How can loyalty drive growth in 2023 and 2024

During 2023, the outlook has remained uncertain, with rising inflation, economic slowdowns and new variants of COVID-19 threatening to disrupt the recovery. How can brands and retailers survive and thrive in this environment?

Loyalty programmes are a tried-and-tested means to gain and retain customer engagement. Our recent survey shows that 70% of consumers spend more and engage more frequently with brands and retailers when they have signed up to the loyalty programme than when they have not.

Surprisingly, however, despite the prevalence of such schemes, many businesses operating loyalty programmes are not reaping the full benefit of their investment. With more focused attention, these programmes can evolve from transactional marketing tactics into a far deeper means to stay relevant to customers, and pave the way for long-term relationships that. Done well, and you will soften the cost of customer acquisition, improve spend patterns, and develop a wellspring of customer knowledge and insight to help shape the products and services of tomorrow.

Deloitte has a proprietary model that maps the most important levers for optimising a market-leading programme, helping clients configure schemes to truly reflect customer and market needs. We’ll also help you connect loyalty programmes with other activities across the business, to generate synergies and minimise internal friction between the programme and business operations.

Download the full article to find out more and ultimately what it takes to pioneer customer growth during uncertain times.