We recently asked thousands of people around the UK what they’re most excited to spend money on, and the answers were great news for some businesses, and difficult reading for others.
The public told us that they overwhelmingly want to spend their money on experiences.
Travel, indoor dining, leisure, seeing friends and family were all at the top of the list by a big margin. By contrast, interest in spending on tech, cars, and other areas was surprisingly low.
You can read more about what’s in our data here, but we want to focus here on what the data means for how you might approach customer loyalty in 2021.
What it means for your business
In a crucial period for every business, no one can ignore the public when they make their priorities so abundantly clear.
And our data shows us there’s two camps. Those in the sun, with demand pouring in from the public, and those in the shade, where the interest is a bit cooler.
In the sun
While things will be busy now, it never hurts to focus on the future.
At some point, there will be a re-balancing of the wants and needs of the public. Currently, the public are desperate to make up for all the lost time over the last year, but that kind of over-the-top enthusiasm just won’t last forever.
Eventually, the familiar troubles of the hospitality, travel, and leisure industry will return. It pays to think about how to make sure the customers coming in now stick with you in the future.
We have much more information here about what you can do to keep customers coming back over time, but if we had to pick one thing to focus on here, it’s exclusivity.
As we discussed in one of our articles recently, research shows that exclusivity is one of the main things customers want in exchange for their loyalty to brands.
Prioritising your existing customers, and the customers who have stuck with you through lockdown, is how you best place yourself to keep them when the buzz of fewer restrictions fades away.
In the shade
No one can argue with what the public wants, not when the stats show overwhelmingly what they’re interested in.
But as we pointed out earlier, at some point balance has to be restored. You can keep engagement in your business high with communication and help for your existing customers.
Stay in touch with your customers and keep a constant level of engagement with timely, helpful content. You’ll know better than us, sight-unseen, what your customers respond to – but you want to make sure you keep your brand alive in their minds when they turn their interest back to your industry.
If possible, also gather feedback on what your customers are looking for and interested in from you, and be prepared to offer it.
Over to you
Whichever camp you’re in, there’s a way to make the most of the rest of 2021. You can check out our advice in the links in this article.
If you need any help, or just want to bounce some ideas around, we’re always here for a chat. Use the live chat or call us during working hours, or shoot us an email any time.