The Marketing Companion A new look at loyalty
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Feb 12, 2024 Mathew Sweezy and Mark Schaefer discuss innovative strategies to build loyalty through experiences and games native to the digital lifestyle. They explore the decline of loyalty in the changing marketing landscape, the use of experiences as rewards in marketing, and successful community-building case studies. The conversation also touches on tokenization, gamified experiences in loyalty programs, and the future potential of technology in building loyalty.
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Declining Customer Loyalty
- Customer loyalty is declining due to a shift towards a "scrolling culture."
- Consumers prioritize price, easy returns, and free shipping over brand loyalty.
New Approaches to Loyalty
- Traditional loyalty programs (earn and burn) still work, but Matthew Sweezey suggests exploring new approaches.
- Experiential loyalty programs can build stronger emotional connections with customers.
Mastercard's Experiential Marketing
- Mastercard successfully uses experiential marketing, rewarding customers with premium experiences.
- This approach fosters a sense of exclusivity and strengthens brand connections.