A new McKinsey report reveals experiences now account for three of the top five drivers of loyalty for travel brands. Past positive adventures also have the biggest influence on customers’ desire to spend more with a company in the future.
This indicates that while points and elite tiers served a transactional purpose, curating incredible memories is what wins enduring emotional bonds and advocacy. For hotels, experiential factors have four times more impact than tangible perks on purchase frequency. So, what does this mean for Marketplaces?
Seeking status through access
As consumers increasingly seek participation, privilege and personalization over passive points accumulation, brands require seamless redemption capabilities. Commerce Dynamics-powered Experience Marketplaces enable this transition by converging aspirations with action.
By blending auctions, subscriptions, donations and more into a unified engagement ecosystem, enterprises can swiftly embed ultra-premium experiences. We’re talking celebrity meet & greets, sold-out concerts, backstage passes, and lavish excursions.
Experiential incentives provide the missing link between aspirational branding and realization – converting passive loyalty into active brand devotion. Curating incredible memories demonstrates appreciation for the whole person behind each transaction.
Building bonds through shared adventures
The research is clear: positive past adventures drive future spending and forge community. When loyalty prioritizes ‘encounters’ over points earnings through digital innovation, emotional resonance compounds to build brand love.
These bonds start and end with your Loyalty ‘Experience’ Marketplace – contact Commerce Dynamics today to focus on experiences!