TOP FIVE: Questions Brands Should Be Asking to Become an Experience Business | The Jewelry Magazine

A recent study by Adobe and Goldsmiths , University of London , found that customer loyalty is changing. Brands used to measure loyalty through recommendation, responsiveness, and retention, but digital transformation – both within businesses and the lives of consumers – has changed the way customers choose and engage with brands. Brands must now focus on delivering meaningful experiences that help consumers navigate choice and enrich their lives. From the research, Adobe and Goldsmiths have developed five questions brands need to be asking themselves in 2018 to improve loyalty and become experience businesses: 1. Do we tailor the experience we deliver to our customers? 61% of consumers in the study said they were loyal to brands that tailor experiences to them. This means marketing to a segment of one – but doing this at scale is a huge challenge. In 2018, brands should be looking at their customer data as a whole and applying artificial intelligence (AI) to create b...