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November 29, 2011updated 04 Apr 2017 1:06pm

Banks and Building Societies win the battle for customer loyalty

New research shows that banks and building societies continue to have a strong relationship with customers, specifically concerning loyalty. The research - conducted by global research company Ipsos MORI in partnership with customer interactions specialist, The Logic Group - reveals that worry about the economy remains a top agenda for Britons as half of consumers still feel that it is the most important issue facing Britain. The findings suggest that the two key drivers of customer loyalty are familiarity with the in-store experience as well as value for money, and ease - whether that is apathy or convenience. Over 2,000 adults across Britain took part in the third annual study into customer loyalty, which for the first time included online social listening, web sensing and online discussion groups.

By Anthony Tshibangu

New research shows that banks and building societies continue to have a strong relationship with customers, specifically concerning loyalty.

The research – conducted by global research company Ipsos MORI in partnership with customer interactions specialist, The Logic Group – reveals that worry about the economy remains a top agenda for Britons – as half of consumers still feel that it is the most important issue facing Britain.

The findings suggest that the two key drivers of customer loyalty are familiarity with the in-store experience as well as value for money, and ease – whether that is apathy or convenience.

Over 2,000 adults across Britain took part in the third annual study into customer loyalty, which for the first time included online social listening, web sensing and online discussion groups.

For the third year running, the same three sectors emerged as leaders in customer loyalty.

Banks and Building societies led the way with two thirds of the public (66%) saying they feel loyal to a business or organisation operating in this sector.

Supermarkets (60%) came second with three-in-five respondents saying they are a loyal customer, followed by just over half (52%) the respondents saying the same about mobile phone companies.

CEO of The Logic Group, Antony Jones, said, “The research also shows that once people join a loyalty scheme, they are then more likely to join more and more in the same sector and beyond. 

“Taking supermarkets as an example, 68% of people are members of supermarket loyalty schemes with over a third being members of two or three.  Of course as loyalty programmes have rolled out across different sectors, businesses must identify and communicate the real USPs of their scheme.”

Jones added, “The demands on loyalty schemes are clearly complex; balancing consumer expectations and motivations, against business purpose, and within a challenging economic context.  But one thing clearly emerges from this year’s research: a loyalty scheme cannot simply be set up and left to run.”

 

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