“A brand that delivers on customer experience and exceeds their expectations when it comes to rewarding loyalty is much more likely to continue succeeding, even when money is tight,” says Malia.
Subscription services, according to Malia, are “something most of us have bought into but it’s also something which can be easily cut.”
“If the average household has subscriptions to Netflix, Amazon Prime, Spotify, Disney+ and several other entertainment packages, it’s an easy place to start when reducing spending.”
Malia also proposes that brands could look at strategically partnering with these subscription services in order to increase loyalty themselves.
“Knowing that households may be considering cutting back on the cost of such subscription services, if the likes of Vodafone or EE offered two-years of Netflix or Spotify within my contract, I can remove that cost from my monthly bills without losing the service. One company retains my business while another benefits from my loyalty,” he explains.
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For the subscription services, he again says it comes down to ‘proactive reward schemes’. “People with four or five subscriptions may look to cut half of them to save money – if one has proactively rewarded their loyalty in the past, they’ll usually be the last to be cut.”
Focusing on value for consumers across the board
“What might work for a globally recognised subscription service may not work for more traditional brands,” concedes Malia. However, he suggests that loyalty still boils down to value – but only where it matters most to the customer.
“What many would appreciate is the company they invest their money in proactively asking where they’d like to see improvements,” he explains. “If the majority highlight CX as a focus area, that’s where the improvements will lie. Knowing improvements are on the way, based on customer feedback, can improve loyalty in the short-term, while the improvements themselves will have a more long-term impact.”