CMOs Prioritize Consumer Loyalty Amid Marketing Challenges, Finds Fetch Survey | Martech Edge | Best News on Marketing and Technology
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CMOs Prioritize Consumer Loyalty Amid Marketing Challenges, Finds Fetch Survey

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CMOs Prioritize Consumer Loyalty Amid Marketing Challenges, Finds Fetch Survey

CMOs Prioritize Consumer Loyalty Amid Marketing Challenges, Finds Fetch Survey

PR Newswire

Published on : Jun 10, 2024

Study from Fetch reveals CPG, retail and restaurant marketers prioritize retention ahead of acquisition, in light of fragmented consumer spend and attention

Fetch, America's Rewards App, in partnership with Wakefield Research, surveyed 500 Chief Marketing Officers (CMOs) to explore their focus on consumer loyalty and the challenges they face in nurturing existing relationships. The survey revealed a growing emphasis on long-term consumer connections amid a competitive advertising landscape and tight marketing budgets.

Key Findings from the Survey

  1. Increased Importance of Consumer Loyalty

    • 90% of CMOs acknowledge the growing importance of forging long-term consumer relationships over the past five years.
    • 60% prioritize building a loyal consumer base over acquiring new customers.
    • Despite this focus, 22% of brands are investing less than necessary to establish enduring relationships.
  2. Challenges in Capturing Consumer Attention

    • High prices of consumer goods drive Americans to seek value through private label products and brand switching based on discounts.
    • CMOs face pressure to demonstrate ROI on campaigns (99%).
    • The impending end of third-party cookies adds to the complexity of effective consumer targeting.

Insights from Industry Leaders

  • Wes Schroll, CEO and Founder of Fetch: "The role of CMO is more challenging than ever. Marketing leaders are juggling strained budgets and an uncertain cookieless future as they search for the silver bullet to reach inflation-battered consumers. We believe that brands can build lifelong consumer connections and win in the market with personalized rewards. Rewards, like those found on Fetch, keep consumers coming back to the brands that provide them with tangible value for where they shop, what they buy, and more."

Key Challenges and Solutions

  1. Hurdles in Building Consumer Relationships
    • 69% of CMOs cite the lack of loyalty/rewards programs or the inability to "break through the noise" as significant obstacles.
  2. Data-Driven Campaigns
    • 74% of CMOs are pivoting to collecting and managing data to develop their campaigns and understand their current audiences.
    • 77% consider behavioral data crucial for identifying audiences with high purchase intent.

Emerging Channels for Consumer Engagement

  1. Retail Media Networks (RMNs)

    • 80% of respondents plan to increase the use of RMNs in 2024.
  2. Retail-Agnostic Media Platforms (RAMPs)

    • Over three-quarters of respondents plan to increase the use of RAMPs.
    • Consumer engagement is a top benefit reported by 67% of those using or planning to use RAMPs.

The Role of Fetch in Modern Marketing

Fetch offers a unique solution for brands to foster lasting consumer relationships and create new connections. With the ability to capture $152 billion in cross-vertical consumer spending annually, Fetch enhances the marketing strategies of CMOs using RMNs. By leveraging purchase-based data, Fetch provides a comprehensive view of consumer behavior beyond the limitations of a single RMN ecosystem, paving the way for effective consumer relationship management and increased market share.

The Fetch survey highlights the critical role of consumer loyalty in modern marketing strategies. Amid challenges such as tight budgets and the phasing out of third-party cookies, CMOs are turning to data-driven solutions and emerging channels to engage consumers effectively. Fetch's innovative approach to rewards and consumer interaction positions it as a key player in helping brands build and maintain strong consumer relationships.