Loyalty and reward programs have ballooned in Canada in recent years and continue to be popular in the tough economic environment consumers face with rising costs for just about everything.
But one interesting statistic caught the attention of retail and loyalty expert Lia Grimberg, Principal and Consultant with Radicle Loyalty.
She learned that 33 per cent of consumers abandon a brand that lacks personalization.
Grimberg says marketers are not delivering on customer expectations when it comes to personalization.
“That is a stat that blew my socks off,” said Grimberg. “Personalization means different things to different people but at the end of the day people know that we as retailers and we as brand marketers collect a lot of their data.
“And they know what their data is worth . . . When they know we have so much data and we’re not actually using it to add value to the consumer in the way of either better experience or more personalization then they start either abandoning the retailer for someone who understands them better, who knows them better and who can provide more relevance.
“Or on the flip side, they worry what are we doing with their data? Are we doing something potentially nefarious which I can promise you we’re not but personalization is now considered table stakes. It’s a given and it comes in the form of offers, it comes of the form of content, it comes in the form channel preference, it comes in the form of timing. And it’s about making sure that we are connecting with people human to human.”
In this video interview, Grimberg, who has worked with brands like The Bay, Loblaws, Sears, Home Depot, American Express and AIR MILES, talks about the issue as well as what makes good loyalty programs.
The Video Interview Series by Retail Insider is available on YouTube.
Connect with Mario Toneguzzi, a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and the only Canadian – to learn how you can tell your story, share your message and amplify it to a wide audience. He is Senior News Editor with Retail Insider and owner of Mario Toneguzzi Communications Inc. and can be reached at mdtoneguzzi@gmail.com.
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