Article

Dominika Tyliszczak
Dominika Tyliszczak 11 February 2020

Would Consumers Care if Your Brand Disappeared?

Today’s consumers have endless choices at their fingertips. Regardless of what they need, there are countless options for finding the best-reviewed product at the most competitive price with the most convenient delivery. In such an environment, there’s little incentive for consumers to dedicate their business to any particular brand — which is why a recent study revealed that consumers believe 77 percent of all brands could disappear and no one would really care.

It is still possible to create deep, meaningful relationships with today’s consumers — but first you need to adopt a new understanding of what ‘loyalty’ means in the digital age. To help in this task, Cheetah Digital partnered with the CMO Council to investigate the evolution of loyalty, and how marketing leaders are adapting their approach to customer relationships.

The resulting report, Loyalty That Lasts, features key takeaways like the following:

  • Too many brands think of customers as dollar signs, not as people. More than 60% of marketing leaders surveyed define loyalty in transactional terms. By contrast, just 15% think of ‘loyal’ customers as having a deep connection to the brand.
  • There’s a major disconnect between loyalty goals and execution. Nearly half (43%) of marketing leaders surveyed agree that building deeper relationships with customers is a top priority for the next 12 months — but just 11% are confident that their strategies will get them there.
  • Brands want loyal customers, but take few actions to create loyalty. Less than one third (29%) of brands surveyed currently have a loyalty or rewards program in place. Amongst those that do have such a program, just 9% rate it as highly effective and 39% say it’s fairly effective.
  • Few brands are creating real conversations with their customers. The majority of marketing leaders surveyed are attempting to collect customer voice and have conversations across various channels. But just 18% are successfully conducting rich, bi-directional conversations that shape future customer experiences.

Marketing success in the digital age requires a new kind of loyalty — one that goes beyond transactions and reward cards. Today, loyalty is about creating genuine, lasting relationships based on a deep connection between a brand and its customers: an advanced state called 'emotional loyalty.' Emotional loyalty keeps customers coming back to your brand, regardless of price or convenience, because of a strong emotional tie that supersedes transactional measures.

Achieving this advanced state of loyalty is no small feat, but it can be done. It requires brands to first adopt a firm commitment to customer relationships — and a deep belief that relationships are more important than transactions. This belief must be conveyed to customers through every interaction, by making them feel valued, understood, and respected at every touchpoint.

Download the report, Loyalty That Lasts, for more insights into how successful brands view loyalty and customer relationships, and the steps they’re taking to drive continued growth and ROI. The report also features expert perspectives on loyalty from marketing leaders at top brands like Nationwide Financial, e.l.f. Cosmetics, Pabst Brewing Company, and AMC Networks.

nancy anderson
nancy anderson

Hey,
I glad to read it. thanks for sharing a nice blog with us.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
7 reasons why social media marketing is important for your business

7 reasons why social media marketing is important for your business

Social media is quickly becoming one of the most important aspects of digital marketing, which provides incredible benefits that help reach millions of customers worldwide. And if you are not applying this profitable...

Sharron Nelson
Sharron Nelson 6 February 2018
Read more
Top 10 B2B Platforms to Help your Business Grow Worldwide

Top 10 B2B Platforms to Help your Business Grow Worldwide

Although the trend of a Business to Business portal is not new but the evolution of technology has indeed changed the way they function. Additional digital trading features and branding has taken the place of...

Salman Sharif
Salman Sharif 7 July 2017
Read more
Top 10 Skills to Become a Rockstar in Digital Marketing

Top 10 Skills to Become a Rockstar in Digital Marketing

Technology is continuously evolving, prompting marketers and entrepreneurs to dive into digital marketing to increase brand awareness, reach their target market, and ultimately drive sales and profit. 

Jessica Andriani
Jessica Andriani 7 September 2018
Read more
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
10 Digital Marketing Trends for 2019 you Should Know

10 Digital Marketing Trends for 2019 you Should Know

As digital trends evolve every year, marketers should always be aware of the changes in order to easily adapt with emerging technologies and stay ahead in the market. This will help them gain a competitive edge and...

Georges Fallah
Georges Fallah 27 December 2018
Read more