How to Win Back Customers and (Re)Build Loyalty
Earlier this month at their flagship Customer Engagement Conference, DMA, the Data & Marketing Association, unveiled their ground-breaking research on customer engagement, specifically how brands can work to win back lapsed customers, rebuild loyalty, and optimize their marketing performance. At Tapestry, we had the pleasure of collaborating with DMA, supporting them on their journey to understanding consumer habits in 2023.
For fear of sounding like a broken record, we can’t talk about consumer behaviour without first touching on the cost of living crisis, a plight that has plagued the British consumer since 2021. And it’s through this lens that we must contextualise consumers’ spending habits. Despite some positive news that inflation rates are dropping, there’s still a lack of optimism about the future of the UK and its economy among consumers, with 68% of the British population anticipating the price of products and services to worsen over the next 12 months.
However, it’s not all doom and gloom! Despite a pessimism about the world around them, there’s a seemingly contradictory optimism among British consumers when it comes to their own lives, their personal happiness, and their future. We found that this personal optimism is rooted in self-empowerment, with consumers taking control of their personal situation by adapting their spending habits, and the brands they buy. This behavioural shift presents a raft of opportunities for brands to not only acquire new customers, but to also win back those who have switched away from them.
In the full How to Win Back Customers and (Re)Build Loyalty report, we explore what brands can do to attract old and new customers alike, how they can deepen their relationships with consumers and, in turn, drive repeat purchases, and SPOILER (!), it’s not just slashing prices! Click here to access the full report.