What are the Customer Loyalty Trends to Know for 2022? 8 Experts Weigh In
If 2021 was the year of brand-switching, 2022 is the year when companies in every industry put in place the technologies and strategies they need to maintain long-term loyalty.
The shift to digital channels is making it easier than ever for customers to find new brands. In fact, 40% of consumers have switched brands and 84% intend to stick with the new brand, according to McKinsey. Now, it’s up to companies to rethink their loyalty strategy to keep customers engaged.
There’s business value to doing this in every industry. Beyond retail, travel, and hospitality, a Salesforce Customer Sentiment Survey of more than 12,000 consumers found that over half would be more likely to do business with a financial services company, subscription streaming service, or communications service provider if they offered a loyalty program. Customers want more from their healthcare providers, mobile carriers, and insurance companies, too.
However, loyalty programs themselves are not as impactful as they used to be. Customers take part in many of them (on average 4.3 loyalty programs in retail alone) and most are neither differentiated nor engaging enough. As a result, 54% of loyalty program memberships are inactive.
What does this mean for the future of loyalty? Eight experts share their predictions on what companies will do to take loyalty to the next level in 2022.
OEM Trend #1: Adding Income with Aftermarket Sales
OEM Trend #2: Generating New Revenue with Expanded Service-Based Offerings
Challenge by Business Area
OEM Trend #3: Improving Relationships with Channel Partners
The Salesforce Advantage
Find Out What’s Next in Loyalty Management
- How loyalty program data unlocks the door to personalization
- Why gamification drives a competitive edge
- How brand partnerships drive loyalty and get liability off your books