Customers don’t buy products. They buy experiences. To show brands how to reinvent their approach to customer loyalty and make experience their business, Adobe is hosting an exclusive EMEA Symposium, focusing on the impact of changing customer behaviour on brand loyalty.
Being an “experience business” means putting customers first. In a recent Adobe survey, eight out of 10 participants said they’re loyal to brands that offer delightful experiences, and nearly two-thirds to brands that tailor experiences to their preferences and needs. But what happens to brand loyalty when your customers’ needs and desires are constantly changing?
To answer that question, Adobe collaborated with Dr. Chris Brauer at Goldsmiths University and research consultancy Smoothmedia to investigate how consumer behaviour is changing, and how marketers are reacting to those shifts.
The study’s first segment examined changing consumer behaviour and its impact on brand loyalty. The researchers found that the proliferation of digital technology has changed the landscape significantly, giving consumers more choices than ever before. Digital technology has also heralded a new era of ultimate convenience, in which time-poor consumers can obtain the products and services they want, whenever and wherever they want them. In addition, companies of every size can now compete for loyalty and market share, meaning even more disruption for brands.
This week marked the launch of the study’s second phase, which looks more closely at how marketers are reacting to the changing consumer, and sets out a new framework against which brands can measure customer loyalty. Adobe and Goldsmiths’ research team discovered a new loyalty model, at the heart of which is a consumer empowered through digital technology. These consumers are more self-aware and vocal than ever before, and their behaviour is increasingly motivated by internal beliefs rather than external attempts at loyalty branding. At the same time, however, more than two-thirds of consumers reported that they’re excited by brands that use the latest technologies to create delightful experiences.
In short, the new key to customer loyalty isn’t just creating powerful branding, it’s placing customer experience at the centre of your business. To win share of attention (and share of wallet), marketers have to start putting consumers’ personal context above all else.
Adobe Experience Cloud is designed to provide exactly this sort of personalisation, by ensuring that data from disparate sources is integrated to develop a 360-degree view of each customer. Powered by Adobe Sensei machine learning and artificial intelligence, Experience Cloud lets brands personalise at scale, fostering the one-to-one relationships that are so crucial to loyalty by helping consumers filter their options and streamlining the process of delivering what they want, when they want it.