Podcast: What Loyalty Means For Today's Consumers
In this episode, PSFK researchers share insights from the Loyalty Debrief report regarding how retailers are redesigning their membership and rewards programs, moving from points to passports to drive deeper engagement beyond purchases
In the current market defined by increased choice and product commoditization, traditional loyalty programs don't hold the same appeal or value to consumers that they used to. Today's customers are increasingly seeking personalized engagement, emotional connection and ultimately an exceptional experience from the brands and retailers they interact with, moving beyond the product or service and focusing on the holistic value proposition.
In this show, PSFK President of Research and Strategy Scott Lachut and Senior Strategist Penn Whaling share insights from our latest report, the Loyalty Debrief, to explain why the ‘one size fits all' idea of loyalty doesn't work today and has been replaced by relevance, with retailers treating loyalty programs as an entry-point for consumers into the brand ecosystem. Listen to PSFK explain consumers' changing expectations, the challenges facing brands and retailers and best practices for cultivating loyalty in today's market.