The influence of the digital world, along with changing customer expectations, is having a marked effect on customer loyalty. The old ways of looking at customer loyalty, including offering customers incentives to continue to make purchases, are not enough any more. In fact, a new report from Accenture Strategy based on a survey of more than 25,000 consumers suggests there are new factors that drive customer loyalty.
The survey indicates that 55 percent of U. S. consumers express loyalty by recommending the brands and companies they love to family and friends. Over a quarter (26 percent) think brands should do everything possible to earn their loyalty.
Robert Wollan, senior managing director, global lead of Advanced Customer Strategy at Accenture Strategy, says, “New ‘languages of loyalty’ have emerged, driven by brands experimenting with creative digital experiences, which have changed the dynamics of customer loyalty today. ...The traditional ‘low price’ and ‘reliable service’ mechanics are no longer as effective at driving loyalty. ...It’s time for organizations to take a fresh look at loyalty.”
The report suggests there are five "languages of loyalty" that marketers must understand today:
- Tokens of affection
- Get to know me
- If you like it, I like it
- Hook me up.