Ascendant Network, Signal Study Confirms Customer Focus Pays Off
Feeling special goes along with consumers searching for a relationship with brands. Some 60% of consumers participating in a survey scheduled for release Wednesday said they favor retail brands that make them feel like a valued customer, and 42% said they favor the retailers that customize product recommendations based on their preferences.
Customer satisfaction can make or break a relationship with brands. Findings from a joint study by Ascendant Network and Signal — Building Consumer Brand Infatuation: How Popular Retail and Travel Brands Are Crushing Customer Churn with Great Experiences — show that companies with a strong customer-focus philosophy and their own data and relationships are rewarded with repeat customers.
The challenge for marketers who want an ongoing relationship with their customer is to own the process of delivering relevance at every point.” Kathy Menis, SVP marketing at Signal, wrote in an email to Search Marketing Daily. She advises marketers to begin by owning the first-party data and the technology that makes that data persistent and portable across the enterprise and throughout the consumer experience.
Consumers favor brands, especially retailers and those in travel and hospitality, that are willing to invest in the technology to deliver connected and personal customer experiences. Many of them invest in tech to keep data safe. About 62% of consumers said they favor certain travel and hospitality brands because they trust them with their data.
Some 40% of consumers are likely to buy more often from brands that focus on customer experience; 36% are likely to spend more with their favorite brand; 48%, likely to recommend these brands; and 44% are willing to try new products.
The report is based on an online survey of 500 adults who made an online purchase at least once in the past three months.
Some 64% surveyed said their favorite retail brands — offline and online — personalize the experience regardless of the platform or channel, and 82% of those report they favor retail stores and Web sites that make it easy to find products and services that are right for them.
The survey also found that the way consumers connect with brands has a bearing on their preferences and overall impression of the brand. For example, 64% surveyed reported that their favorite retail brands are better than other companies at providing quick post-purchase problem resolution. Some 54% say travel/hospitality brands make travel easier and more efficient by sending important updates and information after purchase.
Also, 55% make it easy to provide feedback and rate their experience, and 55% reward consumers for their loyalty. Consumers also welcome relevant email messages, personalize offers based on past purchases, and keep track of purchases and when to replace them.
The report also published three recommendations for brands to win customer loyalty: match data and identity across multiple channels, platforms, and devices to personalize experiences; move at the speed of customers because buying decisions are made within minutes, not on a campaign-by-campaign basis; and build an owned identity asset that can enrich continuously and over time.