What does customer loyalty look like outside of the U.S.? How are companies around the world addressing the evolving challenges of customer retention? And what can U.S. loyalty marketers learn from their global counterparts?
The State of Global Loyalty: A Conversation about Latin America
Before we get into the reasons why HENRYs are the most important subset of millennials, you might be asking yourself what millennial HENRYs are and why you should care.
When speaking with brands on loyalty program strategy, it’s clear companies know they should be utilizing their data and personalizing the user experience, but there is often a barrier of hesitation to openly treat customers differently. This hesitancy is rooted in the fear of ostracizing a portion of their consumers who are deemed “less valuable”. Why can’t we simply strive to provide every customer the same high-end treatment that they deserve? Well, because they don’t deserve it.
At Maritz Motivation, we are making a commitment to AI. This is not a “here today, gone tomorrow” trend. It’s going to become an invaluable tool which transforms industries. Loyalty is one of those industries. In fact, loyalty presents some unique opportunities, which makes it ripe for AI functionality.
Consumers are human beings first. This is important to keep in mind when you think about building customer loyalty.
I am a data driven consumer. I am a millennial with disposable income (though less and less with two kids). I am conscious about a company’s ethics and their social giving. But the most important thing you need to know about me as a consumer? I suffer from decision paralysis.
The lack of understanding that brands have in terms of the human mind, and how it applies to their ongoing loyalty efforts, is concerning in today’s market.
Like many people I begin the day by checking my email, a task which normally includes sifting through no less than 30 emails from retailers vying for my attention. And while some see this as an opportunity to mass-delete, I am excited to begin a new conversation with brands who want to have me as a customer (like most conversations, some are more engaging than others, but that’s a topic for another day).
LoyaltyLive was a recent conference supporting the convergence of loyalty and blockchain, bringing together thought leaders from both worlds for knowledge exchange and education. I attended the conference as an "optimistic skeptic," hoping to uncover the ways that blockchain will disrupt the loyalty industry.