In the hunt for customer loyalty, several factors are pushing trust into the spotlight. One is the general rise in doubt about government and health institutions that’s been accelerated by a global pandemic and increasingly divisive political climate. Other trust factors include the data privacy regulations that have been instituted by government bodies, such as the EU’s GDPR and the CCPA, which have put data use under the microscope.
Of particular concern to retail and brand marketers are the actions of tech giants like Apple and Google to limit individual customer tracking and to eliminate (or minimize) the cookies that are the basis for so much third-party consumer information. And this “trust deficit” is being exacerbated by consumers’ newfound understanding of the value of their personal data.
This Retail TouchPoints special report will explore the expanded role trust is playing in customer loyalty, and some of the techniques and tools retailers can use to build (or rebuild) trust as part of their loyalty initiatives, such as:
- Tapping the influencer/creator economy to establish relationships that go beyond individual transactions and build CLV (customer lifetime value);
- Expanding reward portfolios to include experiences, both IRL and in the metaverse, that better match loyalty program members’ interests and passions;
- Using these experiences as additional data-gathering opportunities; and
- Sharpening the use of personalization in ways that serve customers without feeling intrusive or creepy.
Download the report now!