27th October, 2020
The significance of consumers feeling secure about their data, including personal information, and all other critical aspects of an individual’s association with a brand, for instance, their garnered loyalty currency, shouldn’t be undermined.
Almost 85% of consumers “are more loyal to companies that have strong security controls”, highlighted Bindu Gupta, Loyalty & Marketing Strategist, Comarch, Inc during the inaugural session of the LSA Fall Virtual Conference 2020 today. “Consumer loyalty to a brand is at a high risk. Brands cannot take loyalty for granted,” mentioned Bindu.
An attack on an entity’s data asset resulting in a breach or on a loyalty program is a big blow, more so at this juncture when teams are working remotely.
Bindu explained that loyalty is more than a rewards program. Trust is what brands must focus on and once this is established, it eventually results in more transactions (92% more likely to buy additional products and services). Also, “experience” offered too tends to make a huge difference. She also emphasized on the human element of customer experience. Three-fourth of customers tend to be interested in interacting with a human versus an automated machine. “Human connections are needed even more now,” said Bindu. She also mentioned that brands need to personalize the entire earn and rewards experience.
By Ritesh Gupta