New research shows that companies with a strong customer-centric philosophy—and own their customer data and relationships—are rewarded by consumers who become repeat purchasers and passionate brand advocates, according to brand networking firm Ascendant Network and customer identity agency Signal.
The report, Building Consumer Brand Infatuation: How Popular Retail and Travel Brands Are Crushing Customer Churn with Great Experiences, based on an online quantitative survey of 500 adults who made an online purchase at least once in the past 3 months, reveals that consumers favor retail and travel/hospitality brands that invest in technology to deliver connected customer experiences that are personal, seamless, and contextually relevant.
What makes your favorite national retail stores/websites better than other retail stores/websites when it comes to overall positive customer experience?
Forty percent of consumers said they are likely to buy more often from brands that prioritize the customer experience, and 36 percent said they are likely to spend more with their favorite brand. Nearly half (48 percent) are likely to recommend these brands and 44 percent will try new products from these brands.
Nearly two in three consumers (64 percent) surveyed indicated that their favorite retail brands (online and offline) deliver a personalized experience regardless of the platform or channel. Eighty-two percent of those surveyed reported that they favor retail stores and websites that make it easy to find products and services that are right for them.
“Marketers need to consider the entire customer lifecycle a series of opportunities to solidify—or lose—a customer relationship,” said Mike Sands, CEO of Signal, in a news release. “Brands that master customer identity to continuously recognize consumers and deliver contextual relevance at all critical moments will be those that increase retention, decrease churn, achieve better ROI, and increase sales.”
The survey also found that the touchpoints after a customer has made a purchase have tremendous bearing on their preferences and overall impression of the brand. For example, two in three consumers (64 percent) surveyed reported that their favorite retail brands are better than other companies at providing quick post-purchase problem resolution. More than half (54 percent) of consumers say that travel/hospitality brands make travel easier and more efficient by sending important updates and information after purchase.
“The reality for many brand marketers is that delivering consistent, customer-driven experiences is immensely complex due to siloed technology platforms and organizational structures,” said Susan MacDermid, founder and CEO of Ascendant Network, in the release. “This new report highlights why it’s imperative to overcome these challenges: consumers recognize and reward seamless experiences, and that positively impacts the bottom line.”
How likely are you to do any of the following when it comes to your favorite retail brand vs. other brands?
Three recommendations for brands to win customer loyalty:
Unify customer data across the enterprise
Matching data and identity across multiple channels, platforms, and devices will enable marketers to build the personalized experiences that consumers expect.
Move with customers
Buying decisions are made within minutes, not on a campaign-by-campaign basis. Create long-lasting customer profiles that update instantly with each interaction to reflect the most current data.
Stay in control of customer data and identity
Build an owned identity asset that can enrich continuously and over time, becoming more robust and valuable with every customer interaction. An identity graph that is available any time for activation across the enterprise will enable individualized communications.
Which of the following reasons caused you to stop shopping or purchasing from a brand?