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Report: Loyalty to get increased brand dollars
Look for more ad dollars to be pushed into the loyalty space. That is the takeaway from new CrowdTwist data, which indicates brands are set to increase spending for loyalty programs.
Loyalty marketing, whether it be frequent visitor programs or cards-with-discounts programs, have been around for decades, but building a loyal consumer base has never been more important. According to one new survey, marketers are set to increase their spending in the loyalty space.
CrowdTwist recently surveyed more than 200 digital marketers and found 57% have plans to increase their loyalty budgets next year, with many planning to push their programs multi-channel. Some interesting findings from the report include:
• 38% say current loyalty programs are not succeeding or failing
• 26% say they don't have a true loyalty program in place
• 31% say the focus of their loyalty program is to drive engagement
• 88% say having multichannel loyalty programs is 'a must'
"Of all strategies, multichannel integration of consumer data is increasingly a "must," not a "nice to have," as consumer journeys have become more and more fragmented across devices and channels. Limiting channels prohibits the amount of data collected and utilized, as well as the impact of the program's effectiveness in engaging and riving spend," writes the company. "A whopping 88% of respondents with Multichannel loyalty programs rate themselves as success, yet only 17% had such programs in place."
The chief drawback to implementing multichannel loyalty programs is technical - most brands say they don't have the wherewithal to implement such a program. Costs are also a factor.
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