Cordial recently sought to investigate the delicate balance between customer loyalty and cost consciousness. To do so, they conducted an insightful survey of businesses on their approaches towards managing this fundamental tension.
The results they got indicated that most customers are generally willing to take the time to seek out cheaper deals, even if it means compromising their loyal bond with known and reliable brands. The affordability and availability of products matter for consumers now more than ever. Instead of relying solely on trusted names and products, price does become a huge factor when deciding what goes into shopping baskets around the globe.
More than 1,000 customers and B2C marketers participated in Cordial's survey, and the results showed that 70% of respondents are willing to leave a reputable brand if a better offer comes along. For more than half of the consumers polled, discounts must be "relevant" to influence their purchasing behavior.
Nonetheless, 74% of those polled claimed that economic changes had increased their likelihood of enrolling in loyalty programs. It is despite their willingness to sacrifice allegiance for lower pricing. Conversely, 56% of B2C marketers said they did not offer discounts or adjust pricing. 58% of marketers believe their loyalty programs could be more effective or more effective.
This data highlights that most customers value discounts, but marketers need to consider the type of price adjustments they make and their relevance to their target audience. To be successful, loyalty programs must provide incentives in a way that resonates with consumers. Loyalty is still essential for long-term customer relationships; however, it can't be taken for granted.
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by Arooj Ahmed via Digital Information World
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