22nd July, 2020
It is imperative for travel brands to dig deeper into consumer psychology and why certain behavior continues to exist or sway owing to the pandemic.
For instance, from travel loyalty perspective, how loyal shoppers, generally referred as affluent shoppers in this category, are spending, which categories they are looking at and how can full-service airlines bring the “earn and burn” cycle into the same?
Also, according to Comarch, consumer purchase decisions are influenced by their emotional state, and this intensifies during unstable times. And to achieve emotional loyalty, brands must build and maintain three key components: affinity, attachment, and trust.
Highlighting the same in its latest report, Comarch mentioned: “this irrational and emotional state of mind results in a trio of buying states: “panic-buying,” evidenced by the mad rush on toilet paper that ensued; “social buying,” whereby shoppers grab what everyone else seems to be scooping up; and “frozen buying,” which finds consumers retreating from buying altogether, paralyzed by fears like, “‘my 401k looks pretty bleak; I’m afraid I’m going to lose my job”.
In this elevated emotional state, brands have an opportunity to stand out by offering the support that the consumers need to build a deeper and long-term relationship that can continue once the crisis is over.
Comarch emphasizes that companies must prepare for change in the organizational mind-set to put customer-centricity at the core of everything a brand does.
Download Comarch’s report
Some of the key points:
By removing friction, rewarding members instantly and frequently, giving customers the ‘power to choose’, using ‘surprise and delight’ tactics and including “gamified” elements, brands can create a loyalty program that promotes lasting customer loyalty.
By Ritesh Gupta
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