From insight to action: Creating unique loyalty experiences in CPG and retail

From insight to action: Creating unique loyalty experiences in CPG and retail

Companies today are increasingly relying on data to develop effective loyalty programs and deliver personalised experiences for their customers. A survey of more than 1,500 decision-makers revealed that loyalty programs are believed to be the third most significant driver of customer loyalty, only behind product quality and customer service. The same research shows that 56% of consumers are more likely to purchase from a brand with a loyalty program. The opportunity to offer value directly to the consumer and drive loyalty in the supply chain has never been more apparent. 

The bad news is that research also reveals that increased competition and supply chain challenges pose the largest threats in the UK. Beyond this though, how can CPG brands avoid defections to own-label products, as consumers chase lower prices? There’s potential for retailers and CPG companies to work together, protecting share for both parties. And for brands already in the D2C space, growing online sales while leveraging first-party data will prove powerful loyalty tools.

• How can companies best collect and analyse first-party data to gain insights into customers’ behaviours and preferences?
• What are some key metrics companies can use to measure the effectiveness of their loyalty program and the impact of their data strategy on customer loyalty and retention?
• How can businesses ensure they are collecting and using customer data in a transparent and ethical way, while still delivering value to their customers?