Conducted by Influence Mobile, survey finds cash and/or point back incentives powerful for switching to a competitor brand
Think about the brands you are loyal to, do you prefer Uber or Lyft? Coca-Cola or Pepsi? Southwest or Delta? No matter your answer, how far does that allegiance extend? According to a new survey of 53,868 people conducted by Influence Mobile, only 3-in-100 consumers said yes they would stay loyal to their top brands, if offered cash and/or point back incentives for switching to a competitor.
Better understanding brand preferences
Conducted to better understand consumer brand preferences, the survey found that when asked what statement best describes their purchasing decisions, 60 percent buy based on price, rather than brand name. Leaving 25 percent responding that they buy many brands, rather than the same one and the remaining 15 percent responding that they tend to buy the same brands.
When given the statement “I am most loyal to specific brands when buying:” 28 percent answered food and groceries, 21 percent said household goods (e.g. cleaning supplies, toilet paper), 19 percent answered health and beauty products, 17 percent said electronics, and 15 percent answered clothing and shoes
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Awareness of rewards in the digital space
Rewarded shopping apps/websites allow consumers to earn cash and/or points back when shopping in a wide variety of categories and retailers. These companies have gained traction due to their ability to allow greater flexibility, choice, and ultimately more savings.
When asked, “Are you familiar with apps/websites where you can earn cash-back or points when you make purchases?” 79 percent said yes and only 21 percent said no.
What does this mean for retail brands?
With the popularity of rewards continuing to rise – it’s time retail brands meet consumer demands. Shoppers get a clear deal out of rewards and retailers benefit in ways only just being explored.
“The emergence of rewarded shopping has changed the way consumers shop and save. Your customers no longer want to be tied to a single store or item, instead they desire a loyalty platform that is highly flexible,” said Daniel Todd, founder and CEO of Influence Mobile. “That’s why, we’re excited to announce that we are expanding the types of activities our Rewarded Play community can complete. In just a few months, our users will now have the opportunity to try new brands for rewards.”
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