New brand loyalty research released by American Express has revealed that the Covid pandemic has made consumers more appreciative of every part of the customer experience from service, availability and access to safety and trust.
The research was released to mark the start of American Express’ inaugural Membership Month in Australia, a dedicated month to celebrate and thank loyal American Express Card Members through a variety of special offers and experiences.
The top reasons that consumers select and remain loyal to brands is the product or service itself, followed by price, loyalty programs, customer service and then trust.
The customer experiences valued more because of Covid-19 include customer service, availability, safety, trust and then the product or service itself.
Based on the research, it’s clear that if brands do the right thing by their customers, it pays off. On average, Australians say the longest length of time they have maintained a paid membership with a brand such as a gym, credit card provider or mobile phone service, is 12 years, with a quarter remaining a paid member for 20 years. Among those aged 55 years or older, the longest they’ve remained with a brand, on average, is 19 years.
American Express vice president for consumer acquisition, Will Thorne said, “The Covid crisis has forced brands to interact with customers in new ways. Now we’re coming out the other side, we’re seeing customers placing greater priority on experiences that make them feel valued and more than just a number. As our research confirms, the product or service itself will always be the top factor that drives customer decision-making, but things like being recognised for their loyalty and ensuring there’s a high level of trust, is critical.”
During American Express Membership Month, American Express Card Members will be able to access a variety of exclusive events and benefits, including special offers and discounts across retail, travel, dining, entertainment and wellness categories.