In November 2017, we released the first wave of our proprietary research on Loyalty 3.0, “Changing Consumer Expectations” which revealed how the changing dynamic between brands and customers is impacting brand loyalty. Our latest rDialogue research continues to validate the concept of “Loyalty 3.0” as well as the continuing effect of Amazon, which we call “Amazonification”. This recent study, fielded in late early Q2 2018, shows that leading brands are taking a cue from Amazon and beginning to broaden their value propositions beyond the traditional transactional offerings, like free product, discounts, and rewards.
Time. It's arguably the most valuable asset any of us have, and we're constantly seeking ways to get the most out of how little we have. In fact, in our new research study, time ranked high amongst respondents, with 64% considering time saving an essential component of a loyalty program. Much of this shift in attitude can be attributed to brands like Amazon and its Amazon Prime subscription program. Over a relatively short period of time, Amazon has reset—or restructured—consumer expectations. In our instant gratification world, Prime satisfies.
At rDialogue, we believe there is a fundamental shift in what loyalty marketing should stand for: brands must pay attention to customers and act accordingly. There’s a need for brands to be customer-centric and deliver value in more ways than rewards, points, and generic communications. In 2016, rDialogue published a white paper on this evolving approach, something we call Loyalty 3.0.