Analysis: Loyalty is its own reward

Andrew Eitelbach

This short article argues that winning loyalty is a different task from winning consumers' hearts and minds; 31% of consumers, according to one study, admitted they could be lured away by cheaper prices elsewhere.

Analysis: Loyalty is its own reward

Andrew Eitelbach

WINNING CONSUMERS' HEARTS and minds is one thing, but earning their undying loyalty is quite another. In a 2015 study by engagement optimization company Verint Systems, 31 percent of consumers admitted they could be lured away from a favorite brand by cheaper prices elsewhere.

To incentivize consumer loyalty many brands turn to rewards programs, and consumers are eager to join. In fact, the 2015 COLLOQUY Loyalty Census reports memberships in U.S. rewards programs reached 3.3 billion in 2014 (with the average consumer enrolled in multiple programs), but only 43 percent of members...

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