Live Nation Entertainment has released its latest Fan Insights Study, ‘Driving Loyalty’, showing the true impact of live music in building brand loyalty.
Collating responses from people aged 18-54, the study reveals that Australia and New Zealand significantly over-indexed loyalty memberships, ranking as two of the most engaged consumer groups in the world when it comes to brand loyalty programs. Currently, 91% are members of a retail loyalty program, followed by 59% in fast food, with 1 in 3 redeeming rewards on a weekly basis. This is closely followed by 57% in clothing apparel and 55% in travel.
Based on the study, 3 in 4 people are likely to sign up for a new brand loyalty program offering live music perks, with discounted tickets the most sought-after among Gen Z, and “comfort” VIP experiences important among the older millennial and Gen X generations. Over half of all people state that they would likely make the switch to a loyalty program that offered live music perks, saying that it makes a brand more innovative and relevant to their lifestyle. 63% intend to spend more money with brands that offer live music perks.
“Live music has the power to generate emotion and consumer passion like nothing else, and there’s an incredible halo effect for brands that include live music perks in their loyalty programs. You never forget the experience of a live music event, and based on survey responses, this includes the brands that help bring these events to life,” said Frances Deighton, Strategy Lead at Live Nation Entertainment.
Globally, 67% of music fans claim that live music events are home to some of their most memorable moments, with two-thirds connecting their emotions with the brands, products, and services they interact with at an event.
As a leading passion point among Australians and New Zealanders, the demand for live music has continued to reach new heights, with Live Nation reporting record ticket sales for 2022-2023.
“Maintaining relevance will be key for brands in 2024, and ensuring the right customer needs are consistently met will magnify a brand’s perceived value. Introducing music perks into a loyalty program is a surefire way to boost customer engagement and retention. With so many epic live music experiences coming up in 2024, there’s never been a better time to engage customers with music,” said Kristy Rosser, SVP of marketing solutions and client services for Live Nation ANZ.
Other key insights uncovered by the ‘Driving Loyalty’ Study include:
- 77% say that belonging to a loyalty program makes them feel valued by a company.
- 94% agree belonging to a loyalty program makes them feel like they’re saving money.
- Retail ranks highest when it comes to openness, sign-up and likelihood of switching loyalty programs.
- 2 in 3 live music goers are open to signing up for a new loyalty program at a live event.
- A points system is the favoured structure for loyalty programs, with email highlighted as the preferred communication method, followed by apps and websites.
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