and personalized services. As businesses struggled to retain customers during the pandemic, they began improving CX and offering personalized experiences to customers that offered better value for their time and money. In 2022, customers will want the services provided in the pandemic era to become the new normal. Individualized experiences are a huge part of the new normal in customer experience and keeping up with customers’ growing expectations will be essential for businesses in 2022.
Personalized customer experience is going to take center stage not just in 2022 but also in the years to come—and loyalty will have a significant role to play. Loyalty strategies will enable businesses to collect data, learn about their customers’ shopping patterns and factors that influence their purchase behavior, and more.
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