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[New report] Growing the Value of Customer Communities
Looking across products, services and experiences, consumer choice and access is constantly reaching a new pinnacle, creating an omniplatform and omnibrand shopper mindset. Across today’s expansive digital landscape, conversations around community–not just membership but active participation on behalf of consumers–is one strategy organizations are exploring as a means to not only stand out but earn long-term affinity. To build the type of community that goes beyond points systems and one-off discounted purchases, businesses are testing ideas around how to better involve consumers in the decision making process, provide more dynamic rewards and create a more equitable value exchange between consumer and retailer.
To activate their communities, organizations are involving them from the ground up, treating fan-based chat groups and forums as sounding boards for product development and spaces to discover new opportunities to act on. Further, with the proliferation of DAOs and community-owned organizations, consumers are recognizing the power of community stakeholders, and the access those memberships provide in terms of perks, profit and decision making opportunities. Meanwhile, cryptocurrencies, digital wallets and more defined use cases for NFTs have inspired organizations to explore the idea of ownership as access and how that can elevate their loyalty program by attaching exclusive perks, amplified services and limited edition experiences around a token-based buy-in model. Looking ahead, as brands, event planners, performers and creators look to generate ongoing excitement and build on long-term relationships, there is also an opportunity to explore the idea of digital souvenirs, connecting one-time events, product drops, or membership sign-ups to the promise of future experiences and exclusive access.
In this research report, the PSFK iQ research team explores the strategies that retailers, brands and organizations can apply to meet their members with added value, activate their communities, and ultimately drive ongoing business success.
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Proprietary Insights Within This Report
Consumers see value in participating in loyalty programs but there’s an opportunity for brands/retailers to offer more beyond standardized offerings.
62% of US shoppers belong to at least four loyalty programs, suggesting there is strong interest in the space.
When asked to select typical features of the loyalty programs they belong to, 85% cited discounts and the ability to earn points. Meanwhile only 32% said early access to limited-edition goods, 22% receive personalized services or experiences, and 15% earn recognition/status within that retailer/brand community, pointing to an opportunity for retailers/brands to do more with their program offerings.
Consumers want more out of their memberships in terms of added value, and expect to be rewarded beyond their purchases.
The majority of US shoppers (74%) agree or strongly agree that retailers should customize their loyalty program to reflect them as an individual.
The majority of US shoppers (71%) agree or strongly agree they should be rewarded for activities beyond making purchases such as sharing feedback or product reviews.
Beyond membership, consumers want to feel ownership in their favorite brands and help contribute to their lasting success.
59% of US shoppers want to be able to influence the business strategies of the brands whose loyalty programs they belong to.
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By PSFK's Broadmind
4.9
99 ratings
Looking across products, services and experiences, consumer choice and access is constantly reaching a new pinnacle, creating an omniplatform and omnibrand shopper mindset. Across today’s expansive digital landscape, conversations around community–not just membership but active participation on behalf of consumers–is one strategy organizations are exploring as a means to not only stand out but earn long-term affinity. To build the type of community that goes beyond points systems and one-off discounted purchases, businesses are testing ideas around how to better involve consumers in the decision making process, provide more dynamic rewards and create a more equitable value exchange between consumer and retailer.
To activate their communities, organizations are involving them from the ground up, treating fan-based chat groups and forums as sounding boards for product development and spaces to discover new opportunities to act on. Further, with the proliferation of DAOs and community-owned organizations, consumers are recognizing the power of community stakeholders, and the access those memberships provide in terms of perks, profit and decision making opportunities. Meanwhile, cryptocurrencies, digital wallets and more defined use cases for NFTs have inspired organizations to explore the idea of ownership as access and how that can elevate their loyalty program by attaching exclusive perks, amplified services and limited edition experiences around a token-based buy-in model. Looking ahead, as brands, event planners, performers and creators look to generate ongoing excitement and build on long-term relationships, there is also an opportunity to explore the idea of digital souvenirs, connecting one-time events, product drops, or membership sign-ups to the promise of future experiences and exclusive access.
In this research report, the PSFK iQ research team explores the strategies that retailers, brands and organizations can apply to meet their members with added value, activate their communities, and ultimately drive ongoing business success.
+++
Proprietary Insights Within This Report
Consumers see value in participating in loyalty programs but there’s an opportunity for brands/retailers to offer more beyond standardized offerings.
62% of US shoppers belong to at least four loyalty programs, suggesting there is strong interest in the space.
When asked to select typical features of the loyalty programs they belong to, 85% cited discounts and the ability to earn points. Meanwhile only 32% said early access to limited-edition goods, 22% receive personalized services or experiences, and 15% earn recognition/status within that retailer/brand community, pointing to an opportunity for retailers/brands to do more with their program offerings.
Consumers want more out of their memberships in terms of added value, and expect to be rewarded beyond their purchases.
The majority of US shoppers (74%) agree or strongly agree that retailers should customize their loyalty program to reflect them as an individual.
The majority of US shoppers (71%) agree or strongly agree they should be rewarded for activities beyond making purchases such as sharing feedback or product reviews.
Beyond membership, consumers want to feel ownership in their favorite brands and help contribute to their lasting success.
59% of US shoppers want to be able to influence the business strategies of the brands whose loyalty programs they belong to.