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Martech-Report-22-23

The Martech Report 22/23

Martech is more important than ever, and despite a more challenging economic situation in 2022, martech budgets are continuing to grow. The global market for Martech and Salestech is estimated to be worth $508.9bn.

As our latest State of Martech report finds organisations face a number of challenges around marketing technology. The biggest one is finding the skills and talent needed to drive martech initiatives.

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Top Factors That Build Consumer Loyalty for Your Brand

Partner Content

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Do you know what makes customers stick to certain brands through thick and thin? Learning to decode the top consumer loyalty factors can help brands increase lifetime value and drive growth. Let’s look at some of the major factors that build consumer loyalty and how a customer data platform (CDP) can maximise that impact.

Consumer Loyalty Factors

According to the Price Waterhouse Coopers Customer Loyalty Survey 2022, an overwhelming 82% of customers are willing to share personal data in exchange for a better experience. Using the power of a customer data platform (CDP) to decipher personal consumer data, brands can better understand what pleases clients and capitalise on what they’re doing right to build consumer loyalty. Here are some of the top loyalty factors in PwC’s report:

#1 Online Experience Counts

PwC reported that 51% of consumers would be less loyal if their online experience was less enjoyable than an in-person experience.

With shoppers spending as much time online as at physical stores—if not more—it’s imperative to meet customers’ digital needs. Brands must be mindful of the customer’s journey across different online channels including brand websites, mobile sites, apps, or social media. A CDP can help customer experience (CX) managers and marketers alike map a customer’s digital journey and find out the following:

Critical decision points: Which channel contributes the most to customers’ conversion? Do customers spend a lot of time browsing product pages? Are mobile offers getting a lot of clicks?

Pain points: Which part of the journey generates the most friction? What is the biggest factor behind abandoned carts? Is the mobile app prone to bugs and crashes?

Points for improvement: Can the checkout process be improved? Can we shave micro-seconds off web pages’ loading time? How do we add value to the browsing experience?

By using a CDP to unify consumers’ profiles, brands can gain visibility and insight into the factors that impact customers’ online experiences. In addition, brands can use a CDP to implement real-time A/B testing to try out some digital improvements. When shoppers find their friction points smoothed over and their digital needs have been served, they are more likely to respond with loyalty behaviours.

#2 Customers Value Good Value

Over 50% of PwC’s survey participants said getting good value for their purchase is a top consumer loyalty factor.

At the end of the day, a good business relationship is still about trust. Brands can continue building trust by delivering value to loyal patrons through personalised approaches. Consider expanding benefits beyond loyalty programs in the following ways:

  • Exclusive discounts
  • Early access to new product launches
  • Rewards for recruiting family and friends
  • Rewarding points for purchases
  • Invitations to special in-store or digital events
  • Redeemable points/rewards

A CDP can help fine-tune messaging and target ads for loyal consumers. For example, marketers can use a CDP to target loyal shoppers with relevant products or lower-cost service upgrades.

CDPs can also help amplify loyalty when organisations make use of the recommendation engine. With machine learning recommendations for Next-best Actions (NBAs), brands can encourage patrons to repeat loyalty behaviours such as regular purchases, sharing experiences on social media, and participating in sales for rewards and points.

#3 Don’t Forget The Human Touch

At least 33% of surveyed consumers and over 50% of surveyed businesses said human interaction is an important consumer loyalty factor.

Despite the efficiency of automated tasks and responses, customers still crave personal interaction with a human being. Brands can use a CDP to prepare sales and customer support teams for customer interactions by equipping them with the following details:

  • Individual purchase history
  • Estimated customer lifetime value
  • Record of past transactions and ongoing tickets
  • Personal customer data
  • Current stage in the customer journey

By making sure that online and in-store support personnel have access to the most current customer information available, brands can anticipate consumers’ needs and make them feel valued. In addition, CDPs help to provide a consistent customer experience online and on-site, giving customers even more reasons to remain loyal to their favourite brands for the long term.

In summary, brands can leverage CDPs to capitalise on significant consumer loyalty factors. These include crafting superlative online shopping experiences and sustaining added value for loyal customers via rewards and relevant offers. A CDP also helps brands anticipate customers’ needs by keeping their most recent purchases, ongoing tickets, and other useful information available for reference by support personnel. Lastly, the key to increasing lifetime value and driving growth is by leveraging a CDP’s capability to unify profiles, track customer movement, and apply analytics to nudge customers closer to conversion.

Build Loyalty With Treasure Data Customer Data Cloud

Treasure Data Customer Data Cloud, an integrated suite of cloud-based customer data platform solutions, helps companies improve campaign performance, achieve operational efficiency, and create connected customer experiences.

We provide you with actionable insights for a winning customer experience and loyalty strategy. Use these enterprise CDP capabilities to build loyalty today:

  • Omnichannel Data Collection
  • Predictive Profile Scoring
  • Propensity Modelling
  • Audience Segmentation
  • Next-best-Action Recommendation System
  • Multi-Attribution Modelling
  • Artificial Intelligence and Machine Learning
  • Customer Journey Orchestration
  • And more

Join global names like LG, AB InBev, Subaru, Shiseido, and more to see what Treasure Data can do for you.