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With both Google and the Interactive Advertising Bureau (IAB) responding recently to the disruption caused by privacy issues, customer loyalty industry experts say that brand marketers need to quickly get a grasp at what lies ahead in the loyalty and rewards industry.
“It has never been more important for brands to invest in their customer loyalty programs,” says Richard Jones, CMO for Cheetah Digital, whose products enable marketers to collect actionable, self-reported data to power cross-channel messaging.
“Both Google and the IAB say that the onus is on brands to build direct relationships to consumers,” Jones says. “The IAB stated that loyalty programs and points are one of the three main pillars that brands have to create a value exchange to consumers to incentivize that direct engagement both for data sharing engagement and repeat transactions.”
A 2021 Digital Consumer Trend Index that Cheetah put together on consumer attitudes showed that 79% of consumers would rather that brands invest more in their loyalty programs to incentivize that direct connection than spamming them with ads on Facebook.
Mark Johnson, CEO of Loyalty360, agreed with Jones that brands need to take a hard look at how their loyalty programs are functioning — and how they will function going forward with the new privacy changes that seem to crop up.
That’s why Loyalty360 is hosting a free webinar on April 28 along with Cheetah Digital to help brands navigate those privacy issues and select the right partners to invest in customer loyalty programs.
“We are going to focus on best practices and resources available for marketers who are investing in their customer loyalty technology,” Johnson says. “We are going to dive into what marketers should be looking for to invest some of the resources that are available for marketers today and how they can make educated decisions based on a sometimes limited — and potentially biased — information set available in the markets today.
The topic is especially timely since a recent Loyalty360 survey of its hundreds of brand members reported that 52% said they are looking to either replace or augment parts of their loyalty technology stack in the next 18 months.
Tim Glomb, Vice President of Content and Data at Cheetah, says CMOs are looking for a high-line strategy that will provide them more stats and facts. In the April 28 webinar, Glomb and Jones will share why that high-level strategy on why customer engagement is so important to brands.
“If you are in customer engagement at your organization, you need to attend because we are going to look at the solutions in the market that are technology-based and where an organization can go and run their own programs,” Glomb says.
Brand marketers that attend the April 28 webinar will get an exclusive report from Loyalty360: the 2021 Technology Today Industry Report, a one-of-a-kind analysis unlike any in the market. The report includes pertinent sections: an in-depth perspective on customer loyalty, an objective assessment of suppliers; key industry trends; and a robust understanding of the challenges and opportunities both brands and suppliers face today.
Johnson says that within the report, there are three main takeaways:
Discussion of the challenges with customer loyalty and experiences technologies, featuring Loyalty360 and brand marketer insights
Supplier overview, including 50+ customer loyalty, customer experience, and complementary technologies and services in the market
Key trends and recommendations for both brand marketers and supplier partners to consider
“We regularly connect with brand leaders, suppliers, and partners in the industry’s vanguard, and this is the latest look at where technology in customer loyalty is headed,” Johnson says. “We spoke with dozens of major national and international brands and suppliers — those intimately involved with their brand’s or clients’ efforts to create relevant and engaging experiences for consumers.”
Those who want to attend the April 28 webinar can register at cheetahdigital.com.
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