Whether through points, miles, or cashback, customer loyalty has traditionally been transactional. While this approach does still work to a degree, the loyalty landscape is changing. To uncover winning loyalty strategies, Mastercard partnered with Harvard Business Review Analytic Services to ask 400 executives globally about their approach to customer loyalty. The research showed that customer loyalty remains a top business priority for executives, but less than half believe their approach to loyalty is effective.
These findings point to the need to challenge standard notions of rewards, and begin reimagining the future of customer loyalty. To keep pace with changing consumer trends, brands must double down on the fundamentals while also investing in forward-looking technologies.
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