Leaders in Customer Loyalty, Powered by Loyalty360 Loyalty360 Loyalty Live | Patricia Camden and Michael Anders, EY
As today’s brands continue to seek ways to improve their customer loyalty programs, marketers and loyalty professionals are challenged to provide enhanced experiences and authentic personalization that can lead to greater brand affinity. Emotional loyalty is not built overnight; brands must commit to knowing their customers and preferences, leveraging the knowledge in the right way at the right time. This can be accomplished through customer data insights prioritizing personalization.
Ernst & Young (EY) operates in over 150 countries, working through four integrated service lines — Assurance, Consulting, Strategy and Transactions, and Tax. The organization offers loyalty program services, partnering with brands so that they can cultivate deeper emotional connections with customers. EY’s loyalty programs are designed to enhance customer retention and engagement, increase sales and encourage frequency, facilitate heightened brand awareness and referrals, and provide greater insights into customer data.
EY’s research concluded that 87% of consumers are at least somewhat comfortable sharing data. However, when EY surveyed corporate decision makers that have control over loyalty budgets and programming, personalization and data management capture were lower priorities for investment among companies. EY reports less than half — around 42% — said that they were focused on personalization and customized touch points.
In this podcast, Mark Johnson, CEO of Loyalty360, spoke with Patricia Camden and Michael Anders, Loyalty Leaders for EY, about the state of customer loyalty, why personalization is the number one thing brands must focus on today, and how traditional loyalty programs focused on frequency and volume are giving away to more nuanced approaches that consider a customer’s entire relationship with the brand.