"2023 brings new business goals, objectives, and digital initiatives. Economic uncertainty, however, is front and center: rising inflation, increasing interest rates and high talent demand are leaving brands unsure of what to expect and how best to prepare for the year ahead. Customers appreciate businesses which offer first-class digital experience. As soon as a brand ceases to deliver this, consumer loyalty is diminished."
"Marketers can look to leverage new approaches to customer loyalty, like personalization and user-generated content (UGC), to keep customers engaged. For example, a hashtag can encourage users to participate in a UGC campaign, making customers feel as if they are part of a wider community. Customers may be enticed to participate by seeing their images or stories on the company's page, or they may be motivated to participate if marketers provide an incentive."
Rising inflation, higher interest rates, and talent shortages create uncertainty for brands and force reassessment of digital priorities. Customers favor brands that deliver seamless, first-class digital experiences and will abandon brands that fail to meet expectations. Companies should prioritize customer experience (CX) to retain spending and build loyalty during economic downturns. Personalization and user-generated content (UGC) can deepen engagement by creating community and incentivizing participation. Loyalty-focused strategies that emphasize value, UX, and social proof will outperform simple customer acquisition. Reliable delivery and operational excellence are increasingly important to meet heightened consumer expectations.
Read at The Drum
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