(In A Nutshell)

The Power of Loyalty

Marketing Insights by Jon Rogers, Managing Director of Createinn Ltd.
 |  Katie Hogg  |  Business

How does a company become a brand? How do you create trust and loyalty? More importantly how do you keep it?

 

50% of customers would pay a 35% premium before switching brands. Loyal customers spend 33% more than new customers.

The probability of selling to a new customer is 5-20%, selling to an existing customer is 60-70%.

Customers with an emotional connection are 4 times as likely to do business with it. The most loyal 10% of customers often generate 50% of revenue (dependant upon sector).

What this can mean:

A 2% increase in loyalty = 10% reduction in costs.

A 5% increase in customer retention = a 30% increase in profits.

A 5% increase in loyalty = 95% in profits over a customer's lifetime.

These are some great insights from M Neumeier, The Brand Flip (worth a read).

Now you have your 'why'- your goals, what is your 'how'?

Ask yourself what the intangibles are that add value to your business, product and/or service (authenticity, availability, simplicity, belonging, style, symbolism etc.). Any effort to get customers is marketing, keeping them is branding.

Hopefully this can help you understand the importance of a marketing & branding strategy and why it's an ongoing, flexible, living thing, growing and adapting with your business.

Ask yourself:

What is my current brand experience?

What do I want our brand experience to be? What could it be?

How do we get from where we are to where we want to be?

What will your journey look like?

https://www.createinn.com/changeengine

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