In this article you will learn:
By: Mark Abraham, Managing Director and Senior Partner, BCG, and Christian Selchau-Hansen, CEO, Formation
After everything that has reshaped economics and customer behavior this year, what does the loyalty landscape really look like as we near the end of 2020? Business leaders and pundits have made their best guesses, but what does the data really reveal? It’s these questions that led to the research in Formation’s Brand Loyalty 2020 report.
In this webinar, we’re taking a deep dive into what was learned from this survey of 2,000 U.S. consumers. Mark brings his expertise to the table as a managing director at Boston Consulting Group, and the founder of BCG’s personalization business. Christian, CEO of Formation, brings an analytical and technical view from his more than 15 years of experience in Silicon Valley using data to engage customers.
Together, we’ll explain what the numbers in the report actually mean for brands and marketers, and what next steps you can take to leverage the changes 2020 has brought.
Delving into the key insights
We’ll explore the study’s most compelling statistics and discuss the reasons behind them, including:
- Why brand loyalty is increasing among customers
- Where marketers and consumers are not aligning
- What marketers are missing in their personalization efforts
- How leading brands are engaging customers as individuals
On this last point, we’ll examine which brands have been able to attain the marketing holy grail of true 1:1 personalization, and how they’ve achieved that goal. A few highlights include examples from Amazon’s B2C and B2B businesses, plus Sephora, Starbucks and more. We’ll also share our takes on the most surprising insight in the report:
The discussion around data privacy obscures what customers want - personalization
Based on this one surprising insight, we’ll scrutinize the flaws in the current climate around customer data collection. It turns out that the notion that customers don’t want their data accessed is at best an incomplete picture of what’s taking place. In the webinar, we’ll share what data customers are willing to provide, when they’re willing to do so, and what they’re expecting in return. We’ll also answer viewer questions on the risks of personalization, including how to ensure it comes off positively to consumers and how to avoid the “creepy” factor.
Why many brands still find personalization so challenging
If you’ve ever wondered why so many CMOs express an aspirational vision for individual marketing, yet never come anywhere close to executing it, the webinar will get to the heart of this issue. We’ll share why most brands still struggle with the first phase of personalization—segmentation—and how the 15% who have achieved true 1:1 personalization have benefitted.
We’ll also discuss whether investing in personalization at the individual level is really worth it, with Mark providing specific examples of profit margins his clients have achieved with this approach. Christian will also explain the three fundamentals companies must have in place before starting on the path to 1:1 personalization.
8 defining characteristics of best-in-class loyalty
For marketers seeking to improve their offerings based on this year’s changes to the loyalty landscape, we’ll walk you through the eight elements that leading loyalty programs have in common across industries. For each element, we’ll provide an example of a benchmark brand that is a current market leader for that characteristic. We’ll also go over the four key elements marketers must add as a part of their loyalty flywheel, and how to use them to make loyalty more experiential for consumers.
But what if your customer is a business, not a consumer?
B2B is seldom mentioned in the conversation around loyalty marketing, and for good reason—as a whole, it typically lags behind B2C when it comes to personalization. We’ll explain why this is, what can be done about it, and how B2B marketers can start building successful programs. We’ll also provide examples of the few brands that are getting B2B loyalty right, and brands that are just starting their B2B loyalty journeys.
Third-party vs. zero-party data
To conclude the webinar, we’ll explore the value of different types of third-party data, and how that compares to the value of zero-party data (i.e. first-party data that consumers themselves provide directly to brands). We’ll talk through how each data type fits into the loyalty landscape, and how both are critical to forecasting beyond trends. Christian will further explain why third party data alone is not enough, and why brands must build robust zero-party intelligence in order to anticipate individual behaviors.
Get free access to our loyalty landscape findings
Find out how to leverage the changing loyalty landscape to improve brand loyalty and deepen your customer relationships. Enter your information to watch the full 2020 Loyalty Landscape Webinar.