When was the last time you felt like your recurring business was truly valued?
The game of customer loyalty sure has shifted over the years. Everything now is based on who can accumulate the most rewards points or snag the best discounts.
But new research reveals that our ways of thinking about customer loyalty are all wrong.
Forrester’s 2019 CX Index finds that customer loyalty is now completely tied to the overall customer experience. Instead of static rewards systems, brands should be focusing on implementing it into the overall customer journey.
And yes, that includes TV and movie studios.
Details On the Research
Forrester finds that most customer loyalty programs are ineffective–which is a major leakage in marketing plans. The company notes that it costs 500 percent more to acquire a new customer than keep an old one.
The industry is experiencing a shift from old methods and strategies of customer retention, like rigid rewards points systems, into more flexible and lucrative experiences. As loyalty programs became the norm, it also became easier than ever for a customer to be in a buyer’s market where they had the upper hand. If everyone is offering the same type of services and benefits, where is the incentive to stick with one in particular?
The key to adapting to a new-age of loyalty programs also means rethinking what’s factored in to consumer loyalty, which is increasingly based upon the overall customer experience. Some experts go as far to say that discounts are no longer what drives a customer to return—instead, it’s relevancy.
How Marketers Can Create Effective Loyalty Plans
Knowing who your customers are and speaking directly to their interests is how you can develop effective marketing measures that will capture their attention even after watching your program.
How can marketers make that happen?
The answer is simple: With data.
Marketers have the power to access more data than ever about their customer base. They can now see things their customer base values, likes, and could even potentially like. VuPulse’s proprietary data, collected from our AI-powered URLs, make it possible to predict where and how a viewer might want to watch your content. Data makes the experience less siloed, more cohesive and truly more enjoyable; customers feel like they’re being spoken to as individuals, rather than as just another number.
Plus, now that networks and studios are offering the same content on several platforms, the need to personalize CX is crucial. The streaming wars are continuously heating up and there’s no chance of relief anytime soon.
To enhance your customer experience with customer loyalty, consider offering personalized incentives to keep customers returning. If the data shows that they value giving back to their community, why not tie that concept into the program?
Overall, it’s going to take more than BOGOs and member-exclusive sales or discounts to keep customers coming back to your programming. If you really want your viewership to remain strong, steady and loyal, it’s time to give them something they actually want to return to.
Want to learn more about how VuPulse’s data can help you build a customer loyalty into your CX experience? Click here to get started with VuPulse today.