trendwatching.com is good with the turn of the phrase (or the twist of a word), and is interesting for keeping an eye on consumer trends. In their most recent syllable twist, “Statusphere,” they note “5 Ways for Consumers to Get Their Status Fix.” Among the 5 is a move from “products and symbols to experiences and stories.” Experiences, says trendwatching.com, are unique, they provide instant gratification, and they can fuel word-of-mouth.
Enter the loyalty marketer.
Loyalty initiatives, with their ability to aggregate resources to deliver exclusive experiential and aspirational rewards, and to deliver them to their best customers (and likely their most vocal brand advocates), have been flying the Statusphere for some time now. Whether exclusive behind-the-scenes access to sporting events, the ability to meet with personalities, the opportunity for travel to exotic locations, or simply a first peek at a new product line, program rewards emphasizing doing rather than using have proven their power and their ability to be unique, instantly gratifying, and story-centric.
Writes trendwatching.com:
However, when it comes to experiences, status can only be derived from being seen by others—while experiencing the experience, which may be a relatively brief moment—or by telling others about the experiences afterwards (which can go on for years).
Hence STATUS STORIES becoming more attractive and prevalent: as more brands (have to) go niche and therefore tell stories that aren’t common knowledge for the masses. So as experiences and non-consumption-related expenditures take over from physical (and more visible) status symbols, consumers will increasingly have to tell each other stories to achieve a status dividend from their purchases. Expect a shift from brands telling a story, to brands helping consumers tell their own status-yielding stories to other consumers.
The loyalty marketer is smiling. In COLLOQUY’s study The New Champion Customers: Measuring Word-of-Mouth Activity Among Reward Program Members, we note that your Brand Champions–those with both the intent and the access to promote your brand–exist in higher percentages within your loyalty program than within the general population. When the program’s ability to communicate and deliver data-driven relevant experiences meets the program’s greater composition of Brand Champions, word-of-mouth echoes high into the Statusphere.
