On May 12th we hosted an event on Future-proofing to win in loyalty, with our friends at Salesforce and OSF Digital. During the event we shared our latest research insights and predictions for the future of loyalty. The findings enable each party to provide future proof solutions so that brands can win at loyalty.
What does the future of loyalty look like? With customer fatigue from belonging to over 14 loyalty programmes on average and brands leaving more than $100B of unredeemed points on the table annually, change is certainly on the (loyalty) cards.*
At an event last Thursday (May 12th), Salesforce, OSF Digital and Collinson shared their research, insights and predictions for the future of loyalty. The findings enable each party to provide future proof solutions so that brands can win at loyalty.
This is just as well, as proprietary research shared by Collinson shows that the biggest challenges brands believe they face in the next 3-5 years are increased customer expectations, customer fatigue with loyalty programmes and internal budget pressures on costs. 6 out of 10 brands in the Collinson survey were not confident with their strategy or technology and 7 out of 10 disagreed that they had the right people.**
So brands are seeing a gap between their capabilities and the seamless customer experience across touchpoints which they believe will provide the greatest returns.
At the event, Collinson predicted 7 key trends for the future of loyalty which culminate in more customer interactions triggering content and comms across a loyalty ecosystem that extends into a growing range of third party systems. Loyalty will move towards active engagement and advocacy, experiential rewards based on lifetime value, seamless currency exchange models and more personalized, dynamic experiences according to Salesforce*.
Collinson provides solutions that build loyalty 500m times a day, closing the capability and ambition gap for clients. So if you would like to future-proof your brand’s loyalty approach and get set for future success, consider a ‘Design Canvas’ workshop from Collinson.
Sources:
*Salesforce Resource Center, ‘The Retailer’s Guide to Customer Loyalty’, January 2021.
**Collinson Loyalty Strategy Research, April 2022.
