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Brand Loyalty for Luxury Marketers
Unity Marketing, July 2008, Pages: 40
In Tough Times Like These Brand Loyalty Really Matters
Understanding and cultivating luxury consumer loyalty is critical now for dealing with economic downturn
Luxury marketers today face an increasingly resistant consumer, one who is less likely to splurge and increasingly immune to advertising focused on image and prestige. 'The fact is today's affluent consumer is less likely to give a new brand a chance,' says Pam Danziger, author of the new book, Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience.
'It is in tough times like these where marketers are rewarded for their investment in brand loyalty programs. A brand loyal customer is one who buys your brand more frequently and spends more when they do,' Danziger explains.
For luxury brands that haven't yet taken steps to build a brand loyalty program, it isn't too late. But before you start printing membership cards and issuing points, take a step back. Only the best constructed and most strategic loyalty programs are capable of encouraging affluent consumers to come back to your brand time and again.
'Over three-quarters of all luxury consumers are members of at least one loyalty program, so these programs have a powerful appeal to affluents. What luxury brands and retailers need to learn are the key attributes of their brand as viewed by their customers so that they can design their loyalty program to appeal to their unique customer base,' says Danziger.
New report provides hard-hitting data in succinct and easily digested format
To teach marketers more about successful loyalty programs targeting the luxury consumers, released this in-depth and comprehensive report on brand loyalty that is laser-focused and gives luxury marketers the facts and figures they need to support their brand loyalty efforts.
This 41-page study called A Trend Report on Brand Loyalty Programs for Luxury Marketer offers powerful intelligence about luxury consumers who join luxury programs and its impact on their brand choices and spending behavior. It also includes an analysis of the best practices of the most successful loyalty programs, and a look at industry stand-outs American Express Platinum Rewards, Neiman Marcus InCircle and Starwood luxury hotels. The report is available for $295. Click the link to the right to order your copy.
The secret of successful loyalty programs is understanding the consumer
In this new study on loyalty programs, those who design, market, and sell luxury goods and services will get the facts to support developing a loyalty program for their brand, or at the very least to conduct serious due diligence on implementing a program. Research expertise to luxury brands that will help them measure the effectiveness of a loyalty program for their business,' Danziger says. 'The secret of implementing an effective and profitable loyalty program is to design it around the desires and expectations of the brand's unique customer base.'
Consumer insights will guide the development of a luxury loyalty program by discovering:
- The unique 'wow' factor that will make a new luxury program compelling for the consumer;
- What types of rewards would be most effective for your company's brand loyalists;
- Whether your brand's loyalty program could gain from partnering with other brands; and
- What program structure is most effective in encouraging spending.
'Deciding to offer a loyalty program is the easy part. However, understanding what makes these programs attractive to luxury consumers can mean the difference between cultivating an enthusiastic repeat customer and simply becoming another plastic key fob or card in the wallet,' says Danziger.
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