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Beyond the Basics: Four other Loyalty Drivers
1. Beyond the Basics:
Four other Loyalty
Drivers
Welcome Real-time
Retail banks today are 01. The level of ‘social integration’ between
consumers is also now at an unprecedented
racking their brains on Is loyalty an attitude or a level. Social media networking is resulting in
Welcome to stand out from
how best Real-time behaviour and does it matter? a dramatic enlargement of the social circles
the crowd when it comes that each consumer can influence as a result
of their ‘attitudinal loyalty’. It’s therefore hardly
to retaining the loyalty of Marketing practitioners commonly discuss surprising to see new loyalty programmes
their customers; and more consumer loyalty in terms of ‘attitudinal’ focusing their primary attention on ‘social
specifically, their payment and ‘behavioural’ traits. ‘Attitudinal loyalty’ is influencers’ rather than repeat purchasers.
card customers. the predisposition of a consumer to prefer A good example of this is the ‘AHA Life
a particular brand or product.‘Behavioural Influencer Network’ recently launched by
No longer is a loyalty programme with rewards loyalty’ is the actual behaviour exhibited by the online retailer AHALife.
via points or cashback considered exceptional. consumer, most typically measured in terms of
But the harsh reality is that if you don’t have this purchases made. As Winston Churchill so aptly put it: “Attitude
as a basic part of your programme, no matter is a little thing that makes a big difference”.
how ‘uninnovative’ it’s considered by today’s Conventional wisdom leans more towards The next milestone for loyalty programmes lies
standards, you will not retain your position in the ‘behavioural loyalty’ as the most effective in effectively nurturing and harnessing ‘attitudinal
playing field of payment cards. measure of consumer loyalty, due to the ease of loyalty’ to maximise the levels of social influence
measurement and immediate financial benefits amongst connected consumers.
The front runners are now looking even further realised. But while this approach is practical, it
ahead; trying to grasp what it is exactly that fails to take into account the changing nature of
makes their cardholders put their bank card both the consumer and retail environments.
top of wallet.
Today’s retail environment is dominated by
Let’s take a look beyond the basic loyalty price-sensitive consumers with access to
drivers of points accumulation, cashback or perpetual ‘daily deals’ and ‘discount-related
discounts. Let’s take a look at four other drivers offers.’ As a result, it has become increasingly
that are increasingly important and yet relatively difficult to separate genuine ‘behavioural loyalty’
untapped today. from casual and coincidental relationships.