According to a new consumer study and survey report released today by the Ascendant Network and Signal, consumers favor retail and travel/hospitality brands that invest in technology to deliver connected customer experiences that are personal, seamless, and contextually relevant.
The report, “Building Consumer Brand Infatuation: How Popular Retail and Travel Brands Are Crushing Customer Churn with Great Experiences,” is based on an online quantitative survey of 500 adults who made an online purchase at least once in the past 3 months.
Companies that have a strong customer-centric philosophy and own their customer data and relationships are rewarded by consumers who become repeat purchasers and passionate brand advocates. Forty percent of consumers said they are likely to buy more often from brands that prioritize the customer experience, and 36% said they are likely to spend more with their favorite brand. Nearly half (48%) are likely to recommend these brands and 44% will try new products from these brands.
Nearly two in three consumers (64%) surveyed indicated that their favorite retail brands (online and offline) deliver a personalized experience regardless of the platform or channel. Eighty-two percent of those surveyed reported that they favor retail stores and websites that make it easy to find products and services that are right for them.
“Marketers need to consider the entire customer lifecycle a series of opportunities to solidify – or lose – a customer relationship,” said Mike Sands, CEO Signal. “Brands that master customer identity to continuously recognize consumers and deliver contextual relevance at all critical moments will be those that increase retention, decrease churn, achieve better ROI, and increase sales.”
The survey also found that the touchpoints after a customer has made a purchase have tremendous bearing on their preferences and overall impression of the brand. For example, two in three consumers (64%) surveyed reported that their favorite retail brands are better than other companies at providing quick post-purchase problem resolution. More than half (54%) of consumers say that travel/hospitality brands make travel easier and more efficient by sending important updates and information after purchase.
“The reality for many brand marketers is that delivering consistent, customer-driven experiences is immensely complex due to siloed technology platforms and organizational structures,” said Susan MacDermid, Founder + CEO, Ascendant Network. “This new report highlights why it’s imperative to overcome these challenges: consumers recognize and reward seamless experiences, and that positively impacts the bottom line.”
Three recommendations for brands to win customer loyalty are:
- Unify customer data across the enterprise: Matching data and identity across multiple channels, platforms, and devices will enable marketers to build the personalized experiences that consumers expect.
- Move with customers: Buying decisions are made within minutes, not on a campaign-by-campaign basis. Create long-lasting customer profiles that update instantly with each interaction to reflect the most current data.
- Stay in control of customer data and identity: Build an owned identity asset that can enrich continuously and over time, becoming more robust and valuable with every customer interaction. An identity graph that is available any time for activation across the enterprise will enable individualized communications.
To read the complete report, “Building Consumer Brand Infatuation: How Popular Retail and Travel Brands Are Crushing Customer Churn with Great Experiences,” and for more recommendations, visit here.
Signal is the first and only Customer Identity Solution for the enterprise. Signal’s platform offers an independent identity solution for brands that transforms the customer experience by connecting an always-active profile to customer engagements across all human, physical, and digital touchpoints.
Today, Signal’s technology runs on more than 45,000 digital properties in 158 countries. The platform facilitates billions of data requests monthly, supporting top brands around the world that generate more than $1.5 trillion in commerce, including Allstate, Audi, Crate & Barrel, JetBlue Airways, Starcom MediaVest Group, Starwood Hotels and Resorts, and many more.
Signal has been recognized with numerous awards and honors, including being named one of the fastest growing companies on the 2015 and 2016 Inc. 500 lists. Visit www.signal.co to learn more and follow Signal on LinkedIn, YouTube and Twitter.
About the Ascendant Network
Ascendant Network runs two professional network for brand advertisers and retailers: Retail Ascendant and Digital Ascendant. It’s twice-yearly events are not run of the mill conferences. Instead, their councils build a selective community (invite-only via nominations) of senior change agents (VP, SVP and CMO level) spearheading today’s retail r/evolution and digital transformation. Each event brings together 100 transformative marketers and merchandisers from the nation’s largest brands and retailers to share + connect + debate + tackle industry problems, etc. Unlike typical conferences, this forum is closed-door/no press, which supports candid sharing and relationship-building among the industry’s “who’s who.”
Originally published June 14, 2017