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As consumers have access to an increasing amount of information, they now possess the power to make more intelligent purchasing decisions. As a result, consumers are becoming more demanding in what they expect from their customer experience. And companies seeking to increase brand loyalty need to start taking notice.
Recent research conducted by the partnership marketing agency Cherry London showed that 58% of respondents said they wanted to see a brand “heavily” invested in rewards and customer engagement, while 42% said that a minor investment would prevent them from choosing an alternate brand. The survey of over 1,000 UK adults also showed that 68% of women and 53% of men are more likely to maintain brand loyalty after being sufficiently rewarded.
These results clearly indicate that most customers feel more appreciated when a brand values their loyalty with appropriate rewards.
However, while rewards are shown to be an important factor in cultivating brand loyalty, Cherry London CEO and founder Tamara Gillan also noted in a release that the “emotional connection that matters to your audience is key to success in today's tough marketing environment.”
If brands hope to retain customer loyalty, offering rewards is a crucial step. But brands must also start listening to what matters to their customers as well.
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