Tuesday, July 5, 2016

New Report: Return On Loyalty Program Investments Higher Than Ever Before

Bond Brand Loyalty, North America's leading brand loyalty agency, today released its sixth annual consumer loyalty report. The 2016 Bond Loyalty Report reveals that 81 percent of consumers are more likely to continue doing business with brands that offer loyalty programs. Despite this, the report finds that many programs are missing the opportunity to personalize offers and communications. Only 22 percent of respondents are very satisfied with the level of personalization they're getting from brands, yet, satisfaction is eight times higher when programs are highly personalized. When it comes to customer experience only 20 percent strongly agree that a brand or program representative makes them feel special and only a quarter of respondents feel that the program experience is consistent across varied touch points (such as online, by email, by phone and in person).

The 2016 Bond Loyalty Report, conducted in collaboration with Visa, is the largest study of its kind. The report captures responses from roughly 12,000 U.S. and 7,000 Canadian consumers. The report covers 58 dimensions of loyalty program performance including program mechanics, communications, rewards, needs fulfillment, loyalty emotional and behavioral outcomes, and brand alignment.

Year-over-year program satisfaction is steady at 44 percent even as loyalty solutions continue to innovate, indicating that member expectations are increasing just as quickly as programs are evolving. Developing meaningful loyalty programs that meet customers' needs while deepening their relationship with brands is a difficult challenge, but when designed and operated effectively can reduce program costs and strongly influence consumer behavior....  

Read the entire article courtesy of PR Newswire: