Customer loyalty is becoming an increasing challenge as consumers become more driven by value and by their memories of their most recent experienced with an organization. Yet, loyalty remains key to the success of organizations. Loyalty may not mean 100% loyalty to a given organization under all circumstances. It can manifest in a willingness to make a bit more effort to acquire a particular product, reduced price sensitivity, or a willingness to advocate for a brand or organization.
Loyalty has two main elements: the first is the emotional element that we think of as true loyalty – a commitment to a particular brand/product/organization. The second element is behavioural: given a set of choices, how much bias does a consumer have toward a given choice? The question for organizations then is both how to increase loyalty and how to tilt the tables to make a given choice the easiest one to make.
Some of the levers available to organizations to address loyalty include: Reducing friction (making a given purchase/install/setup easier, customer engagement, customer appreciation and loyalty programs (such as traditional points or repeat-purchase programs), and customer experience improvement.
Some of the questions we might address with you:
- What factors will do the most to drive loyalty for our most valuable customers?
- What factors are leading our customers to choose other brands?
- Should we have a loyalty program? What should it look like?
- How do we engage with our customers to increase loyalty?
- What would a loyalty improvement roadmap look like?