The world is going through a period of massive change. While the past two years were dominated by the pandemic, the current period is underscored by deep economic uncertainties, including central banks raising interest rates, supply chain constraints and fears of economic recession.
In this era of unpredictability, marketers have their tasks cut out for them. I’m finding that customers have become increasingly fickle and choosy with an ever-growing number of options available to them. Loyalty, hence, can no longer be taken for granted. To retain customers, brands are under intense pressure and have been forced to look at loyalty from a value-generating perspective with an eye toward loyalty experiences and rewards for their customers.