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This PSFK guide is a customer loyalty report on the strategies brands and retailers can employ to engage, interact and build with their audiences.
Customers increasingly see their brand relationships as extensions of themselves and communities with shared values and passions to take part in. Retailers and brands are getting hip to the business value their most loyal customers provide beyond increased sales and data in a spreadsheet. A more comprehensive approach to loyalty is building stronger customer connections, while simultaneously generating more value for businesses, their partners and their customers.
While tying individual spend to timely rewards is still very much at the core of the modern loyalty program, how the changing expectations of consumers and the two-way nature of the digital and social marketplace now enable so much more. In this customer loyalty report, the PSFK iQ research team explore seven innovative customer loyalty strategies, bringing them to life with leading examples of innovation from the marketplace.
To help our community of retail insiders better understand the loyalty, PSFK has identified 7 key strategies that highlight innovation on the part of creators and companies to take advantage of emerging opportunities.
This customer loyalty report includes:
This customer loyalty report was developed by the same PSFK research department that since 2004 has provided trends-led innovation consulting advice to Apple, BMW, Facebook/Meta, Google, Microsoft, Samsung and Volkswagen.
Given the popularity of paid programs spearheaded by Amazon Prime, more brands are rolling out similar membership offerings that provide access to special discounts, free and expedited shipping, elevated service and/or exclusive experiences and perks. These premium programs look to deepen relationships and expand value for their customers, while incentivizing them to up their spend over the course of a calendar year.Advocate Affiliates
Given the popularity of paid programs spearheaded by Amazon Prime, more brands are rolling out similar membership offerings that provide access to special discounts, free and expedited shipping, elevated service and/or exclusive experiences and perks. These premium programs look to deepen relationships and expand value for their customers, while incentivizing them to up their spend over the course of a calendar year.Micro Stakeholders
Outside of traditional investment models there has been no clear pathway for customers to take actual ownership in the companies they buy from, and even when they own stocks, they don’t necessarily receive benefits or get a meaningful say outside of the potential for financial gains. New models, powered by NFTs and fractional stock-based rewards are connecting ‘investors’ more closely with the brands they support giving them a greater stake in company success and in...
A new perk for select members of retailer Target's free-to-use loyalty program, Target Circle, is a rare opportunity to help direct the company’s nonprofit and community giving.NFT Holders Get Creative Access To Unique New Animated Series
Celebrity-driven content series, Stoner Cats, is decentralizing the creative production process for its fan community members by using blockchain technology.Outer Uses Own Customers To Showcase Products
Direct-to-consumer outdoor furniture brand, Outer, opens its 1,000th customer-hosted neighborhood showroom.