Research conducted by partnership marketing agency Cherry London has revealed that women, if adequately rewarded, are more likely to stay loyal to a brand than men.
Of the 1000 adults surveyed, 68 per cent of women said that getting rewards from a brand makes them stay longer, and not switch to other brands, versus 53 per cent of men.
The survey, commissioned by the specialist marketing agency as part of their ‘month of Brand Love’, also revealed that over half said they wanted to see a brand "invest heavily" in rewarding them for their custom (versus 42 per cent who said they were happy with “a little" investment).
Tamara Gillan, ceo and founder of Cherry London, said: “If over two thirds of customers are saying rewarding their custom is so important when it comes to their loyalty then brands really do need listen up.”
According to the survey receiving rewards influences behavioural metrics across both sexes, 65 per cent said it impacts frequency of purchase, 64 per cent said it influences the amount they spend and 69 per cent said that it influences brand trial.
Gillan said: “It’s a fact customers are more demanding and more informed than ever before. Rewards are a hugely important driver of brand loyalty, but it’s more than this: creating an emotional connection that matters to your audience is key to success in today’s tough marketing environment.
“O2 is a great example of a brand getting to the heart of what their customers need and want and creating that emotional bond. They consistently make their customers feel special, rewarding them with things they love, like a free coffee, a £1 lunch or cinema tickets. They then harness the power of technology to always be in the right time in the right place. The results speak for themselves. O2’s churn rate is less than half that of its competitors, and that’s worth millions of pounds to the business.”
“Vitality and The North Face VIPeak are two other great examples of loyalty programmes that are true to this mantra. The North Face VIPeak, especially, was developed to build a stronger connection between the brand and its customers. If you truly want to drive loyalty that matters, that lasts then it’s about creating a powerful emotional connection between your brand – and that’s why rewards are so popular and powerful.”
The agency has produced an infographic to illustrate the key findings of the research:
Cherry London will unveil its full findings, including what types of rewards work with different audiences across Europe, at a breakfast event on February 11, with guest speakers from Virgin, Facebook, IPM and O2.