If you're in the business of loyalty, you know that meeting customer expectations is key. So what are they and how are they changing in these turbulent times? 

Purchasing habits changed post-pandemic and now the cost of living crisis is causing consumers to seriously consider how household incomes are allocated. Businesses are already reacting to this as seen with Starbucks who made changes to their rewards offerings, making it more costly to earn popular items and less costly to earn others. This, combined with a crowded loyalty marketplace, is enough to give loyalty leaders the jitters. In fact, in our Business Loyalty Landscape research, 41% of businesses considered customer fatigue and a saturated loyalty market to be amongst their biggest future challenges.  

There will doubtless be desertions and defections as consumers rein in spending, make switches and do their level best to balance the books. The luxury sector is likely to suffer and premium brands will be usurped in many households by own-label and value brands, as consumers look to conserve and stretch funds. And yet loyalty leaders in all sectors can take action to stem customer attrition. How? Put simply: 

Know what customers expect and deliver against this. 

At Collinson, we make it our business to know what is ‘now, new and next’ – it is vital to know the future loyalty landscape so that we can plan and project forward accordingly. And we know for sure that customers are expecting more from brands. Loyalty really does need to be reciprocal, with a balanced value exchange at its heart.