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Staying ahead in the evolving world of brand trust.
A guide for businesses on the factors influencing customer retention and loyalty in a cost of living crisis.
You don't have to look far to see that prices are rising across just about every supply chain in the country, having a huge knock-on effect on consumers and resulting in a cost-of-living crisis across the nation. Rising prices were already causing many people to scale back their spending and shop around for cheaper options.
Are consumers expecting the impossible? What could brands do differently? And how can businesses tailor their customer retention strategies during these turbulent times we find ourselves in?
Our report takes a deeper dive into these pressing questions, and offers a few tips for businesses and marketers on how to navigate the increasingly cost-conscious climate we're in – and we're not just talking about knocking down prices…
Constantly mounting prices are making consumers reconsider their trust in brands. The stats speak for themselves, with almost a third (30%) of customers saying rising costs are impacting their trust in brands and over a fifth (22%) admitting loyalty to the businesses and organisations they normally buy from has declined in recent months.
Whilst quality products and great service were once the main buying drivers, today's customers are increasingly shopping around for cheaper options. But with many businesses currently unable to do much about rising costs, how can they retain trust and loyalty in different ways?
If our research is anything to go by, loyalty schemes could be a good place to start. In fact, 75% of customers say they would switch brands for a better loyalty programme. Meaningful, personalised rewards are the perfect opportunity for brands to connect with customers and showcase an understanding of what’s really important to them.
From making customers feel truly valued and offering personalised experiences and bespoke rewards via loyalty schemes, to aligning with their personal values and being open about their environmental credentials and sustainability aspirations, there are many ways brands can start to build back trust.
Based on our new research of 1,000 customers and 500 marketers, our latest report looks at the changing landscape of brand trust, while providing recommendations for businesses and marketers on how to connect with customers and win their trust during turbulent times.
You don't have to look far to see that prices are rising across just about every supply chain in the country, having a huge knock-on effect on consumers and resulting in a cost-of-living crisis across the nation. Rising prices were already causing many people to scale back their spending and shop around for cheaper options.
Are consumers expecting the impossible? What could brands do differently? And how can businesses tailor their customer retention strategies during these turbulent times we find ourselves in?
Our report takes a deeper dive into these pressing questions, and offers a few tips for businesses and marketers on how to navigate the increasingly cost-conscious climate we're in – and we're not just talking about knocking down prices…
Driving customer connections during challenging times.
A guide for businesses on attracting and retaining customers in the current cost-conscious climate.
You don't have to look far to see that prices are rising across just about every supply chain in the country, having a huge knock-on effect on consumers and resulting in a cost-of-living crisis across the nation. Rising prices were already causing many people to scale back their spending and shop around for cheaper options.
Are consumers expecting the impossible? What could brands do differently? And how can businesses tailor their customer retention strategies during these turbulent times we find ourselves in?
Our report takes a deeper dive into these pressing questions, and offers a few tips for businesses and marketers on how to navigate the increasingly cost-conscious climate we're in – and we're not just talking about knocking down prices…