By All News Releases
Study from Fetch reveals CPG, retail and restaurant marketers prioritize retention ahead of acquisition, in light of fragmented consumer spend and attention
MADISON, Wis., June 6, 2024 /PRNewswire/ — Fetch, America’s Rewards App, partnered with Wakefield Research to survey 500 Chief Marketing Officers (CMOs) and found that CMOs have a renewed focus on consumer loyalty and nurturing existing relationships. Nine in 10 CMOs say the importance of forging long-term consumer relationships has increased over the past five years, while 60% say building a loyal base of consumers is more important than bringing in new ones. Yet, even with a greater emphasis on loyalty, 22% noted that their brands are investing less than is necessary to forge relationships that stand the test of time.
Amid a highly competitive advertising landscape and tight marketing budgets, capturing consumers’ divided attention and fractured spend is exceedingly difficult. With the prices of consumer goods remaining high, Americans continue to seek value, turning to private label products and switching brands based on discounts to stretch their dollars.
Brand marketers are feeling the pinch – almost all CMOs reported feeling pressure to show return on investment for their campaigns (99%). While reaching new consumers remains important, many marketers are doubling down on retaining existing customers – a more cost effective, cautious strategy. These factors emerge as the impending demise of third-party cookies threatens marketers’ ability to effectively target consumers.
“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,” said Wes Schroll, CEO and Founder of Fetch. “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.”
While brands recognize the benefits to building consumer relationships, there are challenges in stewarding these connections. 69% of CMOs report the lack of loyalty/rewards programs or an inability to “break through the noise” as the biggest hurdles. When it comes to solutions, many CMOs (74%) are pivoting to collecting and managing data to develop their campaigns and understand their current audiences. 77% of respondents shared that behavioral data is considered one of the most helpful ways to identify audiences with high purchase intent.
Emerging Channels to Reach Consumers
CMOs are increasingly turning to emerging channels like retail media networks (RMNs) and retail-agnostic media platforms (RAMPs) to reach consumers with this coveted high purchase intent. Eight in 10 respondents shared they were planning to increase use of RMNs in 2024 while over three-quarters of respondents shared their plans to increase their use of RAMPs. For RAMPs, those who are already using them or plan to use them this year, consumer engagement is among the top benefits reported (67%).
Fetch is a one-stop-shop for advertisers, reimagining how brands and consumers interact to not only foster lasting relationships, but also to create net-new consumer connections. With the ability to capture $152 billion in cross-vertical consumer spending annually, Fetch brings the marketing strategies of CMOs who use RMNs to new heights. With Fetch’s purchase-based data, brands are able to unlock a holistic view of consumer behavior beyond what is limited to a single RMN ecosystem. Fetch represents a new pathway for marketers to establish and nurture consumer relationships that drives desired consumer behaviors and increases market share.
Additional insights into the research can be found here.
Methodology
This survey was conducted by Wakefield Research with 500 US CMOs at retail, CPG, and restaurant brands, between December 11, 2023 and January 2, 2024. The survey was conducted via an email invitation and an online survey.
About Fetch
Fetch, America’s Rewards App, empowers consumers to Live Rewarded and helps brands create lifelong customers through the power of Fetch Points. Fetch has sweeping visibility into what consumers buy, capturing more than $152 billion worth of transactions annually using cutting-edge artificial intelligence and machine learning technologies. To date, Fetch users have submitted more than 5 billion receipts and earned nearly $910 million in rewards. The app is available to download on the App Store and Google Play Store and has more than 5 million five-star reviews from happy Fetchers.
CONTACT: Karlie Fitzgerald, [email protected]
SOURCE Fetch