There’s some new information out from CrowdTwist, an industry leader in comprehensive and patented multichannel loyalty and engagement solutions.
CrowdTwist worked with Brand Innovators, one of the largest professional organizations of brand marketers. The report issued by the companies suggests that though technical and financial issues are the main barriers to generating optimum results from loyalty programs, investment in them is set to surge, with 57 percent of brands indicating that they will increase loyalty program budgets in 2017.
The survey — which queried 234 digital marketers at Fortune 500 brands over a one-month period — proved that these marketers see multiple layers of value in loyalty programs.
“Interestingly, 38 percent of brands do not deem their current loyalty efforts as either a success or failure, indicating that they are still searching for the most effective loyalty marketing strategy,” notes the report. “Even the 26 percent of respondents that do not have formal loyalty programs indicated they are using informal methods to encourage loyalty. The majority of respondents value both the engagement and transactional ROI of loyalty campaigns. In fact, 31 percent of all respondents ranked “driving engagement” as the main focus of their loyalty program.”
Technical and financial issues are the main barriers to generating optimum results from loyalty programs — but brand marketers have their sights set on fixing that, especially when it comes to multichannel efforts.
“Multichannel is an increasing area of focus, with 88 percent of respondents saying executing coordinated campaigns across channels is an important activity relevant to loyalty efforts,” according to the report summary. “Of all strategies, multichannel integration of consumer data is increasingly a “must,” not a “nice to have,” as consumer journeys have become more and more fragmented across devices and channels. Limiting channels prohibits the amount of data collected and utilized, as well as the impact of the program’s effectiveness in engaging and riving spend.”
One implicit recommendation from the report is that brands should seek help from relevant third parties, especially in the key areas of data integration and customer identity management
“Using an integrated system of software solutions, engaging content, calls-to-action, and a variety of rewards, coupled with an adequate budget, will generate the largest ROI for consumer-facing companies in the long term.”
To download the whole report, click here.