Page 13 - index
P. 13
RESEARCH, ANALYSIS & TRENDS
Based on the three dimensions of a relationship - pas- Furthermore, the study shows that 67% of Singaporean
sion, commitment, and intimacy - the consumers' expe- consumers would buy more if retailers use their data in
riences with brands and retailers are then further classi- carefully considered, contextual ways to better under-
fied into six types. In increasing order of desirability, stand their individual needs and preferences. This sug-
these range from empty, liking, casual, romantic, com- gests the need for retailers to better leverage data tech-
panionate to devoted. nology and put in place more robust customer relation-
ship management practices. 61% of consumers also
Devoted consumers, who currently form the marginal place an emphasis on the importance of better commu-
minority in Singapore, are those most willing to share nication, indicating that they would buy more if brands
personal information, opinions and desires with their communicate with them better, in ways that express
favorite brands, and are least likely to stray to competi- reciprocity and shared passion.
tors. Notably, 92% of customers that fall into this group
would recommend a brand they are devoted to. This is Within the global context of the study, Singaporean
a significantly higher proportion than for consumers in consumers seem to be quite closely on a par with their
the other types of relationships with their retail brands. counterparts in Hong Kong and Australia, where only
Only 12% of customers in a 'liking' relationship would 1% and 3% respectively are in devoted relationships
recommend a retailer to others, 27% in a 'casual' rela- with brands. And this is in stark contrast with the 21%
tionship, 56% in a 'companionate' relationship, and 69% of consumers in India who are devoted to their pre-
in a 'romantic' relationship. ferred brands.
"The rarity of devotion amongst Singaporean consum- However, across the nine markets surveyed, including
ers underlines a sizeable gap and opportunity for local United Kingdom, United States, Brazil, United Arab
retailers and brands. Devoted consumers are keen to Emirates, mainland China, Hong Kong, India, Singa-
be advocates, so driving this pinnacle relationship can pore, and Australia, there is broad consensus that a
have tremendous effect on retailers' business through well thought out loyalty program can help deepen con-
word of mouth and social media sharing", Mr Tay ex- sumers' connection with brands.
plained.
"Thinking about our own personal relationships, we
The research findings suggest that in order to take their know that people fall in and out of love and friendships
relationship with brands and retailers to the next level, -lured by 'greener pastures'," Mr Tay said. "Now we
Singaporeans do not just want traditional points-based know that the same thinking can be applied to brand
reward programs, but also personalized rewards. Much relationships that are dynamic and ever changing. Re-
like in a relationship with friends and loved ones, they tailers looking to build and maintain devoted customer
would engage more when they receive genuine ges- relationships should seek to truly understand the emo-
tures that surprise and delight them. tional factors that drive consumer loyalty." ◊
By MediaBUZZ
MediaBUZZ Pte Ltd - Independant ePublisher for Asia
Based on the three dimensions of a relationship - pas- Furthermore, the study shows that 67% of Singaporean
sion, commitment, and intimacy - the consumers' expe- consumers would buy more if retailers use their data in
riences with brands and retailers are then further classi- carefully considered, contextual ways to better under-
fied into six types. In increasing order of desirability, stand their individual needs and preferences. This sug-
these range from empty, liking, casual, romantic, com- gests the need for retailers to better leverage data tech-
panionate to devoted. nology and put in place more robust customer relation-
ship management practices. 61% of consumers also
Devoted consumers, who currently form the marginal place an emphasis on the importance of better commu-
minority in Singapore, are those most willing to share nication, indicating that they would buy more if brands
personal information, opinions and desires with their communicate with them better, in ways that express
favorite brands, and are least likely to stray to competi- reciprocity and shared passion.
tors. Notably, 92% of customers that fall into this group
would recommend a brand they are devoted to. This is Within the global context of the study, Singaporean
a significantly higher proportion than for consumers in consumers seem to be quite closely on a par with their
the other types of relationships with their retail brands. counterparts in Hong Kong and Australia, where only
Only 12% of customers in a 'liking' relationship would 1% and 3% respectively are in devoted relationships
recommend a retailer to others, 27% in a 'casual' rela- with brands. And this is in stark contrast with the 21%
tionship, 56% in a 'companionate' relationship, and 69% of consumers in India who are devoted to their pre-
in a 'romantic' relationship. ferred brands.
"The rarity of devotion amongst Singaporean consum- However, across the nine markets surveyed, including
ers underlines a sizeable gap and opportunity for local United Kingdom, United States, Brazil, United Arab
retailers and brands. Devoted consumers are keen to Emirates, mainland China, Hong Kong, India, Singa-
be advocates, so driving this pinnacle relationship can pore, and Australia, there is broad consensus that a
have tremendous effect on retailers' business through well thought out loyalty program can help deepen con-
word of mouth and social media sharing", Mr Tay ex- sumers' connection with brands.
plained.
"Thinking about our own personal relationships, we
The research findings suggest that in order to take their know that people fall in and out of love and friendships
relationship with brands and retailers to the next level, -lured by 'greener pastures'," Mr Tay said. "Now we
Singaporeans do not just want traditional points-based know that the same thinking can be applied to brand
reward programs, but also personalized rewards. Much relationships that are dynamic and ever changing. Re-
like in a relationship with friends and loved ones, they tailers looking to build and maintain devoted customer
would engage more when they receive genuine ges- relationships should seek to truly understand the emo-
tures that surprise and delight them. tional factors that drive consumer loyalty." ◊
By MediaBUZZ
MediaBUZZ Pte Ltd - Independant ePublisher for Asia
