What makes customers and employees more loyal? Building meaningful relationships is more complex than simply giving points for performance or transactions.
As reported in The Wise Marketer, Epsilon, “using a proprietary methodology, converted survey results from 2,000+ respondents across four retail categories and 40 brands into an index forming a proven relationship between loyalty drivers, attitudes, and actual consumer behavior”. The study covers Beauty, Apparel, Groceries and Banking.
Epsilon breaks consumer behavior into three categories:
- Loyalty drivers, such as value-add offers; participation; recognition; education; access; incentives; personalization; entertainment; promo; place; price; product, and service.
- Attitudinal loyalty: Share of Heart, Share of Mind, and Share of Value.
- Sales and behavioral loyalty.
The results are designed to enable “loyalty marketers to leverage a measurement tool that can provide a benchmark for their brand against the best in their category. Ultimately, brands can control the levers that align with their own strategy to increase the probability of impacting consumer loyalty in the moments that matter.”