Singaporeans dig 'open business talks' for loyalty

1 out of 4 Singapore consumers deem open and honest communication as most important factor to remain loyal.

Singapore consumers expect more from companies to gain their loyalty -- but the consumers do not necessarily know what they want, according to findings from Accenture’s recent Global Consumer Research.

Here are more findings:

While companies are shifting their focus to technology and digital platforms to actively engage local consumers in a bid to drive business growth and loyalty, their efforts may still fall short of consumer’s expectations.

Based on results of the research, more than 65% of Singapore consumers surveyed expressed interest in participating in innovation efforts for a company through both offline and online channels, yet 70% of the same group of consumers did not personally engage in innovation efforts for a company online or offline in the past two years.

With almost a quarter of Singapore consumers indicating they are “more likely to do business” with companies that are directly involved in contributing to discussions in social media environments, consumers still view the creation of “open and honest back and forth communications” as the most important factor that would impact their decision to remain loyal to the companies they do business with.

“What this research shows, is the need for companies to have more in-depth understanding on what drives their customers’ loyalty, and a customer engagement strategy that facilitates two-way, interactive dialogues with customers,” said Lee Joon Seong, Customer Relationship Management (CRM) practice lead, ASEAN, Accenture.