The Loyalty Report 2021 flips the loyalty script and reveals that brands need to focus on their customers, as only 20% feel that brands are loyal to them; Top programs and breakaway leaders; immediately actionable opportunities to drive brand loyalty in a changed world
Bond, a leading global customer experience, engagement, and loyalty management firm, launches The Loyalty Report 2021 . This year’s data set quantifies the rapid acceleration of consumer shifts that Bond previously identified pre-COVID-19 and the actionable insights Brand leaders—and challengers—need to act on now and going forward.
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After a decade, plus one very unusual year, The Loyalty Report 2021 identifies the key metrics that are the strongest predictors of higher share of wallet from customers: “I am loyal to the program” (29% of consumers strongly agree) and “I am loyal to the brand” (30% strongly agree), as well as a new variable grounded in relationships: “brand is loyal to me” (only 20% strongly agree). The measure is based on the notion of “customership,” which recognizes that customer-centricity translates to customer loyalty when the Brand shows loyalty to the customer, rather than the legacy paradigm of Brands expecting customers to show loyalty to them first.
Bond sees this aspect of customership as a key requirement for brands in the post-pandemic era. For the decade ahead, Brands must aim to become recognized by their Members as a Loyalty Brand—one that is familiar, rewards them more, and is rooted in reciprocity.
“After a year unlike any other, we’re excited as The Loyalty Report 2021 provides a clear blueprint for Brands looking to lead or challenge the leaders amid the new loyalty paradigm,” says Phil Rubin, Executive Vice President, Global Insights & Strategic Partnerships, Bond. “Brand leaders need to drive profitable growth and being a loyalty brand and delivering loyalty-focused customer experiences is the most direct way to achieve that. This year’s report separates the leaders and challengers from the laggards and more importantly, extends the insights into action that clearly separates the winners from the losers.”
Produced in partnership with Visa, The Loyalty Report is the industry’s most comprehensive and longest-standing study of its kind on customer engagement, loyalty attitudes, behaviors, drivers, and market dynamics. This year’s report features an assessment of 450 loyalty programs by more than 25,000 North American consumers across a range of key sectors, including payments, retail, grocery, delivery, gas, dining, hotel, airline, coalition, and more.
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