In this episode, I’m summarizing my interview with Selim Tanfous of KPMG, who shared insights from a survey of 18,520 consumers from more than 20 countries, called “The Truth About Customer Loyalty”. Selim explained the key “pillars” that drive customer loyalty, the importance of personalization compared to the power of your loyalty currency, as well as consumer-led factors such as the power of social media, online reviews and recommendations from friends and influencers in certain markets, particularly in Asia.
We learn some of the key issues, including ongoing frustration around the lack of simplicity, and the reality that most programmes are still more relevant to baby boomers and generation x, rather than the consumers of the future.
We discuss the power of paid loyalty programmes, and the importance of innovation, and for brands to demonstrate a clear purpose, as well as potential for more coalition loyalty programmes and brand partnerships in many markets.
To learn more about this very interesting research from KPMG, you can listen to the full interview – it’s episode #15 on letstalkloyalty.com
1) Lets’ Talk Loyalty Episode #15: KPMG Global Report – The Truth About Customer Loyalty
Speaker 1 (0s):
Let’s Talk Loyalty is an industry podcast for loyalty marketing professionals.
I’m your host, Paula Thomas, and if you work in loyalty marketing, join me every week to learn the latest ideas for loyalty specialists around the world.
Speaker 1 (24s): Welcome to “Let’s talk a Little Loyalty” – my new shorter show for loyalty marketing professionals.
In this episode, I’m summarizing my interview with Selim Tanfous of KPMG, who shared insights from a survey of 18,520 consumers from more than 20 countries call the truth of our customer loyalty. Salim explained the key pillars that drive customer loyalty and the role of loyalty programs in a world where in fact corporate trust came out as the single biggest factor that consumers say drives their loyalty to brands.
We talked through the importance of personalization compared to the power of your loyalty currency in order to drive desirable behaviors, as well as consumer led factors, such as the power of social media, online reviews and recommendations from friends and influencers, particularly in certain markets, certainly in Asia, we learned that there is an ongoing frustration from customers around the lack of simplicity with customers.
Again, saying that loyalty programs are hard to join and that despite adding digital channels, the mindset of many companies is still more relevant to baby boomers and generation X rather than the consumers of the future. These multidimensional customers of the future can only really be understood if you leverage the power of social listening and of course tailor your business to local market requirements.
For example, Amazon here in the UAE who adopters their business model to accept cash on delivery. We discussed the power of paid loyalty programs. Having reminded ourselves that in 2018 revenues for Amazon’s prime program exceeded $14 billion and other examples around the world, such as a subscription-based or concierge star program by the orange network in Europe.
Another big lesson was the importance of innovation with 96% of millennials saying that companies should find new ways to reward their loyalty. So we discuss the importance they place on connecting with brands, with purpose, as well as the potential for more coalition programs and brand partnerships in markets. To learn more about this very interesting research from KPMG, you can listen to the full interview.
It’s episode number 15, let’s talk loyalty.
Speaker 0 (3m 11s):
Speaker 1 (3m 16s): This show is sponsored by the wise market here. The world’s most popular source of loyalty, marketing news insights and research. The wise market tier also offers loyalty marketing training through its loyalty Academy, which has already certified over 170 executives in 20 countries as certified loyalty and marketing professionals. For more information, check out the wise market tier.com and loyalty Academy.
Speaker 0 (3m 46s):
Speaker 1 (3m 51s): Thanks so much for listening to this episode of let’s talk loyalty. If you’d like me to send you the latest show each week, simply sign up for the show newsletter on let’s talk loyalty.com and I’ll send you the latest episode to your inbox every Thursday, or just head to your favorite podcast platform. Find let’s talk loyalty and subscribe. Of course, I’d love your feedback and reviews. And thanks again for supporting this.