Mary English, senior director of Strategic Services at The Lacek Group, delves into how loyalty strategies can boost brand affinity—and, ultimately, companies’ bottom line—even in a down economy.
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GLOKey takeaways:
Today’s uncertain economic landscape is plagued with high inflation and perpetual supply-chain issues, and experts predict a 70% likelihood of a U.S. recession in 2023.
Factor in these three primary areas to stay connected to your brand’s customers:
1.1. Prepare to meet customers’ emotional and rational needs. Nurture emotional connections:
- Extend expiration dates on earned rewards.
- Allow members to maintain status levels an extra year.
- Surprise members with unexpected perks such as shipping upgrades or bonus points.
- Delight members with special events or personalized experiences.
1.2. Invest in Your Most valuable custiomers.
- Assess your economic models and budgets per tier
- Elevate interactions with high-value members now.
- Assess how well your program communications reflect your brand’s marketing plan.
1.3. Leverage Data to Learn more now
3 groups of customers:
- Financially Fearful
- Cautiously Optimistic
- Devil-may-care
1.4. Can Lipstick sales predit a recession?
1.5. Engage members via gamification
Brands that incorporate gamification into their consumer loyalty strategy report impressive results: 47% rise in consumer engagement, 22% rise in brand loyalty, and 15% rise in brand awareness.
1.6. Extend and multiply program value with partners
Source: The Lacek Group
