Unwrapping the 2019 Trend Report
Today, many consumer durable brands are focusing on improving the customer experience by connecting with customers in a meaningful way. Consumers are also seeking deeper relationships with the brands they buy. The starting point for fulfilling these shared needs is an onboarding experience that serves as the first step to developing an ongoing, mutually beneficial relationship between brands and product owners.
Over the past several months, Registria’s Owner Insights Team analyzed hundreds of millions of product registration moments from 100+ global brands across a three-year period. Our goal was to identify trends in owner identification and uncover what methods of onboarding consumers prefer. The result is our new Trend Report: The Rise of the Engaged Owner.
The report sheds light on why it is imperative for consumer durable brands to create direct relationships with their customers. Engaged product owners respond well toward direct and relevant communication as part of an exceptional ownership experience. They share more positive reviews and give higher ratings. And they are more receptive to offers – such as service plan sales and accessories – that are made during the onboarding experience.
Here are a few key takeaways from the report.
- Product registration volume across all channels (paper, web and mobile) grew 11%. Mobile registrations alone grew 63% year-over-year and had higher completion rates when compared to web-only registrations.
- Mobile registration improves how soon after purchase owners register products, with 50% of product owners registering in less than 7 days – up from 28% in 2015.
- Brands that offer multiple methods for an owner to register are prompting active owner participation across all generations, including Millennials. As well as more buyers registering products, 52% registered a product for the first time ever.
- Brands that adopt digital and mobile registration unlock an untapped revenue channel during the onboarding event as owners are more receptive to offers at that time.
In addition to these and other trends, the report examines which key performance indicators (KPIs) brands should focus on to measure the results of their registration program and optimize the owner onboarding experience.
Brands that adopt an owner experience-centric mindset – viewing product registration not as a transactional event but as a value-added onboarding experience – drive stronger owner engagement and loyalty and pave the way for significant new revenue from existing customers.
Want to learn more? Access your copy of the 2019 Trend Report: The Rise of the Engaged Owner.
We also invite you to join our Trend Report Webinar on Wednesday, July 17.