Please enter your username or the email address associated with the account so we can help you reset your password.
Tenerity is a provider of digital-first customer engagement and loyalty technology. The company’s loyalty and customer experience platform, Connect, helps brands build relationships with customers by capturing, refining, and acting on data.
Mark Johnson, CEO of Loyalty360, spoke with Eileen Peacock, Vice President of Global Strategic Partnerships, and Aidan Lundy, Global Head of Connect Account Management and MD, with Tenerity about trends in customer loyalty they see in their roles and which trends brands should lean into going forward in 2023.
Understanding Your Role in the Loyalty Space
Loyalty360 recently released the 2023 State of Customer Loyalty report, in which brands outlined opportunities and challenges they face in their loyalty strategies. As brands determine where to invest their time and resources into loyalty efforts, they need to determine what loyalty looks like for their unique customer base.
“Loyalty in this space, it’s not like a sports team where you’re red or you’re blue,” says Lundy. “It’s about understanding — for the industry you’re looking at — what is loyalty?”
Loyalty looks different across industries. For example, most consumers do not have more than one telecom provider, but many have more than one debit/credit card. As a result, loyalty in a telecom space is about stickiness and how to keep that customer with the brand. Loyalty in a banking space, however, is about priority and how to get the customer to choose one card over the others.
“We look through that lens across all the industries we work with to really understand what is achievable in loyalty and how to go about affecting it and trying to achieve it,” says Lundy.
Achieving this loyalty starts with strategy and brands must plan holistically. While this planning involves leveraging new technologies that can improve the customer experience, it cannot be solely about implementing technology. Instead, the technology should support the loyalty initiatives and goals of the brand.
“Technology should be absolutely invisible to the end user and any program that you’re working with should be able to plug into your existing technology,” says Peacock.
Since the technology should be invisible to consumers, the brand needs to focus on content, communications, and interactions that are both visible and engaging. Loyalty strategy can never stand still. Brands must work closely with their supplier partners to iterate their offers to keep up with changing customers, who already have too many options available. To stay relevant to those customers, brands must listen to customers and act on that data.
“Brands think they’re starting at point A and ending at point C, but they don’t realize point C is 11 seconds into the journey,” says Peacock. “If you are not already thinking about L, M, N, O, or P, you’re dead in the water already.”
Managing an effective loyalty strategy is about innovation, meeting customer needs and wants before the customer even realizes they have them. This mindset comes from trusting customers, listening to the information they provide, and acting on it.
“As you bring in new offerings and mechanics, you’re gauging what works for your customers and taking them to the next level,” says Peacock.
Thank you for signing up, please check your email for more information.