72% of Consumers patronize brands with loyalty programs- Nielsen’s Report
About 72 percent of consumers across the world, including Nigeria, have attested to the fact that they are more likely to patronize brands with loyalty programs.
According to a report obtained by MARKETING EDGE from Nielson Nigeria website, more than seven in 10 loyalty-program participants in Nielsen’s Global Loyalty-Sentiment Survey (72%) somewhat or strongly agree that, all other factors equal, they will buy from a retailer with a loyalty program over one without.
The report says a loyalty program can be an effective way to create competitive advantage by reducing customers’ likelihood to switch stores.
It added that a loyalty program could also help drive frequent visits and purchasing of goods and services by consumers that are loyal to such brands.
“Nearly three-quarters of global loyalty program participants (74%) agree that loyalty programs make them more likely to continue doing business with a company, and two-thirds (67%) agree that they shop more frequently and spend more at retailers with loyalty programs” it added.
The report further pointed out that of all the loyalties programs, financial reward was one of the most highly valued loyalty program benefits for consumers of all ages.
“Product discounts and cash back rebates are rated higher by older respondents than by their younger counterparts,” the report said.
“Younger loyalty-program participants value a few non-monetary benefits more highly than their older counterparts, though the percentages who say these are among the top three benefits are rather low” Nielson report stated.
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