The world is in a volatile, uncertain, complex and ambiguous situation, which is not likely to be resolved at anytime soon. The implications for marketers are the protection of funds and money and the erosion of trust between customers, marketers and organisations.
Is Loyalty Marketing the solution to this?
Maybe. With traditional marketing struggling in the current situation and the recognition for loyalty marketing on the rise – i.e. 10 years of the Nectar programme, the introduction of Loyalty Marketing Awards and budgets for loyalty marketing on the increase .
However, according to Mr. Johnston there are two blind spots of loyalty marketing:
Missing the Moment: Overlook the opportunity
Companies have to redefine the role of loyalty marketing in their strategic thinking: Indentifying, building and nurturing customer relationships by putting loyalty marketing and the customer in the centre of their strategy.
Missing the point: Get blinded by what technology allows companies to do toconsumers and forget about what technology can do for consumers
Marketers are in the promising position to have innovations and technology at their hand to reach consumers, however, they should not forget to focus on what customers need and how they can create value.
Finally Mr. Johnston stresses not to forget the fundamentals of Loyalty Marketing: trust, commitment and reciprocity.